ACC Bank Act, 1992

Amendment of section 8 of Principal Act.

5.—Section 8 of the Principal Act is hereby amended by the substitution for subsection (1) of the following subsection:

“(1) The objects of the Corporation shall be so stated in its memorandum of association that its principal functions shall include—

(a) (i) lending and advancing money,

(ii) acquiring, underwriting, holding, selling and otherwise dealing with, shares, stocks, debentures, debenture stocks and other securities of any body corporate,

(iii) drawing, accepting, endorsing, discounting, purchasing and otherwise dealing with, bills of exchange, promissory notes and other negotiable instruments,

(iv) providing such other banking, financial or credit services and engaging in such banking or financial transactions as it thinks proper (including giving guarantees to any person in relation to the payment of money, and of interest on the money, or the repayment of money paid by that person on foot of loans, advances or other credit facilities granted by that person and the payment of interest on such money),

(v) engaging in the provision of hire-purchase and leasing facilities and for that purpose acquiring, disposing of and otherwise dealing with the subject of such facilities, and

(vi) arranging for the provision of credit facilities for any person by any other person (and acting as agent for any person in relation to the payment and collection and receipt of money in respect of such facilities),

subject to such conditions or limitations on amounts—

(I) as the Minister, after consultation with the Central Bank, may from time to time determine, and

(II) upon the commencement of regulations made under section 4 of the ACC Bank Act, 1992, as the Central Bank, after consultation with the Minister, may from time to time determine, and

(b) the receipt, on such terms and subject to such conditionsas the Corporation thinks proper, of deposits of money (including money in a currency other than the currency of the State) from any source and the receipt of deposits of securities for safe keeping and management and, so far as may be lawful, the execution of trusts in relation to the securities.”.