(1) The Corporation shall, subject to the provisions of this Act, be authorised to carry on and transact the following kinds of business, namely:-

(a) guaranteeing, on such terms and conditions may be agreed upon, loans raised by industrial concerns which-

(i) are repayable within a period not exceeding twenty-five years, and

(ii) are floated in the public market ;

(b) underwriting the issue of stock, shares, bonds or debentures by industrial concerns;

(c) receiving in consideration of the services mentioned in clauses (a) and (6) such commission as may be agreed upon ;

(d) retaining as part of its assets any stock, shares, bonds or debentures which it may have to take up in fulfillment of its underwriting liabilities, so however that it disposes of the stock, shares, bonds or debentures so acquired as early as practicable and in any case within a period of seven years from the date of such acquisition ;

(e) granting loans or advances to, or subscribing to debentures of, industrial concerts, repayable within a period not exceeding twenty-five years from the date on which they are granted or subscribed to, as the case may be; and

(f) generally, the doing of all such matters and things as may be incidental to or consequential upon the exercise of its powers or the discharge of its duties under this Act.

(2) No accommodation shall be given under sub-clauses (a) and (e), unless it is secured by a sufficient pledge, mortgage, hypothecation or assignment of Government or other securities, stocks, shares or secured debentures, bullion, movable or immovable property or other tangible assets in the manner prescribed by regulations.