Detail

TABLE OF ARTICLES

PRELIMINARY

1.	Citation
2.	Interpretation

PART II
ESTABLISHMENT OF BANK

PART IIA
SPECIAL EMERGENCY POWERS OF BANK

PART III
GENERAL RESERVE AND PROFITS

6.	The establishment and maintenance of general reserve

PART IV
ADMINISTRATION AND MANAGEMENT

7.	The Monetary Council
8.	The Board of Directors
9.	The composing of the Board
10.	The functions of Governor and Deputy Governor
11.	Disqualification and removal of Governor, Deputy Governor and other Directors
12.	Incapacity of a Director
13.	Meetings of the Board
14.	Remuneration
15.	Conflict of interest
16.	Preservation of secrecy

PART V
CURRENCY

17.	Central rate of the dollar
18.	Issue of currency notes and coins
19.	The printing and security of currency
20.	The withdrawal of currency from circulation
21.	Reissue of currency
22.	Damaged currency
23.	Enforcement of laws

PART VI
EXTERNAL RESERVE

24.	Maintenance of external reserve

PART VII
FOREIGN EXCHANGE OPERATIONS

25.	The Bank as depository of the external assets
26.	Dealing in gold or silver
27.	Institutions with which bank may deal in foreign exchange
28.	Terms of transactions in foreign exchange
29.	Revaluation reserve account

PART VIII
RELATIONS WITH FINANCIAL INSTITUTIONS

30.	Banker's Bank
31.	Discounts and rediscounts of bills etc
32.	Conditions for credit transactions
33.	Reserve requirements
34.	Regulation of interest rates
35.	Information to be furnished by banks etc
36.	Arrangement for clearing house

PART IX
RELATIONS WITH THE PARTICIPATING GOVERNMENTS

37.	Fiscal agent and banker to the Government
38.	The bank as depository of the Government
39.	Advances to Government
40.	Advances to Government
41.	Agent of Governments for administration of exchange control and regulations of off-shore banking

PART X
MISCELLANEOUS

42.	Insurance and guarantee schemes
43.	Prohibited operations
44.	Non-discrimination clause
45.	Regulations

PART XI
ACCOUNTS AND STATEMENTS

46.	Financial year
47.	Audit
48.	Publication of reports, etc
49.	Request for audit in exceptional circumstances

PART XII
IMMUNITIES, PRIVILEGES AND ARBITRATION OF DISPUTES

50.	Immunities and privileges accorded to employees of the Bank
51.	Settlement of disputes by arbitration

PART XIII
WITHDRAWAL AND TERMINATION

52.	Procedure for withdrawal
53.	Termination of operations of the Bank

PART XIV
FINAL PROVISIONS

54.	Entering into effect of Agreement
55.	Provision for amendments
56.	Accession of new members to the Agreement
Annex I
Annex II

Preamble

An Agreement made on 5 July 1983 between the Governments of Antigua and Barbuda, The Commonwealth of Dominica, Grenada, Montserrat, Saint Christopher and Nevis, Saint Lucia and Saint Vincent and the Grenadines (hereinafter referred to as “the Participating Governments”)

Whereas it is desired to maintain a common currency and to establish a Common Central Bank with powers to issue and manage that currency, to safeguard its international value, to promote monetary stability and a sound financial structure and to further the economic development of the territories of the Participating Governments.