5. The Bank may, subject to the provisions of this Act, and without prejudice to any powers conferred on it by or under any law, exercise all or any of the following powers :-
| (a) to grant short term, medium term and long term loans and other accommodation to individuals, corporate bodies and groups ; |
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| (b) to open, maintain and manage, bank accounts, other than current accounts, for its customers ; |
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| (c) to discount, buy, sell and deal in, bills of exchange, promissory notes, drafts, shares, debentures, certificates, scripts and other instruments and securities ; |
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| (d) to negotiate loans and advances ; |
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| (e) to receive securities and valuables for safe custody ; |
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| (f) to collect and transmit money and securities ; |
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| (g) to manage property both movable and immovable, and carry on agency businesses which licensed commercial banks are permitted to carry on under the Banking Act, No. 30 of 1988 ; |
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| (h) to borrow or raise money in such manner as the Bank shall think fit, and to secure the prompt repayment of any money borrowed, raised or owing, by mortgage, charge or lien upon the whole or any part of the property or assets of the Bank, whether present or future, and, also by a similar mortgage, charge or lien to secure and guarantee the performance by the Bank of any obligation or liability it may undertake ; |
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| (i) to lend and advance money on security of property and give credit to persons, groups of persons, firms or companies on such terms as it may deem expedient, either with or without security ; |
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| (j) to assist and promote the marketing and processing of agricultural produce or any other products ; |
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| (k) to carry on the business of a pawn broker ; |
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| (l) to acquire or purchase any movable or immovable property or agricultural, industrial, fisheries, commercial or other enterprises and to manage, or arrange for the management of, any such property or enterprise, and to sell or otherwise dispose of, such property or enterprise; |
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| (m) to undertake rural development projects which are of a small-scale, including pilot projects, in order to achieve the object of the Bank ; |
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| (n) to assist in promoting the development of the region within which it operates by providing encouragement to such activities as tree planting as part of ecological improvement, and the improvement of villages and generally ,to provide advisory assistance which serves the object of the Bank ; |
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| (o) to undertake and promote the construction of warehouses, godowns, stores and buildings in the region within which it operates, required for agricultural, industrial, fisheries, trading and commercial activities ; |
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| (p) to enter into any agreement with any banking institution or co-operative society, subject to guidelines formulated by the Board of Directors of the Bank, for taking over any undertaking or project which is being financed by such banking institution or co-operative society or which is being carried on by such banking institution or co-operative society ; |
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| (q) to open accounts with the Central Bank, with any licensed commercial bank or any licensed specialised bank or co-operative society or with the approval of the Monetary Board, in any bank or financial institution outside Sri Lanka; |
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| (r) to lease, let on hire, sell out right, or sell on a rent purchase basis, warehouses, godowns, stores and buildings in the region within which it operates, machinery, equipment and other goods; |
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| (s) to acquire in any manner whatsoever and hold, take or give on lease or hire, mortgage, pledge, sell or otherwise dispose of, any movable or immovable property; |
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| (t) to participate in the development of the infrastructure of the region within which it operates; |
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| (u) to liaise with other institutions engaged in promoting, developing or financing developmental activities in the region within which it operates; |
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| (v) to provide advisory services, to and undertake skills training of, self" employed persons or those engaged in agriculture, industry, commerce and trade ; |
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| (w) to develop and manage industrial parks for small and medium scale enterprises ; |
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| (x) to appoint such officers and servants as may be necessary for carrying out the activities of the Bank, to fix the wages, salaries or other remuneration of such officers and servants and determine the terms and conditions of service of such officers and servants ; |
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| (y) to provide welfare and recreational facilities, and accommodation facilities, to officers and servants employed by the Bank ; |
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| (z) to enter into and perform all such contracts, whether in or outside Sri Lanka, as may be necessary for the exercise of the powers and the performance of the duties of the Bank ; |
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| (aa) to make rules in relation to its officers and servants including their appointment, promotion, remuneration, disciplinary control and the grant of leave to them ; |
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| (bb) to make rules in respect of the administration of the affairs of the Bank ; and |
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| (cc) to do all such other things which in the opinion of the Board of Directors of the Bank may be necessary to facilitate the proper carrying on of the business of the Bank. |
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Sri Lanka Consolidated Acts