Acts Online
GT Shield

Co-operative Banks Act, 2007 (Act No. 40 of 2007)

Chapter IX : Co-Operative Banks Development Agency

Part 1 : Establishment, legal status, functions and powers of Agency

56. General powers

 

The Agency may—

(a) determine its own staff establishment and may appoint a managing director, subject to the approval of the Minister, and employees in posts on the staff establishment on such conditions, including the payment of remuneration and allowances, as it may determine;
(b) in consultation with the Minister, determine the remuneration and allowances payable to its members or the members of any committee of the Agency;
(c) collect fees and invest funds;
(d) finance publications;
(e) acquire, hire, maintain, let, sell or otherwise dispose of movable or immovable property for the effective performance and exercise of its functions, duties and powers;
(f) enter into and decide upon the manner in which agreements must be entered into;
(g) obtain the services of any person, including any organ of state or institution, to perform any specific act or function;
(h) determine where its head office must be situated;
(i) confer with any organ of state;
(j) open and operate its own bank accounts;
(k) perform legal acts, or institute or defend any legal action in its own name; and
(l) do anything that is incidental to the performance or exercise of any of its functions or powers.