Section 2: Duty of the Board

It shall be the duty of the Board, within the limit of its resources and in accordance with regulations made by the Board under section 11 of this Act, to grant advances to persons eligible to receive them under this Act for the purpose of-
(a) building a residential house in Nigeria for use of the applicant or of his family; or
(b) purchasing a parcel of land in Nigeria on which such residential house is to be built; or
(c) purchasing a residential house in Nigeria for the use of the applicant or his family; or
(d)
improving or extending a residential house in Nigeria for use by the applicant or his family being a house owned by the applicant and to which he has a valid and good title acceptable to the Board,
and for such other matters in connection with anyone or more of the foregoing as the Board may deem fit in the circumstances.