5. section 6 of the principal enactment is hereby repealed and the following section is substituted therefor:-
| 6.
| | (1) subject to the provisions of this Act, the Bank is authorized to undertake any or all of the following functions or activities:-
| | | (a) the promotion and mobilization of savings in Sri Lanka and any activity incidental thereto, including the opening of deposit accounts, savings accounts and the issue of savings certificates; |
| (b) the purchasing of, and trading in any securities, debentures, treasury bills or any such financial instruments issued or guaranteed by the Government ; |
| (c) lending in the inter bank call money market, subject to such overall ceiling as may be approved from time to time by the Monetary Board ; |
| (d) undertaking wholesale lending to licensed commercial banks and other financial institutions for on-lending to their clients ; |
| (e) undertaking retail lending to its own depositors against the security of their deposits; |
| (f) providing housing loans on security provided by the mortgages of immovable property; |
| (g) participating in the syndication of loans with other banks and financial institutions; |
| (h) acquiring any immovable or movable property or any rights in such property and leasing, mortgaging, selling or otherwise disposing of such property; |
| (i) constructing buildings on land purchased, leased or otherwise acquired by the Bank; |
| (j) carrying on such other activities as may be incidental or conducive to the functions and activities referred to above. |
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| | (2) Investment by the Bank in financial instruments referred to in paragraph (b) of subsection (1) of this section shall constitute not less than sixty per centum of the money deposited in savings and deposit accounts in the Bank unless otherwise determined by the Monetary Board.". | | |
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Sri Lanka Consolidated Acts