Section 9: Limitations on activities of Bank
consolidated text (as at 2016, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
9. Limitations on activities of Bank
(1) Subject to this Act, the Bank shall not—
(a) engage in any trade or acquire any interest in any commercial,
agricultural, industrial or any other undertaking, except where—
(i) such interest is acquired in satisfaction of debts due to the
Bank; and
(ii) the interest so acquired is disposed of at the earliest
opportunity;
(b) purchase, acquire or lease immovable property, except where
the premises are necessary for the conduct of its business under
this Act;
(c) grant loans upon the security of any shares;
(d) draw or accept bills payable otherwise than on demand;
(e) allow the renewal or substitution of maturing bills of exchange
purchased, discounted or rediscounted by or pledged with the
Bank;
(f) accept for discount, or as security for an advance made by the
Bank, bills or notes signed by the Governor, a Deputy Governor,
any other Director or an employee of the Bank;
(g) open accounts for and accept deposits from persons, otherwise
than as provided for in section 6 (1) (a), (b) and (u);
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Revised Laws of Mauritius
(h) guarantee loans or advances for the Government or any person,
nor grant loans or advances to the Government or any person,
except as provided for in sections 6 (1), 48 (3) and 58.
(2) Subject to section 58, the Bank shall not grant any advances, otherwise than as specified in section 6 (1) (n), (o) and (p).
(3) Notwithstanding subsection (1) (b), where the Bank is of the opinion
that any debt due to it is at risk, the Bank may secure such debts on any
immovable or other property of the debtor and may acquire such property,
which shall be resold at the earliest available opportunity.
(3A) Notwithstanding subsection (1) (b), the Bank may lease its premises
to such public bodies and for such purposes as the Board may determine.
(4) Notwithstanding subsection (1) (e), the Board may, in exceptional circumstances by resolution, authorise either one renewal or one substitution of
not more than 50 per cent of the original amount of any such bill for a period
not exceeding 90 days.
[S. 9 amended by s. 2 (c) of Act 18 of 2016 w.e.f. 7 September 2016.]
PART III – CAPITAL AND RESERVE