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                                              <b>
                                              <span style="font-family: Arial">
                                              NATIONAL INVESTMENT BANK ACT, 1963 
                                              (ACT 163)</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              As amended</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              ARRANGEMENT OF SECTIONS</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Section</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART I&#8212;ESTABLISHMENT OF BANK</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Establishment</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              1. Establishment of Bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              2. Offices of the Bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Objects and Functions</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              3. Objects of Bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              4. Functions of Bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART II&#8212;CAPITAL AND RESERVE</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              5.&nbsp; Authorised capital.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              6.&nbsp; Payment of dividends.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              7.&nbsp; Limitation of liability of 
                                              shareholders.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              8.&nbsp; General reserve fund.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              9.&nbsp; Borrowing powers.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              10. Guarantees and loans repayable 
                                              by Government.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART III&#8212;ADMINISTRATION</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The Board</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              11. Board of directors.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              12. Qualifications for appointment 
                                              as director.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              13. Term of office.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              14. Functions of Board.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              15. Meetings of Board.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              15A. Previous proceedings of board 
                                              valid notwithstanding any defects, 
                                              etc.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Managing Director</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              16. Managing Director.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART IV&#8212;ACCOUNTS AND AUDIT</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              17. Balance sheet.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              18. Appointment of auditor.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              19. Duties and powers of auditor.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART V&#8212;MISCELLANEOUS</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              20. Relations with the Government.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              21. Relations with other Banks.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              22. Liquidation of Bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              23. Service of documents.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              24. Commencement of business.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              25. Preliminary acts and expenses.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              26. Income Tax Ordinance, 1943.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              27.&nbsp; Companies Ordinance (Cap. 
                                              193).</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              28.&nbsp; Regulations.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              29.&nbsp; Bye-laws.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              30.&nbsp; Interpretation.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">&nbsp;</span></p>
                                              <p class="MsoNormal" style="text-align: center">
                                              <span style="font-family: Arial">
                                              THE HUNDRED AND SIXTY-THIRD</span></p>
                                              <p class="MsoNormal" style="text-align: center"></p>
                                              <p class="MsoNormal" style="text-align: center">
                                              <span style="font-family: Arial">
                                              ACT OF THE PARLIAMENT OF THE 
                                              REPUBLIC OF GHANA</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              ENTITLED</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              NATIONAL INVESTMENT BANK ACT, 1963</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              AN ACT to provide for the 
                                              establishment of a national 
                                              investment bank and other purposes 
                                              connected therewith.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              DATE OF ASSENT: 22nd March, 1963</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              BE IT ENACTED by the President and 
                                              the National Assembly in this 
                                              present Parliament assembled as 
                                              follows:&#8212;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART I&#8212;ESTABLISHMENT OF BANK</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <i>
                                              <span style="font-family: Arial">
                                              Establishment</span></i></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 1&#8212;Establishment of Bank.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) There shall be established a 
                                              body corporate to be known as the 
                                              National Investment Bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Bank shall have perpetual 
                                              succession and a common seal and 
                                              may sue and be sued in its 
                                              corporate name.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) The Bank may, for and in 
                                              connection with its functions 
                                              under this Act, purchase, hold, 
                                              manage and dispose of any property 
                                              and may enter into such contracts 
                                              and other transactions as may be 
                                              expedient.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) The application of the seal of 
                                              the Bank on any document shall be 
                                              authenticated by the signature of 
                                              the Managing Director and two 
                                              other directors of the Bank; and 
                                              in the absence of the Managing 
                                              Director the person appointed for 
                                              the time being under the 
                                              provisions of subsection (2) of 
                                              section 16 of this Act shall sign 
                                              on his behalf.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) The signatures of the Managing 
                                              Director and the other two 
                                              directors shall be independent of 
                                              the signing by any other person 
                                              who may sign any such document as 
                                              a witness.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 2&#8212;Offices of the Bank.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The head office of the Bank 
                                              shall be at Accra.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Bank may open branches and 
                                              appoint agents in or out of Ghana 
                                              in accordance with decisions of 
                                              the Board in that behalf.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <i>
                                              <span style="font-family: Arial">
                                              Objects and Functions</span></i></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 3&#8212;Objects of Bank.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The objects of the Bank shall 
                                              be to carry on the business of 
                                              assisting industrial, commercial, 
                                              agricultural and other enterprises 
                                              in general by,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) assisting in the 
                                              establishment, expansion and 
                                              modernisation of such enterprises;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) encouraging and facilitating 
                                              the participation of internal and 
                                              external capital in such 
                                              enterprises;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) counselling and encouraging 
                                              small Ghanaian business concerns; 
                                              and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) seeking to bring together 
                                              investment opportunities, internal 
                                              and external capital, and 
                                              experienced management;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              and subject to the provisions of 
                                              this Act, to do all such things as 
                                              are incidental or conducive to the 
                                              attainment of the objects of the 
                                              Bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Bank may operate in all 
                                              sectors of the national economy 
                                              including the public, the 
                                              co-operative and the private 
                                              sectors.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) For the purposes of its 
                                              operations in the public sector, 
                                              the Bank may receive on special 
