2. Interpretation
In this Act —
“agricultural enterprise” means the development and use of land for any purpose of husbandry, rearing and breeding of livestock and the growing, processing and marketing of vegetables, root crops, fruits and other farm products, and includes aquaculture, apiculture, fisheries, forestry and horticulture;
“banking business” means the business of receiving funds through —
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(a) the acceptance of monetary deposits which are repayable on demand or after notice or any similar operation;
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(b) the sale or placement of bonds, certificates, notes or other securities and the use of such funds, either in whole or in part, for loans or investment; and
includes any other activity recognized by the Central Bank as banking practice and which a financial institution may be additionally authorized to do;
“Bank” means the Saint Lucia Development Bank established under section 3;
“Board” means the Board of Directors of the Bank as constituted under section 8;
“Central Bank” means the Eastern Caribbean Central Bank established under article 3 of the Agreement establishing the Eastern Caribbean Central Bank made on the 5th day of July, 1983, the text of which is set out in the Schedule to the Eastern Caribbean Central Bank Agreement Act;
“Chairperson” means the Chairperson of the Board;
“development enterprise” means any of the following —
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(a) an agricultural enterprise;
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(b) an educational enterprise;
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(c) a fishing enterprise;
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(d) an industrial enterprise;
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(e) a tourism enterprise;
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(f) a housing enterprise;
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(g) a service enterprise; or
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(h) any other enterprise declared to be a development enterprise by the Minister by Order published in the Gazette;
“development finance business” includes the provision of long-term financing and technical assistance to a development enterprise;
“director” means a member of the Board and includes the Chairperson and Deputy Chairperson;
“educational enterprise” includes an enterprise engaged in or established for the provision of vocational, social, physical or recreational training, organized lectures and seminars on a part-time or full-time basis in a formal or informal setting at a pre-school, infant, primary, secondary or tertiary level, and any undertaking by an individual or group in pursuit of technical, vocational or tertiary level training;
“financial year” means such period of twelve months ending on March 31, except that the first financial year shall be the period beginning with the commencement of business and ending on March 31 of the succeeding calendar year;
“fishing enterprise” includes an enterprise, engaged in deep sea fishing, artesian fisheries, aquaculture, fish culture, the storage, packaging and canning of fish and fish products and the purchase of boats, marine engines and equipment for fishing, fish processing and storage;
“Government” means the Government of Saint Lucia;
“house” includes a chattel;
“housing enterprise” includes an enterprise engaged in the construction, repair, improvement and financing of the acquisition of dwelling houses and the development and sale of building land for the construction of dwelling houses;
“industrial enterprise” includes —
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(a) manufacturing, processing, assembling, installing, overhauling, reconditioning, altering, repairing, cleaning, packaging, canning, transporting or warehousing of goods;
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(b) any drilling, construction, engineering, technical survey and scientific research;
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(c) development, supply and distribution of alternative energy systems;
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(d) operating a mine or quarry;
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(e) operating a commercial transport service;
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(f) supplying premises, machinery or equipment for any activity or matter described in paragraphs (a), (b), (c) or (d);
“investment banking” includes the purchase of government securities and the sale of such securities to the public, underwriting, advising clients on mergers and acquisitions and risk bearing;
“land” includes messuages, tenements and corporeal hereditaments, or incorporeal hereditaments, and immovable property of every tenure or description, and any estate or interest therein;
“Managing Director” means the Managing Director of the Bank appointed under section 20;
“Minister” means the Minister responsible for Finance;
“Organization of Eastern Caribbean States” means the Organization established by the Treaty signed on the 18th day of June 1981 at Basseterre, Saint Kitts the text of which is set out in the Schedule to the Organization of Eastern Caribbean States Act;
“officer” includes the Managing Director and any employee of the Bank;
“owner” includes —
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(a) the owner of any land or any boat or of any vehicle or of any agricultural or industrial machinery;
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(b) the duly authorised attorney of the owner;
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(c) a personal representative of a deceased owner if authorised by will or by an order of the Court or otherwise by law to mortgage land;
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(d) a trustee appointed by deed or will if authorised by the deed or will or by an order of the Court or otherwise by law to mortgage land;
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(e) a receiver appointed by an order of the Court or by a mortgagee;
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(f) a mortgagee in possession;
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(g) a lessee of land of which the unexpired term of the lease is not less than 25 years or such lesser term as the Board in any case for any special reason shall determine;
“Secretary” means the person appointed by the Board as Secretary of the Bank and includes a person appointed by the Board to perform the duties of the Secretary of the Bank temporarily;
“service enterprise” includes any enterprise which is geared to meet a general need, and provides services such as computer technology, vehicle repair, equipment leasing, preventative maintenance, environmental protection, health, computing, finance, graphic arts, professional business starts and other related services;
“tourism enterprise” includes purchasing, developing and supplying of hotel and all other accommodation and facilities principally intended for visitors to Saint Lucia and production of craft work, the building and equipping of hotels, guest houses and restaurants and the provision of tourism related services.