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Back to Revised Laws of Saint Lucia (2021)

13. Implementation of obligations under the agreement

(1) In subsection (3)—

“lien” includes mortgages, pledges, charges, privileges and priorities of any kind;

“external debt” means any debt payable in any medium other than currency which at the time in question is legal tender in Saint Lucia whether such debt is payable absolutely or at the option of the creditor in such other medium.

(2) Despite anything to the contrary, any agreement concluded with the Bank in respect of any borrowing authorised by section 3(1) or section 6(1) and any bond, promissory note or other instrument issued under any such agreement and any guarantee or undertaking given in respect of any such agreement, bond, promissory note or instrument by the Government or a statutory authority shall be valid and enforceable and have full force and effect in Saint Lucia in accordance with their respective terms.

(3) Neither the Government nor any agency thereof nor any statutory authority shall, except as shall be otherwise agreed between the Minister and the Bank, create any lien on any of its assets as security for any external debt unless it is expressly provided that the lien will ipso facto equally and rateably secure the payment of the principal of and interest and other charges on any loan made by or any bonds, promissory notes or instruments issued under any loan made by the Bank to the Government or to a statutory authority.