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Back to Revised Laws of Saint Lucia (2023)

PART X
FINAL PROVISIONS

ARTICLE 101
REGULATIONS AND RULES

The Board may, on the approval of the Monetary Council, make recommendations to the Minister of Finance to make Regulations and Rules to give effect to the Agreement.

ARTICLE 102
AMENDMENTS

Amendments to the Agreement may be proposed to the Monetary Council by the Board and shall be effective when it is agreed to by all the Participating Governments.

ARTICLE 103
SIGNATORIES

This Agreement shall be open for signature by any Participating Government of the Currency Union.

ARTICLE 104
RATIFICATION

(1) This Agreement shall be subject to ratification by the signatory Participating Governments in accordance with their respective constitutional procedures.

(2) Instruments of ratification shall be deposited with the Director General of the Organisation of the Eastern Caribbean States who shall transmit certified copies to each Participating Government.

ARTICLE 105
ENTRY INTO FORCE

This Agreement shall enter into force upon the deposit of five instruments of ratification and the undertaking of the Participating Governments to take all steps necessary for the implementation of this Agreement.

ARTICLE 106
ACCESSION

(1) After its entry into force, any member country or territory of the Currency Union that is not a signatory may accede to this Agreement.

(2) Instruments of accession shall be deposited with the Director General of the Organisation of the Eastern Caribbean States who shall transmit certified copies to each Participating Government notifying them of the dates of the deposit of the instruments of accession.

ARTICLE 107
RESERVATIONS

No reservations may be entered in respect of any provision of this Agreement.

IN WITNESS WHEREOF the representatives of the Participating Governments being duly authorised in their behalf, have signed this Agreement.

DONE AT BASSETERRE, Saint Christopher and Nevis 24th day of February, 2015.

Signed by:

For the Government of Anguilla

Signed by: Honourable Gaston Browne

For the Government of Antigua and Barbuda

Signed by: Honourable Roosevelt Skerrit

For the Government of the Commonwealth of Dominica

Signed by: Dr. Right Honourable Keith Claudius Mitchell

For the Government of Grenada

Signed by: Honourable Donaldson Romeo

For the Government of Montserrat

Signed by: Dr. the Right Honourable Timothy S. Harris

For the Government of Saint Christopher and Nevis

Signed by: The Honourable Dr. Kenny D. Anthony

For the Government of Saint Lucia

Signed by: Dr. the Honourable Ralph E. Gonsalves

For the Government of Saint Vincent and the Grenadines

Annex I

FORM 1

(Article 11)

VESTING CERTIFICATE

[NAME OF COUNTRY OR TERRITORY]

Eastern Caribbean Asset Management Corporation Agreement
(Act No...................... of ......................)

WHEREAS by agreement made on the [ ] day of
[ ] 20 (hereinafter “the Agreement”), the
EASTERN CARIBBEAN ASSET MANAGEMENT CORPORATION (hereinafter “the Corporation') agreed to purchase from [ ]
(hereinafter “the Seller”) the asset described in the Schedule (hereinafter “the asset”);
AND WHEREAS pursuant to Article [11] of Eastern Caribbean Asset Management Corporation Agreement, the Corporation is authorized to issue a vesting certificate to vest in the Corporation the asset of the Seller which is intended to be acquired and vested by the Agreement;
NOW THEREFORE, the asset is by virtue of this certificate and Article [11] of Eastern Caribbean Asset Management Corporation Agreement and without further assurance acquired by and vested in the Corporation to the intent that the Corporation shall succeed to the asset as is contemplated by the Agreement.
Dated this day of 20

	Signature and Seal of Eastern Caribbean Asset Management Corporation

Schedule

[Description of Asset(s)]

Annex I

FORM 2

(Article 11)

TRANSFER CERTIFICATE

[NAME OF COUNTRY OR TERRITORY]

Eastern Caribbean Asset Management Corporation Agreement
(Act No...................... of ......................)

