Revised Laws of Saint Lucia (2023)

PART II
ESTABLISHMENT, PURPOSES AND GENERAL POWERS

ARTICLE 3
ESTABLISHMENT

(1)     There shall be established a body to be known as the Eastern Caribbean Asset Management Corporation which shall be a body corporate having full legal personality.

(2)     The establishment of the Corporation shall take effect in accordance with Article 105 of this Agreement.

ARTICLE 4
PLACE OF OFFICE AND ESTABLISHMENT OF BRANCHES

(1)     The Corporation shall have its principal office in one of the member territories as the Monetary Council may by majority vote determine.

(2)     The Corporation may establish branches or agencies and may appoint agents and correspondents in any member territory.

ARTICLE 5
ADDRESS AND SERVICE OF DOCUMENTS

(1)     The Corporation shall at all times have a fixed address for the service of documents on the Corporation in one of the member territories.

(2)     All documents to be served on the Corporation may be served by leaving the same at or by sending the same by registered post to the address of the Corporation under paragraph (1).

ARTICLE 6
PURPOSES

The purpose of the Corporation is to —

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   (a)     carry on the business of asset management including acquiring the whole or any part of, dealing with, managing, and disposing of assets or liabilities of approved financial institutions in an expeditious manner;

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   (b)     act as the receiver of a financial institution whenever appointed by the Central Bank under the Eastern Caribbean Central Bank Agreement or the Banking Act.

ARTICLE 7
GENERAL POWERS

(1)     For the attainment of its purposes the Corporation may —

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   (a)     carry out, manage or enter into any activity in relation to assets or liabilities acquired or managed by it;

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   (b)     secure the payment of money in any manner, including on the assets of the Corporation or any particular property and rights, present or future, of the Corporation;

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   (c)     enforce and accept any security, guarantee, indemnity or surety;

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   (d)     draw, accept and negotiate negotiable instruments;

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   (e)     borrow on any terms and conditions that the Corporation thinks fit;

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   (f)     participate in any enforcement, restructuring, reorganization, scheme of arrangement or other compromise;

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   (g)     form a subsidiary for the purpose of performing any of its functions;

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   (h)     give security for any debt, obligation or liability of the Corporation;

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   (i)     provide credit facilities to facilitate the restructuring of managed or acquired assets on such terms and conditions as the Corporation thinks fit;

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   (j)     establish a trust or participate in a trust as trustee or beneficiary;

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   (k)     issue, re-issue, borrow, lend, or transfer debt securities or notes including, but not limited to equity and debt instruments;

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   (l)     purchase, acquire, sell or manage, by agreement, assets of an approved financial institution, investments, property and undertakings, and realize any assets through recovery, sale or by any other means for such consideration and on such terms as the Corporation thinks fit;

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   (m)     vest property in any other person on behalf of, or for the benefit of, the Corporation with or without declaring a trust in the Corporation's favour;

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   (n)     discharge any debt, obligation or liability;

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   (o)     institute, conduct, defend, settle, compound or abandon any legal proceedings, by or against any person or its officer, concerning the affairs of any such person and also compound or allow time for payment or satisfaction of any debts due and of any claims or demands by or against any person;

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   (p)     compromise any claim;

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   (q)     appoint persons to be its attorneys or agents with such powers including power to delegate and to appear before all proper authorities and make all necessary declarations, to enable its operations and business to be validly carried on;

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   (r)     appoint or act as any receiver, receiver-manager, or liquidator in respect of any security held by the Corporation or a financial institution;

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   (s)     invest its funds as the Corporation thinks fit;

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   (t)     create special purpose vehicles in discharge of its functions;

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   (u)     appoint any institution or institutions as its trustees on such terms and conditions as the Corporation may determine;

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   (v)     enter into contracts and incur obligations, including contracts of insurance, and insure or self-insure, in relation to any of its activities and property;

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   (w)     enter into partnership or into any arrangement for sharing of funding or profits, amalgamation, union or interests, co-operation, joint venture, reciprocal or otherwise with any person, partnership or corporation where such partnership or arrangement may seem conducive to the Corporation's purposes;

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   (x)     undertake any development for the purpose of realising the full value of any asset;

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   (y)     carry on any business that the Corporation considers can be conveniently carried on in connection with any of its functions or is calculated directly or indirectly to enhance the value of or facilitate the realisation of or render profitable any of the Corporation's property or rights, or assets under its management;

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   (z)     do all such other things as the Corporation considers incidental to, conducive to, or expedient for the attainment of the purposes under Article 6.

(2)     The powers conferred on the Corporation under paragraph (1) shall be in addition to and not in derogation of any of the rights, powers or privileges conferred on the Corporation by this Agreement or any other law.

(3)     The Corporation may exercise any of its powers under paragraph (1) —

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   (a)     alone or in conjunction with others; or

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   (b)     by or through an agent, contractor or trustee,

     as approved by the Board from time to time.