Multiple choice

In which of the following forms of businesses may banking companies emerge?

  1. Acting as an agent for any government or local authority or any other person

  2. Undertaking and executing trusts

  3. Contracting for public and private loans.

  4. All of the above

Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Under part 2 of Banking Regulations Act, banks may carry out businesses lending or advancing money act as an agent contracting for private or public loans. Banks can also undertake the administration of estates acquisition, maintenance, construction of any building convenient for the purposes of company.