(758) 468-3200
Government Saint Lucia
 
 
 
Home
/
Departments
/
Legislative Drafting
/
Revised Laws of Saint Lucia
/
INTERNATIONAL BANKS ACT
/
14.   Use of word “bank”

Revised Laws of Saint Lucia (2021)

saint Lucia
back arrow Back to Revised Laws of Saint Lucia (2021)
back arrow Back to Table of Contents

PART 4
ADMINISTRATION

14.   Use of word “bank”

  1.  

    (1)   A person, other than a licensee, unless authorised under the Banking Act, shall not except with the approval of the Minister—

    1.  

      (a)     use or continue to use in Saint Lucia or elsewhere the words “bank”, “building society”, “financial institution”, “savings”, “savings and loan”, “deposit”, or any of their derivatives either in English or in any other language, in the description of or title under which a person is carrying on business;

    1.  

      (b)     make or continue to make in Saint Lucia or elsewhere any representation in any bill head, letter, letterhead, circular, paper, notice, advertisement or in any other manner that such person is carrying on international banking business; or

    1.  

      (c)     in any manner solicit or receive deposits within Saint Lucia or elsewhere.

  1.  

    (2)   Unless with the approval of the Minister, an eligible company shall not be registered, or continue to be registered, in Saint Lucia by a name which contains the words “bank”, “building society”, “financial institution”, “deposit”, “savings”, or “savings and loan”, or any of their derivatives, either in English or in any other language.

  1.  

    (3)   The Minister may before giving his or her approval under subsection (1) or (2), require of any person such references and such information and particulars as may be prescribed.

  1.  

    (4)   The Minister may withdraw any approval given under subsection (1) if the Minister is satisfied that it is in the public interest.

  1.  

    (5)   The Minister may refuse to grant a licence to an eligible company or, if the eligible company is already in possession of a licence, the Minister may revoke the licence if, in the Minister's opinion, the eligible company is carrying on or intending to carry on international banking business, under a name which—

    1.  

      (a)     is identical with that of any company, firm or business house, whether in Saint Lucia or not, or which so nearly resembles that name as to be calculated to deceive;

    1.  

      (b)     is calculated to suggest, falsely, the patronage of or connection with some person or authority, whether in Saint Lucia or not; or

    1.  

      (c)     is calculated to suggest falsely, that the person has a special status in relation to or derived from the Government, has the official backing of or acts on behalf of the Government, of any department, branch, agency or organ of Government, or any officer of the Government, or is recognised in Saint Lucia as a national or central bank.

Address

2nd Floor Francis Compton Building, 
Waterfront,
Castries, Saint Lucia

Need help?

Site Map

HomeAbout AG OfficeDepartmentsAccessibilityContact Us

Quick Links

Inland Revenue Department of Government of Saint Lucia (IRD)Government of Saint Lucia Citizenship by Investment Financial Intelligence Authority

Important Links

CARICOMOECSFSRA
 
© 2024 Attorney General's Chambers
Site by