6. Subject to the other provisions of this Act, in carrying out its purposes the Bank may exercise all or any of the following powers :
| (a) to grant loans and advances to any enterprises engaged or about to engage in industry, agriculture or commerce ; |
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| (b) to guarantee loans raised or to be raised by industrial, agricultural and commercial enterprises from approved credit institutions ; |
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| (c) to guarantee obligations of financial institutions arising out of the underwriting of capital issues of industrial, agricultural and commercial enterprises ; |
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| (d) to participate in the equity of industrial, agricultural and commercial enterprises, and to subscribe to, or to purchase or underwrite, the issue of stocks, shares, bonds or debentures of any such enterprises, and to sell and deal in such securities ; |
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| (e) to grant loans and advances by way of re-finance of any loans or advances granted by approved credit institutions, and other institutions approved by the Bank to industrial, agricultural and commercial enterprises, and for that purpose to fix the minimum and maximum periods of maturity of loans granted by such banks and institutions ; |
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| (f) to provide such services as technical and administrative advice and assistance which serves its purposes and comes within its functions to industrial, agricultural and commercial enterprises ; |
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| (g) to incur, during the first five years after the commencement of its business, expenditure up to an amount not exceeding two per centum of its paid-up capital in furnishing the services referred to in paragraph (f) on a non-reimbursable basis, and thereafter to charge to the funds of the Bank with the expenditure incurred in continuing to provide such services where necessary on a nonreimbursable basis ; |
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| (h) to establish subsidiary companies to assist it in carrying out its purposes and exercising and performing its powers and duties ; |
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| (i) to promote the establishment of industrial, agricultural, commercial and other enterprises; |
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| (j) to acquire or purchase any movable or immovable property, or any industrial, agricultural, commercial or other enterprise, and to manage or arrange for the management of such property or enterprise, and to sell or otherwise dispose of such property or enterprise ; |
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| (k) to invest temporarily the funds of the Bank in foreign securities ; |
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| (l) to participate in loans, equities, underwriting arrangements and guarantees with approved credit institutions ; |
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| (m) subject to such conditions as may be determined by the Board of Directors, to accept, discount, reds count, buy, sell and deal in bills of exchange, promissory notes, coupons, drafts, debentures, certificates, scrip and other instruments and securities whether transferable or negotiable or not, of industrial, agricultural and commercial enterprises ; |
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| (n) to undertake development projects, including pilot projects, in order to achieve the purposes of the Bank; |
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| (o) to engage in the construction of warehouses, go- downs, stores and buildings required for agricultural, industrial and commercial activities ; |
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| (p) to lease, let on hire, sell outright, or sell on a hire- purchase basis warehouses, godowns, stores and buildings, machinery, equipment and other goods ; |
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| (q) to guarantee loans raised by any industrial, agricultural or commercial enterprise, being loans which are floated in the open market; |
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| (r) to guarantee deferred payments due from any industrial, agricultural or commercial enterprise; |
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| (s) to convert a part or whole of its loans to industrial agricultural or commercial enterprises, and its subscriptions to bonds or debentures issued by any such enterprise into equity capital; |
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| (t) to subscribe to, or to purchase, or to underwrite the issue of, stocks, shares, bonds or debentures of approved credit institutions ; |
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| (u) to receive, in consideration of the functions the Bank may be performing, such commission, brokerage, interest, remuneration or fees, as the Board of Directors may, from time to time., determine; |
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| (v) to open deposit accounts in the Central Bank, any commercial bank, or any bank or financial institution outside Sri Lanka ; |
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| (w) to accept term deposits from any person in such amounts and for such periods as may be deter-mined by the Board of Directors ; |
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| (x) to grant and issue letters of credit and circular notes; |
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| (y) to buy, sell and deal in bullion and specie and engage in operations in exchange ; and |
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| (z) generally to do, directly or indirectly, all such acts or things as may be connected with, or are in furtherance of, the exercise, discharge or performance of the powers, functions or duties of the Bank under this Act or any other law. |
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Sri Lanka Consolidated Acts