(1) It shall be the function of the Bank to mobilise and provide finance for and promote and facilitate the expansion and strengthening of the economic development of Saint Lucia and foster the development of money and capital markets in Saint Lucia and Member States of the Organization of Eastern Caribbean States.
(2) In particular and without prejudice to the generality of subsection (1) the Bank shall have power —
(a) to accept, on deposit, any funds or securities of whatever nature from the Government, from any public or statutory authority, co-operative or friendly society or any person or body whether within or outside Saint Lucia;
(b) to make all payments duly authorised by any depositor with the Bank;
(c) to make loans or advances or provide any form of credit to the Government or to any public or statutory body;
(d) to make loans or advances or provide any form of credit or assistance to any development enterprise whether in the form of finance or expertise or technical or managerial advice or participation in the share capital or management thereof;
(e) to make loans or advances or provide for any form of credit to any person, corporation, company, society or body whatsoever within or outside Saint Lucia;
(f) to negotiate loans or advances or any form of credit with any person or body within or outside Saint Lucia for, or on behalf of the Government or any public, statutory or other body;
(g) to provide finance to persons for courses of study on the published Government approved priority list or as otherwise approved by the Cabinet or Minister of Education;
(h) to make loans for financing the construction, repair, improvement and acquisition of dwelling houses;
(i) to promote and encourage development enterprises including the marketing of any produce or manufacture thereof;
(j) to provide for the inspection or supervision of any development enterprise for which a loan has been granted;
(k) to make arrangements with any person, body or authority for collections or deductions for the repayment of any loans, advances or credit;
(l) to give any guarantee or indemnity to and enter into any arrangements with the Government, any public or statutory authority or any body corporate or other person whether within or outside Saint Lucia, in order to obtain any rights, concessions and privileges that may appear to the Bank to be conducive to any of its functions;
(m) to undertake and formulate any studies which the Bank considers necessary for the performance of its functions or conducive to any of its functions;
(n) to enter into any contract with, or act as agent or trustee for, or representative of, the Government or any person, agent or body within or outside Saint Lucia;
(o) to engage in any investment banking business, development finance business or banking business;
(p) to deposit sums with any bank or other financial institution;
(q) to take or concur in taking all such steps and processes as may seem best calculated to uphold and support the credit of the Bank;
(r) to underwrite new issues of stocks, shares, bonds, debentures and other securities and trade in similar instruments issued by Government, public or statutory authorities or public companies;
(s) to promote or concur in the promotion by others, of such subsidiaries as it deems necessary for the more effective performance of its functions except that no such promotion shall be undertaken unless approved by Cabinet in writing;
(t) to provide for all matters of administration and procedure in the exercise of its functions under this Act;
(u) to do all such things or enter into such transactions or arrangements which in its opinion are necessary for the performance of any of its functions.
(3) The Bank shall operate in accordance with normal accepted development banking practice.