The following section is hereby substituted for section 7 of the Act of 1942:

"7.

(1) It shall be lawful for the Bank to do all or any of the following things, that is to say:

(a) buy or sell coin or gold or silver bullion, or other precious metal, or any currency or currency units, however described;

(b) receive deposits;

(c) open accounts in other countries or act as agent, depository, or correspondent of any credit institution carrying on business in or outside the State;

(d) with the consent of the Minister acquire, hold, or dispose of shares in a bank or other institution formed wholly or mainly by banks which are the principal currency authority in their respective countries;

(e) re-discount any exchequer note or bill, local authority bill, bill of exchange or promissory note on such terms and conditions as the Bank sees fit;

(f) make loans or advances to credit institutions on the security of such assets and subject to such terms and conditions as the Bank sees fit;

(g) fix and publish from time to time the minimum rate or rates at which the Bank may re-discount any bill or debt instrument or otherwise make funds available to credit institutions;

(h) buy, hold, or sell securities;