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Revised Laws of Saint Lucia (2021)

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35. Insurance

(1) Every borrower shall, unless otherwise agreed by the Bank, insure the buildings, chattels, and produce mortgaged to the Bank as security for a loan until repayment thereof, against loss or damage by fire, earthquake, hurricane or such other hazards as the Bank may envisage for such amount not being less than their full insurable value as the Bank may require, and shall assign and deliver to the Bank the policy or policies of insurance.

(2) The Bank may incorporate the premiums on such insurance in the repayment schedule of the borrower and arrange to insure the security provided by the borrower.

(3) The Bank may in circumstances where the borrower fails to renew his or her insurance policy, take steps to recover the premiums from the borrower including recall of the loan if necessary.

(4) Where the Bank accepts an insurance policy on the life of a borrower as security for a loan, it shall be incumbent on the borrower to pay the premium on the insurance until such time as the loan for which it is held as security has been fully paid and the Bank may also incorporate the premium in the payment schedule of the loan.

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

18. Disclosure of interest

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