ACT
(Act No. 12 of 2008)
Act 12 of 2008 .. in force 16 February 2009 (S.I. 8/2009)
ARRANGEMENT OF SECTIONS
PART 1
PRELIMINARY
| 1. | Short title and commencement |
| 2. | Interpretation |
PART 2
ESTABLISHMENT
| 3. | Establishment of the Bank |
| 4. | Nature of the Bank |
| 5. | Functions of the Bank |
| 6. | Power to appoint committees |
| 7. | Power to delegate |
PART 3
BOARD OF DIRECTORS
| 8. | Establishment and composition of Board |
| 9. | Term of office of directors |
| 10. | Eligibility for appointment to Board |
| 11. | Alternate directors |
| 12. | Chairperson and Deputy Chairperson |
| 13. | Publication of appointments |
| 14. | Disqualification from appointment |
| 15. | Resignation |
| 16. | Revocation |
| 17. | Vacation of office of directors |
| 18. | Disclosure of interest |
| 19. | Meetings of the Board |
PART 4
SENIOR OFFICERS OF THE BANK
| 20. | Appointment of Managing Director and other senior officers and staff |
| 21. | Appointment of legal and other advisers |
| 22. | Functions of the Managing Director and Deputy Manager |
| 23. | Functions of Chief Financial Officer and Internal Auditor |
| 24. | Preservation of Secrecy of Affairs of the Bank |
| 25. | Termination of appointment of Managing Director and other senior officers |
PART 5
FUNDING OF THE BANK'S OPERATIONS
| 26. | Funds and resources of the Bank |
| 27. | Borrowing by the Bank |
| 28. | Limitation on borrowing activities |
| 29. | Reserve Fund |
| 30. | Accounts and audit |
| 31. | Appointment of auditors |
| 32. | Receipts and payments to or by the Bank and safe-keeping of funds |
PART 6
ADMINISTRATION OF FUNDS AND RESOURCES
| 33. | Loans and Investments Committee |
| 34. | Investment of funds |
| 35. | Insurance |
| 36. | Inspection of property for purposes of loans |
| 37. | Examination as to application of money lent |
| 38. | Order of the Bank upon examination under section 37 |
| 39. | Recall of loan misapplied |
PART 7
SHARE CAPITAL
| 40. | Capital |
| 41. | Increase of capital |
| 42. | Register of shareholders |
| 43. | Transfer of shares |
PART 8
MISCELLANEOUS
| 44. | Exemption from stamp duty, income and other taxes |
| 45. | Liability for misrepresentation and impropriety in use of assets of the Bank |
| 46. | Immunity of directors, officers and employees |
| 47. | Committee to monitor the Bank |
| 48. | Application of Banking Act |
| 49. | General penalty |
| 50. | Regulations |
-
An Act to provide for the establishment of a bank to be known as the Saint Lucia Development Bank and for related matters.
Commencement [16 February 2009]