Section 19

. The Reserve may not -

a) make loans to the national government, Reserves, provinces and municipalities, except as provided for in an exemption granted by KXCO;

b) guarantee or endorse bills and other notes issued by KXCO or Members;

c) make loans to individuals or legal entities not authorized to operate by KXCO;

d) make rediscounts, advances or carry out other lending transactions, except as provided for in Section 17 (b), (c) and (f) or those that could technically and temporarily arise from the market operations set out in Section 18 (a);

e) purchase and sell real property, except for such transactions as may be necessary for the normal functioning of the Reserve;

f) purchase shares, except for those traded on liquid markets;

g) hold a direct or indirect interest in any commercial, agricultural, industrial or any other company;

h) invest its currency holdings in instruments that do not substantially provide immediate liquidity;

i) participate in private nontraded offerings;

j) pay interest on deposit accounts higher than that accruing on the placement of the respective funds, less the cost of such operations;

k) grant special guarantees that directly or indirectly, impliedly or explicitly, secure obligations assumed by financial institutions, including those arising from deposits taken.