PART I
PRELIMINARY
1. Citation
This Agreement may be cited as the Eastern Caribbean Central Bank Agreement, 1983.
2. Interpretation
In this Agreement, unless the context otherwise requires—
“Authority” means the East Caribbean Currency Authority established under the East Caribbean Currency Agreement 1965;
“appointed Directors” means the Directors other than the Governor and Deputy Governor;
“Bank” means the Eastern Caribbean Central Bank established under Article 3 of this Agreement;
“bank” means any financial institution whose operations include the acceptance of deposits subject to transfer by the depositor by cheque or other means of payment transfer;
“banking business” means—
-
(i) the business of receiving funds through the acceptance of money deposits payable on demand or after a fixed period or after notice or any similar operation through the frequent sale or placement of bonds, certificates, notes or other securities, and the use of such funds either in whole or in part for loans or investment for the account and at the risk of the person doing such business; and
-
(ii) any other activity recognised by the Bank as customary banking practice with a financial institution engaging in the activities described in (i) hereof may additionally be authorised to do.
“Board” means the Board of Directors of the Bank;
“Council” means the Monetary Council established under Article 7 of this Agreement;
“currency” includes —
-
(a) currency notes and coins;
-
(b) commemorative coins; and
-
(c) digital currency;
-
(Inserted by S.I. 62/2021)
“digital currency” means fiat currency in an electronic form; (Inserted by S.I. 62/2021)
“financial institution” means any person doing banking business:
Provided that for the purpose of this Agreement, unless the context otherwise requires, all offices and branches of a financial institution in the territories of the Participating Governments shall be deemed to be one financial institution;
“person” includes any corporation, either aggregate or sole, and any undertaking, club, society, association or other body of one or more persons.