6. Subject to the provisions of this Act, in carrying out its objects the Bank may exercise ail or any of the following powers: -
| (a) to grant short term, medium term and long term loans and other accommodation particularly to farmers and agricultural labourers, whether individually or in groups, and to co-operative societies and marketing and processing societies for agricultural operations or other purposes relating to agriculture ; |
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| (b) to grant short term, medium term and long term loans and other accommodation to artisans and such other persons individually or in groups, who are engaged in cottage industries, fishing industry, commercial activity or other types of development activities which are of a small-scale in the opinion of the Board of Directors ; |
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| (c) to open, maintain and manage current, deposit, savings and other accounts ; |
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| (d) to discount, buy, sell and deal in bills of exchange, promissory note, drafts, shares, debentures, certificate, scrip and other instruments and securities; |
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| (e) to negotiate loans and advances, to receive money, securities and valuables on deposit, or 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 transact ail kinds of agency business commonly transacted by bankers : |
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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, including its uncalled capital 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 securities and property and give credit to such 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 and industrial products ; |
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| (k) to assist and promote the marketing of fish and the processing of fish products ; |
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| (l) to carry on the business of a pawn broker subject to such conditions as may be determined by the Monetary Board; |
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| (m) to acquire or purchase any movable or immovable property or agricultural, industrial, fisheries, 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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| (n) to undertake rural development projects which are of a small-scale, including pilot projects, in order to achieve the objects of the Bank ; |
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| (o) to assist in promoting the development of rural areas by providing encouragement to such activities as tree planting as part of ecological reconstruction and the improvement of villages and generally to provide advisory assistance which serves the objectives of the Bank ; |
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| (p) to engage in and promote the construction of warehouses, godowns, stores and buildings in rural areas, required for agricultural, industrial, fisheries and commercial activities ; |
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| (q) to enter into any agreement with any banking institution or co-operative society, subject to guidelines formulated by the Board of Directors, 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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| (r) to open deposit accounts in the Central Bank, any commercial bank or co-operative society or with the approval by the Monetary Board, in any bank or financial institution outside Sri Lanka; |
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| (s) to lease, let on hire, sell outright, or sell on a hire purchase basis, warehouses, godowns, stores and buildings in rural areas and machinery. equipment and other goods ; |
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| (t) to purchase or acquire shares in co-operative, marketing and processing societies and other types of co-operative societies in order to provide infrastructural support to the lending operation of the Bank ; |
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| (u) to acquire in any manner whatsoever and hold, take or give on lease or hire, mortgage, pledge. sell or otherwise dispose of, any immovable or movable property; |
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| (v) to appoint such officers and servants as may be necessary for carrying out the work of the Bank. |
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| (w) to establish a provident fund, and provide welfare and recreational facilities, and accommodation facilities, for persons employed by the Bank ; |
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| (x) to dismiss and exercise disciplinary control over the staff of the Bank ; |
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| (y) to fix the wages or salaries or other remuneration of the staff ; |
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| (z) to determine the terms and conditions of service of such staff; |
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| (aa) 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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| (bb) to make rules in relation to its officers and servants including the appointment, promotion, remuneration, disciplinary control and conduct and the grant of leave to them ; |
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| (cc) to make rules in respect of the administration of the affairs of the Bank ; and |
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| (dd) to do all things which, in the opinion of the Board, are necessary to facilitate the proper carrying on of the business of the Bank. |
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Sri Lanka Consolidated Acts