CENTRAL BANK OF SEYCHELLES ACT, 2004

(Act 12 of 2004)

PART XI - OTHER ACTIVITIES

44. The Bank may —

(a) on such terms and conditions as may be determined by the Bank, open accounts for, and accept deposits for the account of, special funds administered by the Government, official aid agencies and international organisations;

(b) grant loans and advances to any of its Directors, officers and employees-

(i) for the purchase, construction or repair of one residential house for his or her personal use against the security of the said house;

(ii) for other purposes in a total amount not to exceed for any borrower during the time such loans and advances are outstanding, the annual remuneration received by the borrower from the Bank;

upon terms and conditions determined from time to time by the Board; and

(c) generally undertake such operations or do such things as are incidental to or consequential upon the exercise of its powers or the performance of its duties under this Act.

(2) The Bank shall not –

(a) open accounts for or accept deposits from any person except as provided in this Act;

(b) grant advances, loans, guarantees or contingent commitments to or for the benefit of the Government or any Government agency except as provided in this Act;

(c) engage in trade, purchase of any interest in any corporation or company, including the shares of any bank or other financial institution unless expressly authorised by the Financial Institutions Act, or otherwise have an ownership interest in any financial, commercial, agricultural, industrial or other undertaking except such interest as the Bank may acquire in the course of satisfaction of debts due to it, provided that all such interests so acquired shall be disposed of at the earliest opportunity; or

(d) purchase or retain ownership of immovable property except in so far as is necessary for the conduct of its business or for the provision of housing and recreational or other amenities for its officers and employees.