Section 5: Power to grant building loans and accept savings deposits.

(1) Every mortgage institution shall have power to-
(a) grant loan and advance to an individual for the purchase or construction of a dwelling house;
(b) grant loan and advance to any person for the improvement or extension of a dwelling house;
(c) subject to the provisions of the Banks and other Financial Institutions Act, accept savings and deposits from the public and to pay interest thereon.
(2) The interest rate applicable to any deposit, loan and advance shall be in accordance with the interest rate determined by the Federal Mortgage Bank.