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(1) Except as authorised by the Board, and for the purposes of supporting the Banks core functions, the Bank shall not

(a) engage in a trade or have a direct interest in any commercial, agricultural, industrial or any other undertaking except an interest that the Bank may acquire in the course of the satisfaction of debts due to it;

(b) purchase the shares of a company or grant loans upon the security of shares; [Substituted by Bank of Ghana (Amendment) Act, 2016 (Act 918) s.19]

(c) advance money on mortgage or otherwise on the security of immovable property or the title deeds relating to that property;

(d) become the owner of an immovable property except in so far as it is necessary for its own business premises and residence of its staff and employees;

(e) draw or accept bills payable otherwise than on demand;

(f) pay interest on deposits; or

(g) accept for discount or as a guarantee for an advance made by the Bank, bills or notes signed by members of the Board or by the officials of the Bank or any other employee. [Substituted by Bank of Ghana (Amendment) Act, 2016 (Act 918) s.19]

(1A) Despite paragraph (b) of subsection (1), where before the coming into force of this Act the Bank held shares in a financial institution that the Bank regulates, the Bank shall dispose of the shares within a period of nine years or other period that the Board may determine. [Inserted by Bank of Ghana (Amendment) Act, 2016 (Act 918) s.19]

(2) Notwithstanding paragraph (c) of subsection (1), the Bank may for the purpose of acquisition of houses by its staff, advance money on mortgage to a member of staff on terms and conditions as determined by the Board.