                                              deposit,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) moneys allocated by the 
                                              National Assembly for development 
                                              purposes or other allocations; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) the proceeds of any internal 
                                              or external loan designated 
                                              specifically for enterprises in 
                                              the public sector;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              and the Bank shall disburse the 
                                              same for the granting of loans on 
                                              applications sponsored by the 
                                              Government to industrial or other 
                                              enterprises.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) Interest on any special 
                                              deposit received under the 
                                              immediately preceding subsection 
                                              shall be paid at a rate to be 
                                              agreed upon in consultation with 
                                              the Minister.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) Any loans granted by the Bank 
                                              out of moneys received on any 
                                              special deposit under subsection 
                                              (3) of this section shall be 
                                              granted at the Bank's lending rate 
                                              of interest and on the Bank's own 
                                              responsibility:</span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 36.0pt">
                                              <span style="font-family: Arial">
                                              Provided that where the Bank is 
                                              for any reasonable cause unable to 
                                              take upon itself sole 
                                              responsibility for the repayment 
                                              of any such loan, the loan may be 
                                              facilitated by the Government 
                                              taking upon itself partial or 
                                              total responsibility towards the 
                                              Bank for any loss which may be 
                                              incurred by the Bank as a result 
                                              of the granting of such loan and 
                                              the extent of the Government's 
                                              responsibility in any such case 
                                              shall be determined by the Board.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (6) The auditors of the Bank may 
                                              in their discretion direct that 
                                              any loan granted under subsection 
                                              (5) of this section on the partial 
                                              or total responsibility of the 
                                              Government be shown separately in 
                                              the Bank's balance sheet from 
                                              other loans for which the Bank has 
                                              sole responsibility.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (7) Where Government 
                                              responsibility is only partial the 
                                              portion for which the Bank bears 
                                              sole responsibility shall be 
                                              included in the Bank's liabilities 
                                              and assets; and it shall be the 
                                              duty of the auditors to include an 
                                              appropriate note to this effect in 
                                              the body of the balance sheet.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (8) For the purposes of its 
                                              operations in the co-operative and 
                                              private sectors the Bank may use,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) its general funds;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) funds borrowed generally on 
                                              the Bank's own account from both 
                                              internal and external sources; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) any funds allocated by 
                                              Government for employment in such 
                                              sectors.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (9) Any business or enterprise in 
                                              which Government holds not more 
                                              than forty per centum of the 
                                              ordinary share capital and does 
                                              not exercise effective control of 
                                              the management shall, for the 
                                              purposes of sub-section (8) of 
                                              this section, be deemed to be 
                                              engaged in the private sector of 
                                              the national economy.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (10) The Bank's annual accounts 
                                              shall be drawn up in such a manner 
                                              as to show its operations under 
                                              subsection (8) of this section 
                                              separately from its operations 
                                              under subsection (3) of this 
                                              section.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 4&#8212;Functions of Bank.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) For the purposes of this Act 
                                              the Bank may&#8212;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) provide finance in the form of 
                                              long-term or medium-term loans 
                                              with or without security, or by 
                                              purchasing or subscribing for 
                                              shares or other securities, or by 
                                              acquiring any other interest;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) guarantee or become liable for 
                                              the payment of money, or for the 
                                              performance of any obligation, and 
                                              generally to transact all kinds of 
                                              guarantee business;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) transact all kinds of trust 
                                              and agency business;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) hold funds with any banks, 
                                              correspondents or agents whether 
                                              within or outside Ghana and to 
                                              furnish the Bank of Ghana with 
                                              such periodical reports as may be 
                                              necessary of the amount of funds 
                                              held abroad under this paragraph;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (e) furnish managerial, technical 
                                              and administrative advice and 
                                              assist in obtaining managerial, 
                                              technical, and administrative 
                                              services to industrial, 
                                              agricultural and commercial 
                                              enterprises;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (f) invest and deal with the 
                                              moneys of the Bank not immediately 
                                              required in such securities and in 
                                              such manner as may from time to 
                                              time be determined by the Board;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (g) acquire by way of purchase, 
                                              lease or otherwise any property 
                                              and sell, exchange, surrender, 
                                              lease, mortgage, charge, convert, 
                                              turn to account or otherwise 
                                              dispose of any such property;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (h) accept, before the date on 
                                              which it is due, any payment in 
                                              respect of a loan granted by the 
                                              Bank;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">(i) 
                                              issue bonds, which shall be deemed 
                                              to be trustee securities, with a 
                                              maturity date of not less than 
                                              three years;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (j) draw, issue, accept or 
                                              endorse, discount and re-discount 
                                              bills of exchange, promissory 
                                              notes for the purposes of the 
                                              business of the Bank;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (k) underwrite new issues of 
                                              stocks, bonds, debentures and 
                                              other securities;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (l) give any guarantee or 
                                              indemnity to, and enter into any 
                                              arrangements with, the Government, 
                                              any local authority or any body 
                                              corporate or other person, in 
                                              order to obtain any rights, 
                                              concessions and privileges that 
                                              may seem to the Bank to be 
                                              conducive to the attainment of any 
                                              of the objects of the Bank;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (m)&nbsp; make appropriate provision 
                                              for the welfare of employees or 
                                              former employees of the Bank and 
                                              of their dependants;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (n) undertake research, studies, 
