2023 Laws not yet authenticated through a Commencement Order

Revised Laws of Saint Lucia (2023)

Schedule

EASTERN CARIBBEAN ASSET MANAGEMENT CORPORATION AGREEMENT

ARRANGEMENT OF ARTICLES

Preamble

PART I
PRELIMINARY

Article 1Title
Article 2Interpretation

PART II
ESTABLISHMENT, PURPOSES AND GENERAL POWERS

Article 3 Establishment
Article 4Place of office and establishment of branches
Article 5Address and service of documents
Article 6Purposes
Article 7General Powers

PART III
ACQUISITION OF ASSETS FROM APPROVED FINANCIAL INSTITUTIONS

Article 8Interpretation
Article 9Approved financial institution
Article 10Acquisition of Assets
Article 11Power of Vesting and Transfer
Article 12Registrars to give effect to vesting and transfer certificate
Article 13Disposition by the Corporation
Article 14Effects of acquisition or management of assets

PART IV
MANAGEMENT OF ASSETS

Article 15Interpretation in relation to Part IV
Article 16Establishment and functions of the Oversight Committee
Article 17Application by affected person for appointment of special administrator
Article 18Recommendation by Corporation for appointment of special administrator
Article 19Criteria for appointment of special administrator
Article 20Qualifications of special administrator
Article 21Appointment of special administrator
Article 22Circumstances where special administrator cannot be appointed
Article 23Duration of administration
Article 24Notification of appointment of special administrator
Article 25Effect of appointment of special administrator
Article 26General powers and duties of special administrator
Article 27Special administrator as affected person's agent
Article 28Appointment of independent advisor
Article 29Qualifications of independent advisor
Article 30Two or more special administrators
Article 31Officers of affected person to perform or exercise function with written approval
Article 32Dealings with affected person's assets
Article 33Damages for wrongful dealing
Article 34Obligations of officer of affected person
Article 35Investigation of affairs
Article 36Special administrator's rights to the books of the affected person
Article 37Special administrator's rights to assets of the affected person
Article 38Effect of obstructing or hindering the special administrator
Article 39Disclaimer
Article 40Moratorium during special administrator
Article 41Vacation of office of receiver
Article 42Undue preference
Article 43Recovery of cash considerations from assets acquired or sold before the appointment of special administrator
Article 44Special administrator to prepare proposal
Article 45Consideration and approval of proposal
Article 46Secured creditors meeting
Article 47Implementation of proposal
Article 48Modifications to the proposal
Article 49Conditions for regulatory approval
Article 50Rejection or discontinuance of proposal
Article 51Report of misconduct
Article 52Validity of transaction
Article 53Extension of time limits
Article 54Valuation methodology for initial transfer of assets
Article 55Power to discharge prior charge
Article 56Power of entry to protect value or condition of land or buildings
Article 57Collection of rents not obliged to sell property
Article 58Sale of asset by private treaty, tender
Article 59Application of proceeds of sale
Article 60Title of purchaser where the Corporation sells acquired asset
Article 61 Remedies in damages for improper or irregular exercise of power

PART V
INSTITUTIONAL ARRANGEMENTS

Article 62Custody and use of common seal
Article 63Official seal
Article 64Establishment and composition of the board of directors
Article 65Functions of the Board
Article 66Term of office of Directors
Article 67Alternate Directors
Article 68Disqualification
Article 69Vacancy of Office of Directors
Article 70Chairman and Deputy Chairman
Article 71Appointment of directors to be Gazetted
Article 72Management of the Corporation
Article 73Chief Executive Officer
Article 74Staff of the Corporation
Article 75Internal auditor
Article 76Directors to declare interest
Article 77Protection of persons dealing with directors and agents
Article 78Appointment of advisors
Article 79Appointment of committees
Article 80Executive Committee
Article 81Audit Committee
Article 82Auditor and annual accounts
Article 83Financial year
Article 84Secretary

PART VI
MEETINGS AND REPORTS

Article 85Meetings of the Board
Article 86Minutes
Article 87Quarterly reports
Article 88Other reports

PART VII
PROGRESS, REVIEWS AND TERMINATION OF CORPORATION

Article 89Assessment of progress
Article 90Decision to terminate on assessment
Article 91Effect of termination
Article 92Final review

PART VIII
FINANCING

Article 93Capital structure of the Corporation
Article 94Increase of authorised capital
Article 95Allotment of shares
Article 96Bonds

PART IX
MISCELLANEOUS

Article 97Obligation of secrecy
Article 98Indemnity by affected person
Article 99Immunities
Article 100Disputes

PART X
FINAL PROVISIONS

Article 101Regulations and Rules
Article 102Amendments
Article 103Signatories
Article 104Ratification
Article 105Entry into force
Article 106 Accession
Article 107Reservations
Annex I
Annex II
Annex III

PREAMBLE

The Participating Governments:

Desirous of strengthening the financial system in the Currency Union:

Committed to maintaining stability in the financial system of the Currency Union:

Committed also to reducing the non-performing assets in the banking system:

Desirous also of facilitating the availability of credit in the financial system of the Currency Union:

HAVE AGREED as follows: