to construct buildings thereon.
2.
To buy, take in exchange, hire or otherwise acquire movable property,
including vehicles, necessary or convenient for the performance of its functions.
3.
To maintain, alter and improve property acquired by it.
4.
To mortgage or pledge any assets or part of any assets and, with the
approval of the Minister, to sell, excha
nge, let, dispose of, turn to account o
r
otherwise deal with a ny assets or part of any assets which are not required for the
exercise of its functions for such consid eration as the Author ity may, with the
approval of the Minister, determine.
5.
To open bank and building society account s in the name of the
Authority and to draw, make, accept, endor se, discount, execute and issue for the
purposes of its functions, cheques, promi ssory notes, bills of exchange, bills o f
lading, securities and other instruments.
6.
To insure against losses, damages, risks and liabilities which it may
incur.
7.
To enter into contracts and suretyship s or give guarantees in
connection with the exercise of its functions and to modify or rescind such contracts
or rescind suretyships or guarantees.
8.
With the approval of the Minister, to enter into, renew, cancel o r
abandon arrangements with any government or authority, local or otherwise, that may
seem conducive to the exerci se of its functions or any of them and to obtain from
such government or authority rights, privileges and con cessions which the Authority
thinks desirable to obtain and carry out, exercise and comply with such arrangements,
rights, privileges and concessions.
9.
With the approval of the Minister, to raise loans or borrow money in
such amounts and for such purposes and unde r such conditions as may be approved
by the Minister.
10.
To employ, upon such terms and conditions as the Authority may
think fit, such persons as may be necessa ry for conducting its af fairs, and suspend or
discharge any such persons.
11.
Subject to section 39 of the Audit and Exch equer Act [Chapter 22:03],
to pay such remuneration a nd allowances and grant such leave of absence and to
make such gifts and pay such bonuses and th e like to its employees as the Authority
thinks fit.
12.
To provide pecuniary benefits for its empl oyees on their retirement,
resignation, discharge or other termination of service or in the event of their sickness
or injury and for their dependants, and for that purpose to effect policies of insurance,
establish pension or provi dent funds or make such
other provision as may be
necessary to secure for its employees and their dependants any or all of the pecuniary
benefits to which this paragraph relates.
13.
With the approval of the Minister, to purchas e, take in exchange, hire
and otherwise acquire land or dwellings for use or occupation by its employees.
14.
To construct dwellings, outbuildings or improvements for use or
occupation by its employees on land purchased, taken in exchange, hired or otherwise
acquired by the Authority.
15.
To sell or let dwellings and la nd for residential purposes to its
employees.
16.
With the approval of the Minister, to guarant ee loans to its employees
or their spouses for the purchase of dwelli ngs or land for residential purposes, the
construction of dwellings a nd the improvement of dwelli ngs or land which are the
property of its employees or their spouses.
17.
To provide security in respect of loans guaranteed in terms o
f
paragraph 16 by the deposit of securities.
18.
With the approval of the Minister, to make loans to any employee of
the Authority—