                                              investigations and experiments in 
                                              regard to the economic and 
                                              technical feasibility of 
                                              industrial, agricultural, 
                                              commercial and other projects or 
                                              enterprises;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (o) do all or any of the above 
                                              acts as principals, agents, 
                                              contractors, trustees or otherwise 
                                              and either by or through trustees, 
                                              agents, sub-contractors or 
                                              otherwise, and either alone or in 
                                              partnership or in conjunction with 
                                              any other body and to contract for 
                                              the carrying on of any operation 
                                              connected with the Bank's business 
                                              by any other body.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Bank is further authorised 
                                              to perform the following 
                                              functions:&#8212;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) receive deposits from and keep 
                                              cash accounts for companies, 
                                              corporations and other persons 
                                              (legal or natural) who have taken 
                                              or have agreed to take development 
                                              loans or facilities from the Bank;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) grant overdraft, with or 
                                              without security, to such extent 
                                              as the Bank considers proper;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) draw, accept, discount, buy 
                                              and sell bills of exchange and 
                                              other negotiable securities;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) make, issue and circulate bank 
                                              drafts and letters of credit to 
                                              order or otherwise than to the 
                                              bearer on demand;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (e) draw bills of exchange and 
                                              grant letters of credit payable 
                                              outside Ghana;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (f) buy and sell telegraphic 
                                              transfers whether payable in Ghana 
                                              or elsewhere;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (g) buy bills of exchange payable 
                                              outside Ghana at any usance not 
                                              exceeding six months;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (h) deal with all such matters and 
                                              do all such things as may be 
                                              incidental or subsidiary to the 
                                              functions specified in the 
                                              preceding paragraphs of this 
                                              section. [As Substituted by the 
                                              National Investment Bank Act 1963 
                                              (Amendment) Decree, 1975 (NRCD 
                                              316) s. 1].</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART II&#8212;CAPITAL AND RESERVE</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 5&#8212;Authorised Capital.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The share capital of the Bank 
                                              shall be eighty million cedis 
                                              divided into shares of no par 
                                              value of which seventy-five per 
                                              centum shall be taken up by the 
                                              Government and the remaining 
                                              twenty-five per centum shall be 
                                              issued to the public at such time, 
                                              in such amounts and in such manner 
                                              as the Board may determine. [As 
                                              Substituted by the National 
                                              Investment Bank (Amendment) Law, 
                                              1985 (PNDCL 106) s. 1 (a)].</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Minister shall, on the 
                                              establishment of the Bank pay up 
                                              thirty-three one-third per centum 
                                              of the nominal value of the shares 
                                              taken up by the Government and the 
                                              remaining sixty-six two-thirds per 
                                              centum shall remain uncalled for, 
                                              for twelve calendar months from 
                                              the date of the commencement of 
                                              operations by the Bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) Subject to the provisions of 
                                              the immediately preceding 
                                              subsection, further calls may be 
                                              made by the Bank, at intervals of 
                                              not less than twelve calendar 
                                              months, in such amounts and in 
                                              such manner as the Board may 
                                              determine.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) Shares issued to the public 
                                              shall carry the right to dividend 
                                              at a minimum rate of three per 
                                              centum per annum.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) The Board may from time to 
                                              time, with the prior approval of 
                                              the Minister, increase the share 
                                              capital of the Bank and may divide 
                                              any unissued capital, original or 
                                              increased, into different classes, 
                                              with or without any preference, 
                                              priority or privileges, or subject 
                                              to any postponement of rights, or 
                                              to any conditions or restrictions, 
                                              and of such nominal value as the 
                                              Board may think fit.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 6&#8212;Payment of Dividends.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) No dividend shall be paid in 
                                              respect of the Bank's first year 
                                              of operations.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Bank shall not declare nor 
                                              pay any dividends in excess of 
                                              five per centum on shares issued 
                                              to the Government and the public 
                                              at any time when the amount of 
                                              moneys in the general reserve fund 
                                              is less in amount than one-half of 
                                              the share capital of the Bank. [As 
                                              Substituted by the National 
                                              Investment Bank (Amendment) Law, 
                                              1985 (PNDCL 106) s. 1 (b)].</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 7&#8212;Limitation of Liability 
                                              of Shareholders.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The liability of any holder of 
                                              shares in the Bank shall be 
                                              limited to the amount, if any, 
                                              unpaid on the shares held by such 
                                              holder.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <i>
                                              <span style="font-family: Arial">
                                              General Reserve Fund</span></i></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 8&#8212;General Reserve Fund.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) There shall be established by 
                                              the Bank a general reserve fund.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) At the end of each financial 
                                              year, after allowing from the 
                                              expenses of operation, and after 
                                              provision has been made for bad 
                                              and doubtful debts, depreciation 
                                              in assets, contributions to staff 
                                              and superannuation funds and other 
                                              contingencies, and for any other 
                                              purpose to which the profits of 
                                              the Bank may properly be applied, 
                                              there shall be transferred to the 
                                              general reserve fund:</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) such part of the general 
                                              profits as the Board considers 
                                              appropriate, if the amount of 
                                              moneys in the general reserve fund 
                                              is less than the authorised share 
                                              capital of the Bank; or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) one quarter of the net 
                                              profits, if the amount of moneys 
                                              in the general reserve fund is not 
                                              less than the amount of the 
                                              authorised share capital of the 
                                              Bank; </span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              and any moneys thereafter 
                                              remaining after the payment of 
