Section 7: Functions of the Board

The Board shall, subject to the general direction of the Minister, be responsible for-(a) managing and superintending the affairs of the Mortgage Bank;
(b) the overall policy and general management of the Mortgage Bank;
(c) formulating policies and guidelines for operating the loans from the Mortgage Bank and ensuring their implementation;
(d) working closely with the management of the Mortgage Bank to ensure smooth operation of the affairs of the Mortgage Bank;
(e) deciding on and approving the borrowing power and credit limits of the Mortgage Bank;
(f) approving annual reports and statement of accounts of the Mortgage Bank;
(g) appointing and approving fees for external auditors; and
(h) carrying out such other activities connected with or incidental to the other functions of the Board.