15. (1) The Bank shall provide credit in cash or in kind and credit facilities including the hiring and renting of anything which it may advance by way of loan and the provision for ware housing facilities, for such term and subject to such conditions as may be prescribed by rules, to agriculturists for the purpose of agriculture and to persons engaged in cottage and other allied industries in rural as well as urban areas for the purpose of such industries as may carry on and transact the several kinds of business hereinafter, specified, that is to say,-
(a) the accepting of money on deposit;
(b) the borrowing of money for the purposes of the Bank's business against the security of its assets or otherwise;
(c) the issuing and selling of bonds and debentures;
(d) for the purpose of securing loans and advances made by the Bank, accepting pledge, mortgage, hypothecation or assignment to the Bank of any kind of movable and immovable property or unconditional Bank guarantee of a scheduled bank or drawing, accepting, discounting, buying and selling or rediscounting bills of exchange and promissory notes bearing two or more good signatures, one of which shall be that of a scheduled bank or other negotiable instruments:
Provided that where a loan not exceeding two thousand taka in the aggregate is made to an individual agriculturist, it may be secured by a bond with one or more sureties as the Bank may deem necessary if such agriculturist makes an agreement with the Bank creating a charge on any of his specified property to secure the performance of the stipulations of the bond;
(e) the buying, stocking and supplying on credit, of seeds, agricultural machinery, implements and equipments, fertilizers and chemicals and any other material used in agriculture and acting as agent for any organisation for such goods;
(f) the subscribing to the debentures, being debentures repayable within a period not exceeding ten years of any body corporate concerned with agriculture or the financing of agriculture, the financing of cottage and other allied industries in rural as well as urban areas;
(g) the custody of gold ornaments, jewels, securities, saving certificates, title deeds and other valuable articles and the collection of the proceeds, whether principal, interest or dividends of any such securities or saving certificates;
(h) the administration of estates for any purpose whether as executor, transferee or otherwise;
(i) the paying, receiving, collecting and remitting of money and securities;
(j) the acquiring, maintaining and transferring of all movable and immovable property, including residential premises, for carrying on its business;
(k) the taking over of business, including the capital, assets and liabilities of any other Bank or financial corporation, with the previous approval of the Government;
(l) the guaranteeing against the security of agricultural property of loans granted by scheduled banks;
(m) the opening of accounts or the making of any agency arrangement with, and the acting as agent or correspondent of, any Bank or financial corporation;
(n) the investing of its funds in Government securities as a purely temporary measure:
Provided that the investment of fund exceeding fifty laks of taka shall not be made except with the prior approval of the Government;
(o) the selling and realising of all properties, whether movable or immovable, which may in any way come into the possession of the Bank in satisfaction or part satisfaction of any of its claim 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;
(p) generally the doing of all such acts and things as may be necessary, incidental or conducive to the attainment of the object of the Bank.
(2) Notwithstanding anything in clause (1), any loan guaranteed by the Government may be made without any specific security.
(3) Notwithstanding anything contained in any law for the time being in force, it shall be lawful for any agriculturist or persons engaged in cottage industry or in any other allied industries in the rural as well as urban areas 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 the loan and the Bank shall, in accordance with the provisions of this Order, be competent to deal with and recover its dues from any property so pledged, mortgaged, hypothecated or assigned:
Provided that no property so pledged, mortgaged, hypothecated, assigned or otherwise charged shall be sold or otherwise disposed of except by public auction and then only so much of it as is sufficient to recover the dues of the Bank and the Bank shall not bid at such auction except in cases where the bid is not sufficient to pay up the Bank's dues or there are no bidders.
(4) Notwithstanding anything contained in any law for the time being in force, any charge created on any property to secure the repayment of the loan of the Bank or to secure performance of the stipulations of any bond executed in favour of the Bank shall be enforced 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) The Bank may make use of any agency prescribed by rules for watching the expenditure from its loans and making recoveries.
(6) Subject to such directions, if any, as may be given by the Government, the Bank may carry on and transact outside Bangladesh all or any of the business specified in clause (1).
(7) Notwithstanding anything in clause (1) or elsewhere in this Order, loans for purposes other than agricultural may be advanced to any deposit holder with the Bank against his own deposit as and when required.