                                              dividends declared by the Bank 
                                              shall be paid into the 
                                              Consolidated Fund. [As Subtituted 
                                              by the National Investment Bank 
                                              Act, 1963 (Amendment) Decree, 1978 
                                              (SMCD 152) s. 3].</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 9&#8212;Borrowing Powers.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Subject to the provisions of 
                                              this section the Bank may borrow, 
                                              raise or guarantee any sum of 
                                              money from any source whether 
                                              within or without Ghana, upon such 
                                              terms and conditions as it may 
                                              deem fit; and for the purpose of 
                                              securing the same and interest 
                                              thereon or as collateral security 
                                              for any debt, liability or 
                                              obligation of the Bank or of any 
                                              third party or for any other 
                                              purpose create, issue, make and 
                                              give any bonds, perpetual or 
                                              redeemable debentures, or 
                                              debenture stock or any mortgage or 
                                              charge on the undertaking or the 
                                              whole or any part of the property, 
                                              rights and assets, present or 
                                              future of the Bank, including the 
                                              uncalled capital of the Bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The total amount of moneys 
                                              borrowed, raised or guaranteed and 
                                              owing or outstanding under this 
                                              section shall not at any time 
                                              exceed in the aggregate ten times 
                                              the total amount of the paid up 
                                              share capital and reserve funds of 
                                              the Bank:</span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 36.0pt">
                                              <span style="font-family: Arial">
                                              Provided that the Secretary 
                                              responsible for Finance and 
                                              Economic Planning may, in 
                                              consultation with the Bank of 
                                              Ghana, by legislative&nbsp; instrument 
                                              vary the ratio of the total amount 
                                              of moneys borrowed, raised or 
                                              guaranteed and owing or 
                                              outstanding to the paid up shares 
                                              and reserve funds of the Bank 
                                              prescribed in this subsection. [As 
                                              Substituted by the National 
                                              Investment Bank (Amendment) Law, 
                                              1985 (PNDCL 106) s. 1 (d)].</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) For the purposes of this 
                                              section,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) any moneys received by the 
                                              Bank on special deposit under the 
                                              provisions of subsection (3) of 
                                              section 3 of this Act shall not be 
                                              counted in the total amount 
                                              borrowed by the Bank;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) the amount of moneys owing or 
                                              outstanding in respect of any 
                                              guarantee shall be deemed to be 
                                              the maximum amount of the 
                                              principal sum contingently payable 
                                              under such guarantee and the 
                                              amount of any moneys borrowed or 
                                              proposed to be borrowed or of 
                                              guarantees given or proposed to be 
                                              given which are repayable or, as 
                                              the case may be, payable in a 
                                              currency other than the Ghana cedi 
                                              shall be converted into the cedi 
                                              at the official par value of the 
                                              cedi established with the 
                                              International Monetary Fund. [As 
                                              Amended by the National Investment 
                                              Bank Act, 1963 (Amendment) Decree, 
                                              1967 (NLCD 121) s. 3]</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 10&#8212;Guarantees and Loans 
                                              Repayable by Government.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The President may in writing, 
                                              in the name and on behalf of the 
                                              Republic on such terms and 
                                              conditions as the President may 
                                              determine,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) guarantee, or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) agree to repay </span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              loans raised by the Bank from any 
                                              international financial 
                                              organisation or from any foreign 
                                              government institution, or any 
                                              foreign private banking 
                                              institution.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Where the President in the 
                                              name and on behalf of the Republic 
                                              agrees to repay a loan under 
                                              paragraph (b) of the preceding 
                                              subsection provision shall be made 
                                              by the bank for the repayment of 
                                              any such loan to the President.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) Loans guaranteed, or agreed to 
                                              be repaid, under the preceding 
                                              subsections may be denominated in 
                                              foreign currency.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) All moneys payable by the 
                                              Minister under any guarantee or 
                                              agreement are hereby charged on 
                                              the Consolidated Fund.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) Any moneys payable to the 
                                              President under subsection (2) of 
                                              this section shall be paid into 
                                              the Consolidated Fund.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (6) Subject to the provisions of 
                                              subsection (7) of this section any 
                                              moneys payable by the Bank whether 
                                              to the Government or the lender in 
                                              respect of principal, interest and 
                                              other charges on any loan to the 
                                              Bank from any international 
                                              financial organisation or any 
                                              foreign government institution or 
                                              from any foreign private source, 
                                              or by the President under a 
                                              guarantee or agreement to repay 
                                              given under subsection (1) of this 
                                              section shall, notwithstanding the 
                                              provisions of any other enactment, 
                                              be paid,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) without deduction for, and 
                                              free from any taxes, duties or 
                                              fees imposed by or under any 
                                              enactment for the time being in 
                                              force;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) free from all restrictions 
                                              imposed by or under any enactment 
                                              for the time being in force.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (7) The provisions of the 
                                              immediately preceding subsection 
                                              shall not apply to any taxes, 
                                              duties, fees or restrictions on 
                                              payments under any bond or 
                                              promissory note to the Government 
                                              or, as the case may be, the said 
                                              international organisation or the 
                                              said foreign government 
                                              institution or the said foreign 
                                              private source when such bond or 
                                              promissory note is beneficially 
                                              owned by any person resident in 
                                              Ghana.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (8) For the purposes of subsection 
                                              (7) of this section the question 
                                              whether any person is or is not 
                                              resident in Ghana shall be 
                                              determined in accordance with the 
                                              provisions of section 83 of the 
                                              Income Tax Decree, 1966 (NLCD 78). 
