PART II
ESTABLISHMENT OF BANK
3. Establishment of the bank
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(1) There shall be established a body to be known as the Eastern Caribbean Central Bank to do business in accordance with the provisions of this Agreement. The establishment of the Bank shall take effect in accordance with the provisions of Article 54 paragraph (2) of this Agreement and on the date thereof all the assets and liabilities of the Authority, together with all its rights and obligations that are not inconsistent with the provisions of this Agreement, shall be deemed to have been transferred to and to vest in the Bank.
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(2) The Bank shall be a body corporate having perpetual succession and a common seal and shall have power to—
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(a) enter into contracts and incur obligations;
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(b) sue and, subject to Article 50 paragraph 2 of this Agreement, be sued in its own name;
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(c) acquire, hold, mortgage and dispose of property whether movable or immovable;
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(d) borrow funds in territories of the Participating Governments or elsewhere, issuing such evidences of indebtedness as may be appropriate;
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(e) regulate banking business on behalf of and in collaboration with Participating Governments;
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(f) regulate and have general oversight of payment and settlement systems, purchased payment facilities and netting contracts; or
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(g) exercise all powers specifically granted by the provisions of this Agreement to the Bank, and do all such things as shall be necessary to carry out the powers so granted;
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(h) generally, undertake the duties and responsibilities assigned to it by any other law.
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(Substituted by S.I. 16/2017)
4. Purposes of the bank
The purposes of the Bank are—
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(1) to regulate the availability of money and credit;
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(2) to promote and maintain monetary stability;
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(3) to promote credit and exchange conditions and a sound financial structure conducive to the balanced growth and development of the economies of the territories of the Participating Governments;
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(4) to actively promote through means consistent with its other objectives the economic development of the territories of the Participating Governments.
5. Place of office
The Bank shall have its principal office in one of the territories of the Participating Governments as the Council may determine and may establish such branch offices and may appoint such agents and correspondents as may be required.