Land and Agricultural Development Bank Act, 2002 (Act No. 15 of 2002)Part III : Funds and Business of Bank26. Conduct of business and security arrangements |
| (1) | The business of the Bank is to provide agricultural and rural financial services in furtherance of the objects of the Bank contemplated in section 3, against security or on such alternative conditions as the Board may from time to time determine, or in such other manner as may be provided for by this Act. |
| (2) | The Bank may conduct its business by way of any operation, method or practice envisaged in this Act or in any other applicable law, including but not limited to— |
| (a) | providing finance for the purposes contemplated in section 3; |
| (b) | investing money; |
| (c) | providing grant funding; |
| (d) | providing insurance services within its sphere of operation; |
| (e) | providing export and import financial services within its sphere of operation; |
| (f) | developing and putting into operation an effective agricultural risk management system; |
| (g) | discounting secured bills; |
| (h) | making equity investments; |
| (i) | acting as a distribution agency for government aid programmes; |
| (j) | acting as a credit guarantee administrator; |
| (k) | managing, buying, leasing and selling of immovable and movable property; |
| (l) | providing agency functions on behalf of other persons; and |
| (m) | in general, making all such advances and performing all such acts as the Bank may by this Act or any other law be authorised to make or perform or which reasonably form part of or are generally associated with agricultural or developmental financial services. |
| (3) | The Bank may not conduct any business referred to in paragraphs (b), (c), (d) and (e) of subsection (2) without the written approval of the Minister and must conduct such business in accordance with such conditions as the Minister may impose. |
| (4) | When the Bank provides insurance cover, the Long Term Insurance Act, 1998 (Act No. 52 of 1998), and the Short Term Insurance Act, 1998 (Act No. 53 of 1998), do not apply to the Bank. |