Schedule
(Sections 2, 3, 4, 5, 6, 7, 8, 10 and 11)
ARRANGEMENT OF ARTICLES
PREAMBLE
PART I
PRELIMINARY
| Article 1. | Title |
| Article 2. | Interpretation |
PART II
ESTABLISHMENT, POWERS AND OBJECTIVES OF THE CREDIT GUARANTEE CORPORATION
| Article 3. | Establishment and legal personality |
| Article 4. | Objectives |
| Article 5. | Powers |
| Article 6. | Immunities |
| Article 7. | Place of office and establishment of branches or agencies |
| Article 8. | Address, service of documents, electronic records |
| Article 9. | Custody and use of common seal |
| Article 10. | Official seal |
PART III
ORGANISATION AND MANAGEMENT
| Article 11. | Establishment and composition of the Board of Directors |
| Article 12. | Chairperson and Deputy Chairperson |
| Article 13. | Appointment of Directors to be gazetted |
| Article 14. | Functions of the Board |
| Article 15. | Term of office of Directors |
| Article 16. | Alternate for Board |
| Article 17. | Vacancy in the Board |
| Article 18. | Remuneration of the Board |
| Article 19. | Directors to declare interest |
| Article 20. | Meetings of the Board |
| Article 21. | Committees of the Board |
| Article 22. | Policy Committee |
| Article 23. | Finance Committee |
| Article 24. | Audit and Risk Committee |
| Article 25. | Records |
PART IV
CAPITAL, FINANCES, ACCOUNTS AND AUDIT
| Article 26. | Authorised capital contributions |
| Article 27. | Authorised capital structure |
| Article 28. | Increase of authorised capital |
| Article 29. | Allotment of shares |
| Article 30. | General Fund |
| Article 31. | Credit Guarantee Fund |
| Article 32. | Investment |
| Article 33. | Dividends |
| Article 34. | Annual Budget |
| Article 35. | Accounts |
| Article 36. | Annual accounts, audit and report |
| Article 37. | Fiscal year |
PART V
THE CREDIT GUARANTEE SCHEME
| Article 38. | Establishment of the Credit Guarantee Scheme |
| Article 39. | Operation of the Credit Guarantee Scheme |
| Article 40. | General framework of the Credit Guarantee Scheme |
| Article 41. | Participating Lender |
| Article 42. | Qualifying Enterprise |
| Article 43. | Credit Guarantee Agreement |
| Article 44. | Withdrawal of credit guarantee |
PART VI
OFFICERS AND EMPLOYEES
| Article 45. | Officers |
| Article 46. | Employees |
PART VII
CORPORATE GOVERNANCE
| Article 47. | Minimum criteria for determining whether a person is fit and proper |
| Article 48. | Notification to Central Bank of appointment of Directors and Officers |
| Article 49. | Disqualification and removal from office of Director |
| Article 50. | Right to make representation |
| Article 51. | Removal of Director from office |
PART VIII
GENERAL, SUPERVISORY AND REGULATORY CONTROL
| Article 52. | Role of Monetary Council |
| Article 53. | Regulation by Central Bank |
| Article 54. | Reports and inspections |
| Article 55. | Central Bank's powers of remedial action |
| Article 56. | Additional Central Bank remedial actions |
| Article 57. | Remedial actions against Directors, Officers or employees |
| Article 58. | Additional remedial action against Directors, Officers or employees |
| Article 59. | Failure to comply with remedial actions |
| Article 60. | Suspension of persons charged with criminal offence etc. |
PART IX
PROGRESS, REVIEWS AND TERMINATION OF CREDIT GUARANTEE CORPORATION
| Article 61. | Assessment of progress |
| Article 62. | Decision to terminate on assessment |
| Article 63. | Effect of termination |
PART X
MISCELLANEOUS
| Article 64. | Application of the Companies Act |
| Article 65. | Obligation of confidentiality |
| Article 66. | Protection of persons dealing with Directors and agents |
| Article 67. | Disputes |
PART XI
FINAL PROVISIONS
| Article 68. | Effective Implementation |
| Article 69. | Amendments |
| Article 70. | Signatories |
| Article 71. | Ratification |
| Article 72. | Entry into force |
| Article 73. | Accession |
| Article 74. | Reservations |
PREAMBLE
The Participating Governments:
Realising the prevalence of micro, small and medium enterprises in the Currency Union and their importance in driving economic and social change, given their innovative capacities, productivity and growth potential;
Desirous of increasing the availability of financing to promote the creation, expansion, modernization and improvement of micro, small and medium enterprises which, though vulnerable to market and other conditions, possess potential for sustainability, growth and employment creation;
Considering the importance of contributing to the balanced development of the national economy by promoting and developing micro, small and medium enterprises;
Recognising the necessity of strengthening the financial system in the Currency Union by providing credit risk mitigation to participating lenders to increase the ability of micro, small and medium enterprises to access loans and absorbing a portion of losses incurred by participating lenders in cases of defaulting on payments;
Acknowledging that the establishment of the Eastern Caribbean Partial Credit Guarantee Corporation within the Currency Union would serve these ends,
HAVE AGREED as follows: