(1) Subject to subsection (2), the Bank may in order to obtain its objects, with the concurrence of the Minister(a) establish one or more reserve accounts under this Act as may be necessary for the purpose of promoting or financing economic development in Namibia; (b) establish, acquire, hold, or sell shares in companies or other juristic persons set up for the purpose of promoting economic development in Namibia and in particular the development of a money market, securities market, consumer credit, industrial credit, venture capital, long-term credit, savings institutions, and other financial and investment services institutions; and (c) to grant advances or loans, with or without security as the Minister may approve, to companies or other juristic persons set up for the purpose of promoting economic development in Namibia, including such companies or other juristic persons established, acquired, or held pursuant to paragraph (b). (2) The powers referred to in subsection (1) shall only be exercised for the development or promotion of projects, institutions, or facilities(a) in the financial sector of the economy; and (b) in those areas where the Government or its agencies or the private sector have not adequately met the needs of the financial sector of the economy of Namibia. [NAMa15y1997s54]54 Prohibited activities (1) Except as otherwise provided in this Act, the Bank shall not(a) engage in trade, purchase, or otherwise acquire shares in any banking institution or any corporation or company, or otherwise have ownership interest in any financial, commercial, agricultural, industrial, or other business undertaking: Provided that nothing in this section shall prevent the Bank, subject to the approval of the Minister, from acquiring shares or otherwise obtaining ownership interest in any international bank or international financial organisation, or any associated or affiliated bank or financial organisation thereof, of which Namibia or the Bank is a member; (b) acquire by purchase, lease, or otherwise any real right in or to immovable property, except if the Board considers such acquisition necessary or expedient(i) for the purpose of providing premises for the conduct of the Bank's business; (ii) for the purpose of providing housing for the Governor, Deputy Governor, officers, employees, or consultants of the Bank; or (iii) for any other purpose incidental to the performance of the Bank's functions under this Act; (c) make secured or unsecured advances or accept shares as security; (d) enter into an insurance risk contract otherwise than in the furtherance of its own interests; (e) guarantee any loan, advance, or debt of the Government or a Government controlled or any other institution. (2) Nothing in this section shall prevent the acquisition by the Bank in the course of satisfaction of debts due to it, of any interest or right referred to in subsection (1), but any interest or right so acquired shall be disposed of by the Bank at the earliest suitable opportunity. [Sec 54 substituted by sec 11 of Act 11 of 2004.] [NAMa15y1997s55]55 Authority to borrow and to issue securities The Bank may with the approval of the Minister(a) make arrangements or enter into agreements with the Government or any banking or other financial institution or with any institution in a foreign country to borrow