AGRICULTURAL DEVELOPMENT CREDIT AND CO-OPERATIVE BANK ACT - 1965 (ACT 286)

Section - 13 - Functions of Bank

(1) The Bank shall provide credit in cash or in kind, and shall make provision for credit to farmers for the repayment of debts incurred by them in connection with the development of their farms, for the hiring and renting of materials, equipment and services and for warehousing facilities, on such terms and subject to such conditions as may be prescribed by regulations made under this Act, to agriculturists for the purposes of agriculture and to persons engaged in cottage industries.

(2) Without prejudice to the generality of the functions specified in subsection (1), the Bank shall discharge all or any of the following functions:-

(a) the acceptance of money for savings and current accounts and for specified periods;

(b) the borrowing of money for the purposes of the Bank's business against the security of its assets or otherwise;

(c) the issue and sale of bonds and debentures;

(d) for the purpose of securing loans and advances made by the Bank, the acceptance of a pledge, mortgage, hypothecation or assignment to the Bank of any kind of movable or immovable property or an unconditional guarantee of another Bank, or the drawing, acceptance, discounting, buying and selling or rediscounting of bills of exchange and promissory notes bearing two or more good signatures, or of other negotiable instruments; [As amended by Agricultural Development Bank Act, 1965 (Amendment) Decree, 1967 (NLCD 182) s. 10 (a)].

(e) the subscribing to the shares and debentures of any body corporate concerned with agriculture or the financing of cottage industries; [As amended by Agricultural Development Bank Act, 1965 (Amendment) Decree 1967 (NLCD 182) s. 10(b)].

(f) the custody of securities, saving certificates, title deeds and other documents for collection of the proceeds, whether principal or interest;

(g) the administration of estates for any purpose whether as executors, trustees or otherwise;

(h) the paying, receiving, collecting and remitting of money and dealing in securities;

(i) the acquiring, maintaining and disposing of all movable and immovable property;

(j) the taking over, with the prior approval of the Minister, of the business including the capital, assets and liabilities, of any other Bank or financial institution;

(k) the opening of accounts or the making of any agency arrangement with, and the acting as agent or correspondent of, any Bank or financial institution both within and outside Ghana;

(l) the investing of its funds in such securities and in such manner as may from time to time be determined by the Board;

(m) the sale and realisation of all property, whether movable or immovable, which may in any way come into the possession of the Bank in full or part satisfaction of any of its claims, and the acquisition and the holding of, and generally the dealing with, any right title or interest in any property, movable or immovable, which may be the Bank's security for any advance or loan or which may be connected with any such security; and

(n) generally the doing of all such other acts and things as may be necessary, incidental or conducive to the attainment of the aforesaid functions.

(3) Notwithstanding anything contained in any law for the time being in force, it shall be lawful for any agriculturist or person engaged in cottage industries to pledge, mortgage, hypothecate or assign any kind or quantity of movable or immovable property to the Bank, or otherwise to create a charge on any such property, in order to secure the repayment of a loan, and the Bank shall, in accordance with the provisions of this Act, be competent to deal with and recover debts owed to the Bank in respect of any property so pledged, mortgaged, hypothecated or assigned.

(4) Notwithstanding anything contained in any other law for the time being in force, any charge created on any property to secure the repayment of a loan granted by the Bank, or to secure the performance of the stipulations of any bond executed in favour of the Bank, shall be enforceable against such property in the hands of any person to whom it may have been transferred; including the person who has acquired the property for consideration and without notice of the charge.

(5) [Repealed by Agricultural Development Bank Act, 1965 (Amendment) Decree 1967 (NLCD 182) s. 10 (2)].