                                              [As Substituted by National 
                                              Investment Bank Act, 1963 
                                              (Amendment) Decree, 1975 (NRCD 
                                              316) s. 3].</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART III&#8212;ADMINISTRATION</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <i>
                                              <span style="font-family: Arial">
                                              The Board</span></i></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 11&#8212;Board of Directors.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The governing body of the Bank 
                                              shall be a Board of Directors.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Board shall consist of&#8212;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) the Managing Director who 
                                              shall be the Chairman;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) the Deputy Managing Director 
                                              appointed under section 16 of this 
                                              Act;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) the official head of the 
                                              Ministry responsible for Finance 
                                              or his representative being a 
                                              public officer not below the rank 
                                              of Principal Assistant Secretary;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) the official head of the 
                                              Ministry responsible for 
                                              Industries or his representative 
                                              being a public officer not below 
                                              the rank of Principal Assistant 
                                              Secretary;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (e) four directors appointed by 
                                              the National Redemption Council of 
                                              whom at least two shall be 
                                              representatives of the 
                                              shareholders of the Bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) The directors to be appointed 
                                              under paragraph (e) of subsection 
                                              (2) of this section shall be 
                                              persons of experience in financial 
                                              affairs, not being persons 
                                              employed by the Government.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) The appointment of directors 
                                              required by paragraph (e) of 
                                              subsection (2) of this section to 
                                              be representatives of the 
                                              shareholders of the Bank shall be 
                                              made in consultation with, and 
                                              from among the shareholders (other 
                                              than the Government) who hold 
                                              shares of a nominal value of not 
                                              less than ¢100,000.00 in the 
                                              capital of the Bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) A majority of all the 
                                              directors of the Bank shall be 
                                              persons who are citizens of 
                                              Ghana.&quot; [As Substituted by the 
                                              National Investment Bank Act, 1963 
                                              (Amendment) Decree, 1975 (NRCD 
                                              316) s. 4 and further Amended by 
                                              National Investment Bank Act 1963 
                                              (Amendment) Decree, 1978 (SMCD 152 
                                              s. 4)].</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 12&#8212;Qualifications for 
                                              Appointment as Director.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) No person shall be qualified 
                                              to be appointed a director of the 
                                              Bank who,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) is a Member of Parliament;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) having been declared an 
                                              insolvent or a bankrupt under any 
                                              law in force in Ghana or in any 
                                              other country, is an undischarged 
                                              insolvent or bankrupt; [Amended by 
                                              National Investment Bank Act 1963 
                                              (Amendment) Decree, 1975 (NRCD 
                                              316) s.5].</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) A director of the Bank shall 
                                              cease to hold office if,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) he becomes a person of unsound 
                                              mind or incapable of carrying out 
                                              his duties;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) he is declared an insolvent or 
                                              a bankrupt under any law in force 
                                              in Ghana or in any other country;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) he suspends payment or 
                                              compounds with his creditors;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) he is convicted of a felony or 
                                              any offence involving fraud or 
                                              dishonesty;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (e) he is guilty of serious 
                                              misconduct in relation to his 
                                              duties;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (f) in the case of a person 
                                              possessed of professional 
                                              qualifications, he is disqualified 
                                              or suspended, otherwise than at 
                                              his own request, from practising 
                                              his profession in Ghana or in any 
                                              other country by the order of any 
                                              competent authority made in 
                                              respect of him personally.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 13&#8212;Term of Office.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) On the first day of March each 
                                              year the director appointed under 
                                              paragraph (e) of subsection (2) of 
                                              section 11 of this Act who has 
                                              held office for the longest period 
                                              since his last appointment shall 
                                              retire.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) As between directors appointed 
                                              on the same day the director to 
                                              retire shall, unless they 
                                              otherwise agree, be decided by 
                                              lot.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) A director appointed under 
                                              paragraph (e) of subsection (2) of 
                                              section 11 of this Act may, by 
                                              writing under his hand addressed 
                                              to the Commissioner responsible 
                                              for Finance resign his office. [As 
                                              Substituted by the National 
                                              Investment Bank Act, 1963 
                                              (Amendment) Decree, 1975 (NRCD 
                                              316) s. 6].</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) If the office of a director 
                                              becomes vacant otherwise than by 
                                              effluxion of time or in the 
                                              opinion of the Minister a director 
                                              is incapacitated by absence from 
                                              Ghana, illness or any other 
                                              sufficient cause from performing 
                                              the duties of his office, the 
                                              Minister may appoint another 
                                              person to hold office in his 
                                              place.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) A person appointed to act in 
                                              the place of a director under the 
                                              provisions of subsection (4) of 
                                              this section shall cease to hold 
                                              office on the date when the person 
                                              in whose place he holds office 
                                              would have ceased to hold office 
                                              in accordance with the provisions 
                                              of this Act, or when the Minister 
                                              is satisfied that the incapacity 
                                              of the person in whose place he 
                                              holds office has terminated, 
                                              whichever is the earlier event.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (6) All directors shall be 
                                              eligible for re-appointment.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 14&#8212;Functions of Board.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) It shall be the duty of the 
                                              Board to ensure that every 
                                              application shall be dealt with 
                                              and considered strictly on its 
                                              financial and economic merits 
                                              irrespective of all other 
                                              considerations, and in general to 
