| (1) In carrying out its purposes, the Bank may exercise all or any of the following powers:-
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| (a) to grant, subject to the provisions of sub-section (2) -
| | | (i) short-term, medium-term and long-term loans and other accommodation to co-operative societies, approved societies and Cultivation Committees; |
| (ii) short-term, medium-term and long-term loans to co-operative societies, approved societies, Cultivation Committees and individuals for constructing, repairing or renovating buildings; |
| (iii) short-term, medium-term and long-term loans and other accommodation to any person who intends to carry on or is carrying on any agricultural, industrial or business undertaking which, in the opinion of the Board of Directors of the Bank, is a small-scale undertaking; and |
| (iv) short-term loans to persons resident in rural areas for the purchase of articles necessary for their personal or domestic requirements; |
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| (b) to carry on and transact, subject to such modifications and exceptions as may be prescribed, the kinds of business similar to those carried on and transacted by the Bank of Ceylon under the Bank of Ceylon Ordinance; | | |
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| (c) to carry on the business of a pawnbroker subject to such conditions as may be prescribed; | | |
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| (d) to provide technical assistance to any person to whom the Bank grants any loan or overdraft, and to undertake or sponsor the training of persons in assessing the value of land and the credit worthiness of borrowers, in assaying gold, in banking and in finance; | | |
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| (e) to acquire, hold, take or give on lease or hire, mortgage, pledge and sell or otherwise dispose of any immovable or movable property; | | |
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| (f) to invest the idle funds of the Bank in such securities as the Board of Directors of the Bank may consider appropriate; | | |
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| (g) to employ such officers and servants as may be necessary for carrying out the work of the Bank; | | |
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| (h) to make rules in respect of the conditions of service and disciplinary control of the officers and servants of the Bank; | | |
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| (i) to establish provident funds and pension funds for, and schemes for the benefit of, such officers and servants, and to make contributions to such funds and schemes from the funds of the Bank; | | |
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| (j) to borrow funds for the purposes of the business of the Bank and to give security for any loans or overdrafts obtained; | | |
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| (k) to enter into contracts; and | | |
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| (l) to do all such other things as are connected with, or incidental to, the exercise of the aforesaid powers. | | |
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Sri Lanka Consolidated Acts