WHEREAS by agreement/private treaty/tender/public auction made on the [ ] day of [ ] 20 the EASTERN CARIBBEAN ASSET
MANAGEMENT CORPORATION (hereinafter “the Corporation') agrees to sell/sold to [ ]
(hereinafter “the Acquirer”) the asset(s) described in the Schedule (hereinafter “the asset(s)”);
AND WHEREAS pursuant to Article [11] of Eastern Caribbean Asset Management Corporation Agreement, the Corporation is authorized to issue a transfer certificate to transfer and vest in the Acquirer the asset(s) which are intended to be transferred and disposed of by the Corporation;
NOW THEREFORE, the asset is by virtue of this certificate and Article [11] of the Eastern Caribbean Asset Management Corporation Agreement and without further assurance transferred to and vested in the Acquirer to the intent that the Acquirer shall succeed to the asset(s).
Dated this day of 20

	Signature and Seal by or on behalf of Eastern Caribbean Asset Management Corporation

Schedule

[Description of Asset(s)]

Annex II

FORM 3

(Article 12)

REQUEST TO REGISTRAR FOR REGISTERING OF INTEREST

[NAME OF COUNTRY OR TERRITORY]

Eastern Caribbean Asset Management Corporation Agreement
(Act No...................... of ......................)

To the Registrar for
WHEREAS the asset described in the Schedule attached (hereinafter “the asset”) was sold by private treaty/agreement/tender/public auction to
in consideration of the sum of
$
NOW THEREFORE I/We, Eastern Caribbean Asset Management Corporation/Acquirer of ,
hereby apply pursuant to Article [12] of Eastern Caribbean Asset Management Corporation for the doing, noting and registering all that is necessary in the premises by the Registrar in respect of the assets.

	Signature and Seal by or on behalf of Eastern Caribbean Asset Management Corporation/Acquirer

Schedule

[Description of Asset(s)]

Annex III

POWERS OF THE SPECIAL ADMINISTRATOR

The special administrator may —

(a) do all things (including the carrying out of works) as may be necessary for the management and realisation of the assets and affairs of the affected person;

(b) remove or suspend from office any director of the affected person or appoint other persons to act as directors of the affected person notwithstanding the Memorandum and Articles of Association of the affected person or any other law;

(d) take possession of, collect and get in the assets of the affected person and for that purpose, to take such proceedings as may seem to him expedient;

(e) sell or otherwise dispose of the assets of the affected person by public auction or private contract;

(f) raise or borrow money and grant security over the assets of the affected person;

(g) appoint a solicitor or accountant or other professionally qualified person to assist him in the performance of his functions;

(h) bring or defend any action or other legal proceedings in the name and on behalf of the affected person;

(i) refer to arbitration any question affecting the affected person;

(j) effect and maintain insurances in respect of the assets of the affected person;

(k) do all acts to execute in the name and on behalf of the affected person any deed, receipt or other document;

(l) draw, accept, make and endorse any bill of exchange or promissory note in the name and on behalf of the affected person;

(m) appoint any agent to do any business which he is unable to do himself or which can more conveniently be done by an agent;

(n) power to employ and dismiss employees of the affected person;

(o) carry on the business of the affected person;

(p) establish subsidiaries of the affected person;

(q) transfer to subsidiaries of the affected person the whole or any part of the assets of the affected person;

(r) grant or accept a surrender of a lease or tenancy of the assets of the affected person, and to take a lease or tenancy of any asset required or convenient for the assets of the affected person;

(s) make any arrangement or compromise on behalf of the affected person;

(t) call up any uncalled capital of the affected person;

(u) rank and claim in the bankruptcy, insolvency or liquidation of any person indebted to the affected person and to receive dividends, and to accede to trust deeds for the creditors of any such person;

(v) present or defend a petition for the winding up of the affected person;

(w) change the location of the affected person's registered office;

(x) perform any function and exercise any power, that the affected person or any of its directors or officers could perform or exercise if a special administrator had not been appointed;