                                              ensure that,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) the Bank shall perform all its 
                                              functions and conduct all its 
                                              affairs in accordance with sound 
                                              business, financial and investment 
                                              standards and practice;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) the Bank shall not seek, in 
                                              any enterprise financed by it a 
                                              controlling interest or any other 
                                              such interest as would give it 
                                              primary responsibility for the 
                                              management of such enterprise, but 
                                              the Bank shall reserve to itself 
                                              the right to ensure that the 
                                              enterprises financed by it are 
                                              properly and efficiently operated;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) the Bank shall take all such 
                                              measures as may be necessary to 
                                              ensure that any financial 
                                              assistance rendered by it to any 
                                              business or enterprise is utilised 
                                              for the purpose for which such 
                                              financial assistance is given;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) the Bank shall employ the 
                                              funds at its disposal with due 
                                              regard to the diversification of 
                                              their employment.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The rates at which the Bank 
                                              shall charge interest, fees, 
                                              commissions and other charges 
                                              shall be determined and reviewed 
                                              from time to time by the Board.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) In determining the rate of 
                                              interest to be charged by the Bank 
                                              on its loans the Board shall take 
                                              into account, in addition to any 
                                              other consideration, the rate of 
                                              interest paid by the Bank on 
                                              borrowed funds and the need to 
                                              maintain the Bank at all times in 
                                              a sound financial condition.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) The Bank shall not make an 
                                              investment in or otherwise have 
                                              financial transaction with any 
                                              enterprise in which a director of 
                                              the Bank is a partner, director or 
                                              shareholder, or is in any other 
                                              way directly or indirectly 
                                              interested, unless the director 
                                              shall,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) prior to the voting have 
                                              disclosed any such interest,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) have refrained from 
                                              participating in the discussion of 
                                              the matter in issue and if so 
                                              required by the chairman withdrawn 
                                              from the meeting of the Board 
                                              during such discussion, and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) the transaction is unanimously 
                                              approved by the other directors of 
                                              the Bank present at the Board 
                                              meeting.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 15&#8212;Meeting of Board.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The chairman of the Board 
                                              shall summon meetings of the Board 
                                              for the despatch of the Bank's 
                                              business as often as may be 
                                              required but not less frequently 
                                              than once in every month.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The quorum at any meeting of 
                                              the Board shall be four and, 
                                              unless otherwise provided, 
                                              decisions shall be adopted by a 
                                              simple majority of the votes of 
                                              members present.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) The chairman shall be entitled 
                                              to vote at any such meeting and in 
                                              the case of an equality of votes 
                                              shall have a casting vote. [As 
                                              Substituted by the National 
                                              Investment Bank Act, 1963 
                                              (Amendment) Decree, 1968 (NLCD 
                                              236) s. 4].</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 15A&#8212;Previous Proceedings 
                                              of Board Valid Notwithstanding any 
                                              Defects, etc.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              No proceeding at any meeting of 
                                              the Board during the period 
                                              commencing on the 16th of August, 
                                              1965 and ending on the 1st day of 
                                              August, 1966 shall be deemed to be 
                                              invalid by reason of any defect in 
                                              the appointment of any member of 
                                              the Board or by reason of the fact 
                                              that any person who was not 
                                              entitled to attend or vote at, any 
                                              such meeting attended or voted at 
                                              such a meeting. [Inserted and to 
                                              be Cited as the National 
                                              Investment Act, 1963 (Amendment) 
                                              Decree, 1967 (NLCD 121), s. 7].</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <i>
                                              <span style="font-family: Arial">
                                              The Managing Director</span></i></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 16&#8212;Managing Director.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) There shall be a Managing 
                                              Director who shall be a person of 
                                              recognised financial experience 
                                              appointed by the National 
                                              Redemption Council for a period 
                                              not exceeding five years on such 
                                              terms as the National Redemption 
                                              Council may determine, and shall 
                                              on the expiration of the initial 
                                              term of five years, be eligible 
                                              for reappointment for further 
                                              periods not exceeding five years 
                                              on each subsequent re-appointment.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) There shall be a Deputy 
                                              Managing Director who shall be 
                                              appointed by the National 
                                              Redemption Council from the 
                                              management staff of the Bank upon 
                                              the recommendation of the Board 
                                              and on such terms as the Board may 
                                              determine.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) Subject to the provisions of 
                                              this Act and to the general 
                                              control of the Board on matters of 
                                              policy, the Managing Director 
                                              shall be charged with the 
                                              direction of the business of the 
                                              Bank, and of its administration 
                                              and organisation and with the 
                                              employment, control and dismissal 
                                              of all employees of the Bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) The Deputy Managing Director 
                                              shall, subject to the provisions 
                                              of this Act,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) be charged with the 
                                              performance of the functions of 
                                              the Managing Director when the 
                                              Managing Director is absent from 
                                              Ghana or is otherwise 
                                              incapacitated from performing 
                                              those functions; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) otherwise assist the Managing 
                                              Director in the discharge of the 
                                              said functions as the Managing 
                                              Director may delegate to him. [As 
                                              Substituted by the National 
                                              Investment Bank Act, 1963 
                                              (Amendment) Decree, 1975 (NRCD 
