Section 9: General powers of the Board

(1) The Board shall have powers-
(a)
to fix-
(i) premiums to be paid on each facility offered by the Bank after considering a variety of factors, including volume of transactions, spread of markets, payment terms, country risk and any other relevant factors;
(ii) credit limits for any given buyer or market,
and may delegate any of the powers under this paragraph to any body it deems fit;
(b) to pay claims arising from the Bank's policies and to delegate such powers as it deems appropriate to any body;
(c) to prescribe guidelines for settlement of claims which the Bank or its agents shall apply;
(d) to vary the authorised capital of the Bank;
(e) to call up any portion of the authorised capital;
(f) to determine the policies, facilities and services to be offered to the Bank's clients, their duration, renewal arrangements, condition for each policy, terms of payment and other relevant conditions;
(g) to appoint officers and other employees of the Bank to positions created by decision of the Board and on such terms and conditions, including pensions, as shall be laid down by the Board;
(h) to draw, make, accept, endorse, discount, execute and issue promissory notes, bills of exchange, bills of lading, warrants, debenture and other negotiable or transferable instruments; and
(i) to borrow or raise money and ensure the repayment of any money borrowed, raised or owing in such manner as the Bank may think fit, and in particular, by the issue of debentures or debenture stock, perpetual or otherwise, by a charge upon and by mortgage, charge, or lien on the whole or any part of the Bank's property or assets (both present or future), including its uncalled capital and by similar mortgage, charge or lien to secure and guarantee the performance by the Bank of any obligation or liability it may undertake.
(2) The Board may delegate any functions or activities under this Act to the Managing Director, as it may deem appropriate, including the payment of claims and the entry into obligation on behalf of the Board on the basis of guidelines supplied by the Board.