Chapter Eight Chapter Eight Other Operations of the Agency
Article 50
The Agency may, through its Board of Directors or its duly authorized officials, exercise all the powers vested in it under the provisions of this Law. It may also do all such other acts as are considered necessary for or incidental to the exercise of its powers. The Agency shall in particular, do the following:
(a) Issue sight drafts and make other transfers that are payable at its head office or its branches, or with any of its agents or correspondents.(b) Open accounts and accept deposits from persons other than those mentioned in Article (33) paragraph (a) and Article (42) paragraph (a), subject to the prior approval the Minister of Finance.Article 51
The Agency may not:
(a) Engage in trade or have an interest in any financial, commercial, agricultural, industrial or other operation, except as provided in Article (40) of this law.(b) Purchase or retain title to real property, except real estate re-served for the conduct of the Agency's business and for the housing of its officials and employees.(c) Advance unsecured loans, except as provided in Article (33) paragraph (f) of this law.(d) Advance loans upon security different from that set forth in law, provided however that in case any debt due to the Agency is exposed to danger, the Agency may accept real or other property as a security for payment, and in case of for closure, the Agency shall acquire title to, and possession of such property which shall, however, be sold as soon as market conditions permit such sale.(e) Accept shares as collateral, except where shares are accepted as security under the provisions of paragraph (f) of Article (33) and paragraph (d) of this Article.Article 52
The Agency may grant loans to its officials and employees upon the terms and conditions to be set by the Agency's Board of Directors.