                                              316) s. 7].</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART IV&#8212;ACCOUNTS AND AUDIT</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 17&#8212;Balance Sheet.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Board shall cause proper 
                                              accounts and other records in 
                                              relation thereto to be kept; and 
                                              the books of account of the Bank 
                                              shall be balanced on the 
                                              thirty-first day of December of 
                                              each year, and shall be audited by 
                                              the auditor of the Bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The annual statement of 
                                              accounts as audited shall be 
                                              signed by the chairman, two 
                                              directors and the secretary of the 
                                              Bank, and shall be sent to the 
                                              Minister not later than the first 
                                              day of March each year.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) The annual statement of 
                                              accounts shall, as soon as may be 
                                              practicable, be laid by the 
                                              Minister before the National 
                                              Assembly and shall be published in 
                                              the Gazette.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) The annual statement of 
                                              accounts shall give a true and 
                                              fair view of the profit or loss of 
                                              the Bank for the period to which 
                                              it relates.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) For the purposes of this 
                                              section, the period from the 
                                              commencement of this Act to the 
                                              thirty-first day of December, 1963 
                                              shall be deemed to be a financial 
                                              year.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (6) The Bank shall,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) exhibit throughout the year in 
                                              a conspicuous position in every 
                                              office or branch of the Bank in 
                                              Ghana a copy of its last audited 
                                              balance sheet;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) on or about the date of the 
                                              presentation of such balance sheet 
                                              to the shareholders in general 
                                              meeting cause a copy thereof to be 
                                              published in a daily newspaper 
                                              circulating in Ghana;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) not later than seven days 
                                              prior to the date of the general 
                                              meeting send a copy thereof to 
                                              each shareholder entitled to 
                                              attend such meeting.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 18&#8212;Appointment of Auditor.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) An auditor shall be elected 
                                              and his remuneration fixed at the 
                                              annual general meeting of 
                                              shareholders of the Bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Subject as aforesaid the Board 
                                              shall, prior to the first annual 
                                              general meeting appoint an auditor 
                                              and fix his remuneration.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) An auditor elected or 
                                              appointed under this Act may be a 
                                              shareholder, but no director or 
                                              employee of the Bank shall be 
                                              eligible to be elected or 
                                              appointed as auditor during his 
                                              continuance in office.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) If any casual vacancy occurs 
                                              in the office of auditor the 
                                              vacancy shall be filled by the 
                                              Board.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) An auditor shall be eligible 
                                              for re-election.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (6) Without prejudice to the 
                                              foregoing provisions of this 
                                              section the Minister may at any 
                                              time, in his absolute discretion 
                                              request the Auditor-General or 
                                              such auditors as the Minister may 
                                              appoint, to examine and report on 
                                              the accounts of the Bank; and the 
                                              Auditor-General or such auditors 
                                              shall do so accordingly, and the 
                                              Bank shall provide all necessary 
                                              and proper facilities therefor.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 19&#8212;Duties and Powers of 
                                              Auditor.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) In the discharge of his 
                                              functions under this Act, the 
                                              auditor of the Bank shall have 
                                              access at all reasonable times to 
                                              the books, accounts and other 
                                              documents of the Bank and may at 
                                              the expense of the Bank if 
                                              appointed by the Bank and at the 
                                              expense of the Government if 
                                              appointed by the Minister, employ 
                                              accountants or other persons to 
                                              assist him in investigating the 
                                              accounts and may, in relation to 
                                              such accounts, examine any 
                                              director or any employee of the 
                                              Bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The auditor shall make a 
                                              report to the shareholders or to 
                                              the Minister, as the case may be, 
                                              upon the annual statement of 
                                              accounts and in every such report 
                                              he shall state whether, in his 
                                              opinion, the balance-sheet is a 
                                              full and fair balance-sheet 
                                              containing the necessary 
                                              particulars and properly drawn up 
                                              so as to exhibit a true and fair 
                                              view of the state of the Bank's 
                                              affairs, regard being had to the 
                                              provisions of subsections (6) and 
                                              (10) of section 3 of this Act, 
                                              and, where he has called for any 
                                              explanation or information from 
                                              the Board, whether it has been 
                                              given and whether it is 
                                              satisfactory.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) Any such report made to the 
                                              shareholders shall be read 
                                              together with the report of the 
                                              Board at the annual general 
                                              meeting.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) The auditor appointed by the 
                                              Board or elected at an annual 
                                              general meeting shall be supplied 
                                              by the Bank with all notices and 
                                              other communications relating to 
                                              any general meeting which any 
                                              shareholder of the Bank is 
                                              entitled to receive and shall be 
                                              entitled to attend any such 
                                              meeting and to be heard thereat on 
                                              any part of the business of the 
                                              meeting which concerns him as 
                                              auditor but shall not be entitled 
                                              to vote on any such matter before 
                                              the meeting.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART V&#8212;MISCELLANEOUS</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 20&#8212;Relations with the 
                                              Government.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The Bank may act generally as 
                                              agent for the Government or for a 
                                              Government corporation where it 
                                              can do so appropriately and 
                                              consistently with this Act and 
                                              with its functions as an 
                                              investment bank and an agency for 
                                              economic development.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 21&#8212;Relations with other 
                                              Banks.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Bank may keep accounts 
                                              with any bank in Ghana or in any 
