Revised Laws of Saint Lucia (2023)

PART IX
MISCELLANEOUS

ARTICLE 97

OBLIGATION OF SECRECY

No member of the Board, Oversight Committee, officer, employee or agent of the Corporation, special administrator, independent advisor or person attending any meeting of the Board shall disclose any information which has been obtained by him in the course of his duties or in the course of such meeting and which is not published in pursuance of this Agreement except —

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   (a)     for any of the purposes of this Agreement;

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   (b)     for the purpose of any civil or criminal proceedings under any written law;

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   (c)     in respect of any information available to the public; or

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   (d)     where otherwise authorised by the Board.

ARTICLE 98
INDEMNITY BY AFFECTED PERSON

(1)     The Corporation, special administrator and any other person are entitled to be indemnified out of the affected person's property for —

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   (a)     in the case of the special administrator, his costs, expenses and remuneration as approved by the Corporation;

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   (b)     in the case of the Corporation, the repayment of any credit facility provided by the Corporation to the special administrator or the affected person during the administration of the affected person;

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   (c)     in the case of any other person, the repayment of any credit facility provided by that person to the special administrator or the affected person during the administration of the affected person with the approval of the Corporation.

(2)     Notwithstanding any other law, a right of indemnity under paragraph (1) shall have priority over the assets of the affected person and shall be paid in priority to all other secured and unsecured debts.

ARTICLE 99
IMMUNITIES

(1)     To enable the Corporation to fulfill its purposes with which it is entrusted, the status, immunities and privileges set forth in this Article shall be accorded to the Corporation in the territory of each Participating Government.

(2)     The Corporation, its property and its assets, wherever located and by whomsoever held, shall enjoy immunity from every form of judicial process except to the extent that it expressly waives its immunity for the purpose of any proceedings or by the terms of any contract.

(3)     Property and assets of the Corporation shall be immune from search, requisition, acquisition or any other form of seizure.

(4)     The appointed directors, chief executive officer, officers and employees of the Corporation —

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   (a)     shall be immune from legal process, and be held harmless and indemnified by the Corporation for legal cost, with respect to acts performed or omissions made by them in their official capacity in good faith except when the Corporation waives this immunity, or where such acts or omissions are as a consequence of fraud, gross negligence or willful recklessness on the part of such director, chief executive officer, officer or employee;

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   (b)     not being local nationals, shall be granted the same immunities from immigration restrictions, alien registration requirements and national service obligations;

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   (c)     shall be granted the same treatment in respect of travelling facilities as is accorded by Participating Governments to representatives, officials and employees of comparable rank of other Participating Governments;

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   (d)     the Corporation, its assets, property, income and its business shall be immune from all taxation, levies, and from all customs duties in respect of goods acquired by, or services rendered to it for its own use. The Corporation shall also be immune from liability for the collection or payment of any tax, levy, or duty;

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   (e)     no tax shall be levied on or in respect of salaries and emoluments, including pensions and gratuities, paid by the Corporation to the appointed directors, chief executive officer, officers and employees of the Corporation;

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   (f)     no taxation of any kind shall be levied on any obligation or security issued by the Corporation, including any dividend or interest thereon, by whomsoever held.

ARTICLE 100
DISPUTES

(1)     Any dispute between the Participating Governments or between the Corporation and a Participating Government concerning this Agreement shall be submitted to arbitration by a tribunal of arbitrators appointed pursuant to paragraph (2) of this Article.

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   (2)(a)     If the dispute is between only two parties, each party shall be entitled to appoint one arbitrator, and the two parties shall together appoint a third arbitrator, who shall be the chairman of the tribunal.

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   (b)     If the dispute is between three or more parties, each party shall be entitled to appoint one arbitrator and all the parties shall together appoint an additional arbitrator, who shall be the chairman of the tribunal.

(3)     If, within thirty days of receipt of the request for arbitration, any party has not appointed an arbitrator or if within thirty days of the appointment of the arbitrators the parties have not appointed the third arbitrator or, as the case may be, the additional arbitrator, any party to the dispute may request the Chief Justice of the Eastern Caribbean Supreme Court, or such other person or authority as may be determined by the Monetary Council to make the required appointment.

(4)     The procedure of the tribunal shall be fixed by the arbitrators, but the chairman of the tribunal shall have full power to settle all questions of procedure in any case of disagreement.

(5)     A majority vote of the arbitrators shall be sufficient to reach a decision which shall be final and binding upon the parties.

(6)     The chairman of the tribunal shall be entitled to vote, and in the event of a tie, the chairman shall have a casting vote.