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Revised Laws of Saint Lucia (2021)

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18. Disclosure of interest

(1) A director who is in any way interested, whether directly or indirectly, in a contract or proposed contract with the Bank or whose material interest in a company, partnership, undertaking or other business is likely to be affected by a decision of the Board, shall disclose the nature of his or her interest at the first meeting of the Board at which he or she is present or immediately after the relevant facts come to his or her knowledge.

(2) A disclosure under subsection (1) shall be recorded in the minutes of the meeting and after the disclosure, the director making it shall not vote on the matter and, unless the Board otherwise directs, shall not be present or take part in the proceedings of any meeting at which the matter is being discussed or decided by the Board.

(3) A director shall be treated as having an indirect interest in a contract or proposed contract with the Bank in any matter with which the Bank is concerned if he or she is a director, shareholder, agent or employee of the company or undertaking that is a party to the contract or proposed contract with the Bank or where his or her spouse, parent, child, brother or sister or the parent, child, brother or sister of his spouse holds an interest in that company or undertaking.

(4) For the purpose of this section, a general notice given to the Board by a director to the effect that he or she is a member of or otherwise associated with a specified company or undertaking, is deemed to be a sufficient declaration of interest in relation to the contract so made.

18. Disclosure of interest

1. Short title and commencement

2. Interpretation

3. Establishment of the Bank

4. Nature of the Bank

5. Functions of THE Bank

6. Power to appoint committeeS

7. Power to delegate

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

17. Vacation of office of directors

19. Meetings of THE Board

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

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

33. Loans and Investments Committee

34. Investment of funds

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

41. Increase of capital

42. Register of shareholders

43. Transfer of shares

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