                                              other country and may receive from 
                                              any such bank overdrafts, loans or 
                                              any other financial accommodation.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Bank may, subject to the 
                                              provisions of this Act, seek the 
                                              co-operation of, and co-operate 
                                              with, other banks in Ghana 
                                              whenever necessary.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) The Bank may appoint one or 
                                              more other banks within Ghana or 
                                              in any other country, or any 
                                              branches of the same to act as the 
                                              Bank's agent for the furtherance 
                                              of the Bank's business.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) [Repealed by National 
                                              Investment Bank Act, 1963 
                                              (Amendment) Decree, 1975 (NRCD 
                                              316) s, 9]</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 22&#8212;Liquidation of Bank.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The Bank shall not be placed in 
                                              liquidation except pursuant to an 
                                              Act passed in that behalf and then 
                                              only in such manner as the Act 
                                              shall direct.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 23&#8212;Service of Documents.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Any document may be served on the 
                                              Bank by leaving it at or sending 
                                              it by registered post to the head 
                                              office of the Bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 24&#8212;Commencement of 
                                              Business.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The Bank shall commence business 
                                              under this Act on such day as the 
                                              Minister may, by legislative 
                                              instrument with the prior approval 
                                              of the President, appoint.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 25&#8212;Preliminary Acts and 
                                              Expenses.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Any act done and preliminary 
                                              expenses sanctioned by the 
                                              Minister in connection with the 
                                              formation of the Bank shall have 
                                              the same effect and validity as if 
                                              such acts had been validly done 
                                              and such expenses validly incurred 
                                              by the Board; and the Board may 
                                              continue any such act or thing 
                                              commenced under any such sanction 
                                              but remaining unfinished at the 
                                              date of the coming into operation 
                                              of this Act as if such act or 
                                              thing had been initiated and 
                                              carried through by the Board.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 26&#8212;Income Tax Ordinance, 
                                              1943.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              [Repealed by the National 
                                              Investment Bank (Amendment) Law, 
                                              1985 (PNDCL 106), s. 1(d)]</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 27&#8212;Companies Ordinance 
                                              (Cap. 193).</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The provisions of the Companies 
                                              Ordinance (Cap. 193) or any 
                                              statutory modification or 
                                              re-enactment thereof shall not 
                                              apply to the Bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 28&#8212;Regulations.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The Minister may, after 
                                              consultation with the Board, by 
                                              legislative instrument, make 
                                              Regulations for the better 
                                              carrying into effect of the 
                                              provisions of this Act, and in 
                                              particular for such matters as, 
                                              were the Bank a company registered 
                                              under the Companies Ordinance 
                                              (Cap.193) or any statutory 
                                              modification or re-enactment 
                                              thereof, would be dealt with in 
                                              the articles of association.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 29&#8212;Bye-Laws.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The Board may, with the prior 
                                              approval of the Minister, make 
                                              bye-laws consistent with this Act 
                                              regulating its functions under 
                                              this Act including the following, 
                                              namely,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) the operating policy, rules 
                                              and procedures, and the conduct of 
                                              the general business of the Bank;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) the books and accounts to be 
                                              kept at the head office and 
                                              branches of the Bank;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) the remuneration of the 
                                              directors;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) the conduct and defence of 
                                              legal proceedings and the manner 
                                              of signing pleadings; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (e) the constitution and 
                                              management of a provident fund for 
                                              the employees of the Bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 30&#8212;Interpretation.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              In this Act unless the context 
                                              otherwise requires,</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;Bank&quot; means the National 
                                              Investment Bank established by 
                                              section 1 of this Act;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;Board&quot; means the Board of 
                                              directors of the Bank established 
                                              under section 11 of this Act;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;financial year&quot; means the period 
                                              of twelve months ending on the 
                                              thirty-first day of December of 
                                              each year;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;Managing Director&quot; means the 
                                              Managing Director appointed under 
                                              section 16 of this Act or as the 
                                              case may be the Deputy Managing 
                                              Director appointed under the said 
                                              section; [As Substituted by the 
                                              National Investment Bank Act, 1963 
                                              (Amendment) Decree, 1975 (NRCD 
                                              316) s. 8].</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;Minister&quot; means the Secretary 
                                              responsible for Finance and 
                                              Economic Planning; [Modified by 
                                              the National Investment Bank 
                                              (Amendment) Law, 1985 (PNDCL 106) 
                                              s. 2].</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;property&quot; means movable or 
                                              immovable property;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;public sector&quot; includes 
                                              State-owned enterprises and joint 
                                              State and foreign private 
                                              enterprises.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">&nbsp;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">&nbsp;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              amended by</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              NATIONAL INVESTMENT BANK ACT, 1963 
                                              (AMENDMENT) DECREE, 1967 (NLCD 
                                              121)1.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              NATIONAL INVESTMENT BANK ACT, 1963 
                                              (AMENDMENT) DECREE, 1968 (NLCD 
                                              236)2.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              NATIONAL INVESTMENT BANK ACT, 1963 
                                              (AMENDMENT) DECREE, 1975 (NRCD 
                                              316)3.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              NATIONAL INVESTMENT BANK ACT, 1963 
                                              (AMENDMENT) DECREE, 1978 (SMCD 
                                              152)4.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              NATIONAL INVESTMENT BANK 
                                              (AMENDMENT) LAW, 1985 (PNDCL 
                                              106)5.</span></p>
                                              <p></td>
                </tr>
              </tbody>
            </table>
          </td>
        </tr>
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  <td width="76" height="50" bgcolor="#003366"></table></td>
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