31.
| (1) Subject to the provisions of this Law, the Bank is authorized to carry on and transact the several kinds of business hereinafter specified, namely-
| | (a) to grant loans, subject to interest, to any person for the purpose of
| | | (i) the purchase or lease, or the cultivation, development or improvement of any land used, or to be used, for any agricultural or industrial purpose; |
| (ii) the purchase or lease, or the construction, repair or renewal, of any building, factory, mill, mine, machinery or equipment used, or to be used, in connection with any agricultural or industrial purpose; |
| (iii) the purchase or lease of any land for the construction of a dwelling house; |
| (iv) the construction, repair, renovation or extension of a dwelling house; |
| (v) the purchase or lease of a dwelling house; |
| (vi) the manufacture or preparation of any agricultural or industrial product or commodity for sale in the market; |
| (vii) any purpose incidental, accessory or ancillary to any purpose mentioned in any of the foregoing sub-paragraphs; |
| (viii) the liquidation of any debt already incurred for any purpose mentioned in any of the foregoing sub-paragraphs; |
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| | (b) to grant loans of money, subject to interest, to any person for the purpose of conducting any agricultural or industrial business or for the settlement of debts incurred under any mortgage provided such mortgage has been to secure a loan raised for a purpose falling within the purview of the Bank; | | |
| | (c) to grant loans of money to any person for the purpose of carrying out any scheme approved by the Minister for the development of agriculture or industry; | | |
| | (d) to carry on the business of hire-purchase in machinery, and equipment used in agriculture or industry; | | |
| | (e) to manage, supervise or control, with or without remuneration, or to participate in the management, supervision or control, with or without remuneration, of any agricultural or industrial undertaking of any client of the Bank where such management, supervision or control, or such participation therein, appears to the Board to be necessary in order to protect the interests of the Bank in any loan granted by the Bank; | | |
| | (f) to act, with or without remuneration, at the technical adviser of any client of the Bank, on any matter relating to any agricultural or industrial undertaking of such client; | | |
| | (g) for the purpose of employing any surplus funds of the Bank, to buy, sell, invest or deal in stocks, shares, debentures, mortgages, bonds, or securities issued or guaranteed by the Government or the Central Bank; | | |
| | (h) to make arrangements for the insurance of any property mortgaged to the Bank by any client of the Bank; | | |
| | (i) to purchase, take on lease or in exchange, hire or otherwise acquire any movable or immovable property, and any rights or privileges which the Bank may think necessary or convenient with reference to any business which the Bank is authorized to carry on, or the acquisition of which the Bank may deem to be necessary or advisable in order to facilitate the realization of any securities held by the Bank, or to prevent or diminish any apprehended loss or liability; | | |
| | (j) to establish and support, or aid in the establishment and support of, associations, institutions, trusts or schemes for the providing of pensions and of gratuities and other funds and conveniences calculated to benefit employees of the Bank or the dependants of such employees; | | |
| | (k) to improve, manage, develop, exchange, lease, mortgage, dispose of, sell, turn to account or otherwise deal with, all or any part of the property, and rights of the Bank, including any property, movable or immovable, on the security of which the Bank may have given any loan, or over which, the Bank may have any power of disposal; | | |
| | (l) to give any guarantee or indemnity and to enter into any agreements with any foreign organization, the Government or any local authority or with any body corporate or other person, in order to obtain any rights, concessions and privileges that may seem to the Bank to be conducive to the purpose of the Bank; | | |
| | (m) to borrow or accept deposits from the Government or such institutions as are approved for the purpose by the Monetary Board of the Central Bank, on such terms and conditions as may be mutually agreed upon by them so however that the aggregate amount so borrowed and accepted as deposits at any time does not exceed the maximum limit imposed by the Minister; | | |
| | (n) to accept contributions from the Government towards the reserve fund of the Bank, subject to such terms and conditions as may be mutually agreed upon by them; | | |
| | (o) to accept term deposits from any person of such sizable minimum amount and for such periods as may be determined by the Board with the concurrence of the Minister; | | |
| | (p) to invest the funds of the Bank in the shares, debentures or other appropriate securities of public or private companies engaged in agriculture or industry; | | |
| | (q) to underwrite such shares, debentures, or other appropriate securities; | | |
| | (r) to sell in the market from the Bank's portfolio of investments; | | |
| | (s) to finance projects in association or in partnership with other banks and such other institutions as may be approved by the Minister from time to time; | | |
| | (t) to act as the agent of any client of the Bank, or any other person, for the purpose of the purchase of any machinery or equipment or of any material of any description, required for the purpose of any agricultural or other prescribed undertaking of such client, or other person, as the case may be; | | |
| | (u) to acquire and undertake the whole or any part of any business carried on in Sri Lanka by any person, being a business which the Bank is authorized to carry on; | | |
| | (v) to establish and maintain any institute, or to participate in any scheme, for the provision of technical, financial and management services; | | |
| | (w) to conduct economic surveys, studies and seminars; | | |
| | (x) to train selected personnel of the Bank and other persons in accountancy, banking and valuation, project and credit appraisal, and engineering and scientific skills; | | |
| | (y) generally to take, or concur in taking, all such steps and proceedings as the Bank may deem to be best calculated to uphold and support the credit of the Bank, and to do all things incidental or conducive to the attainment of the objects, or the exercise of the powers, set out in the preceding paragraphs; and | | |
| | (z) to set up the necessary organization for selling or marketing any product of any agricultural or other prescribed undertaking. | | |
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| (2) Any object or purpose mentioned in any paragraph of subsection (1) of this section shall not, except where the context expressly so requires or where any limitation or restriction has been prescribed, be in any way limited or restricted by reference to, or inference from, the terms of any other paragraph of that subsection, or the objects therein specified, or otherwise. |
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| (3) In this section, the expression " client of the Bank " means a person who is in receipt of assistance from the Bank under this Law. |
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Sri Lanka Consolidated Acts