Revised Laws of Saint Lucia (2023)

FINAL PROVISIONS

ARTICLE 68
EFFECTIVE IMPLEMENTATION

A Participating Government shall enact legislation to ensure effective implementation of, and compliance with, this Agreement, including —

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   (a)     the method of providing a credit guarantee;

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   (b)     the categories of Qualifying Enterprises;

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   (c)     any restrictions placed on participating in the Credit Guarantee Scheme;

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   (d)     the time during which the credit guarantee is effective;

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   (e)     credit guarantee fees;

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   (f)     the manner of discharging guaranteed liabilities;

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   (g)     procedures for credit guarantee default events;

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   (h)     a list of prohibited activities and sectors applicable to Qualifying Enterprises;

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   (i)     the procedures for withdrawing credit guarantees; and

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   (j)     effective enforcement provisions to address non-compliance.

ARTICLE 69
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 members of the Participating Governments.

ARTICLE 70
SIGNATORIES

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

ARTICLE 71
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 72
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 73
ACCESSION

(1)     After its entry into force, any 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 74
RESERVATIONS

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