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SAINT LUCIA AIR AND SEA PORTS AUTHORITY ACT
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28.   Guarantee of borrowing of Authority

Revised Laws of Saint Lucia (2021)

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28.   Guarantee of borrowing of Authority

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    (1)   With the approval of Parliament the Minister may guarantee, in such manner and on such conditions as he or she may think fit, the repayments of the principal of and the payments of interest and other charges on any authorised borrowing by the Authority.

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    (2)   Where the Minister is satisfied that there has been default in the repayment of any such principal or the payment of any such interest or other charges guaranteed under the provisions of this section he or she shall direct the payment out of the Consolidated Fund of the amount in respect of which there has been such default.

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    (3)   The Authority shall make to the Accountant General at such times and in such manner as the Minister may direct, payments of such amounts as may be so directed in or towards repayment of any sums issued in fulfilment of any guarantee given under this section, and payments of interest on what is outstanding in respect of any sums so issued at such rate as the Minister may direct, and different rates of interest may be directed as regards different sums and as regards interest for different periods.

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    (4)   Subject to subsection (5), the Minister may, by notice published in the Gazette, on the recommendation of the Authority, declare any asset of the Authority, not critical to the daily operations of the airports and seaports, to be a secondary asset.

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    (5)   An asset shall be deemed to be a secondary asset 7 days after the date of publication of the notice under subsection (4).

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    (6)   The Minister may, by notice published in the Gazette, on the recommendation of the Authority withdraw an asset as a secondary asset.

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    (7)   Where a secondary asset is withdrawn pursuant to subsection (6), sufficient alternative guarantee or security must be provided by the Authority to a party in whose favour a guarantee or hypothec against the secondary asset has been affected, prior to the withdrawal of that asset as a secondary asset.

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    (8)   Despite the provision of subsection (1), the Authority may effect a guarantee or hypothec against a secondary asset of the Authority, without requirement for Parliamentary approval of such guarantee or hypothec, in such manner and on such terms as may be required in the circumstances and otherwise in accordance with this Act.

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    (Amended by Acts 8 of 2006 and 11 of 2006)

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