Revised Laws of Saint Lucia (2022)

50.   Regulations

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   (1)   The Minister may, with the approval of Cabinet, make Regulations on the recommendation of the Board, with respect to any of the following —

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      (a)     any additional purpose for which loans may be made under this Act;

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      (b)     any additional development enterprise for which loans may be made under this Act;

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      (c)     altering the description of or deleting any development enterprise mentioned in this Act;

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      (d)     the type or category of loan for any development enterprise or for any other purpose including the discharge of any prior encumbrances;

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      (e)     the maximum amount for which various categories of loans may be granted under this Act;

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      (f)     the maximum amount for which equity in any one institution may be taken under this Act;

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      (g)     methods of disbursements or of the securing of loans made under this Act;

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      (h)     the period within which any loan made under this Act shall be repayable;

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      (i)     prescribing the methods of inspection, assessment and valuation to be employed for the purpose of this Act;

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      (j)     the rate of interest, charges and premiums including risk premium to be charged on loans made under this Act;

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      (k)     the forms to be used for the purpose of this Act including any form for —

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         (i)     applications for loans,

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         (ii)     mortgages and memoranda of discharge or receipt,

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         (iii)     any other method of taking security in respect of any loan made under this Act,

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         (iv)     receipts of sums paid and discharges where the security taken for the loan is other than a mortgage,

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         (v)     any reports or records to be kept or submitted by any borrower,

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         (vi)     any other matter which the Bank considers necessary;

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      (l)     any fees to be paid in respect of any matter or thing to be done in connection with a loan under this Act;

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      (m)     prescribing books and accounts to be kept by the Bank and as to the audit thereof;

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      (n)     prescribing the terms and conditions applicable to loans made to a Co-operative Society under this Act;

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      (o)     a scale of legal charges to be made in connection with mortgages or any other form of security to be given in respect of loans made under this Act;

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      (p)     prescribing the methods of transfer and terms and conditions upon which shares of the Bank may be transferred;

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      (q)     any matters which are authorised by this Act to be prescribed;

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      (r)     any other matter which the Bank may deem expedient for the purpose of carrying out its functions under this Act;

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      (s)     generally for the purpose of carrying out the provisions of this Act.

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   (2)   Regulations made under this section may provide that any breach or contravention is punishable summarily by a fine not exceeding $5,000 or by a term of imprisonment not exceeding 3 months or by both such fine and imprisonment.

CHAPTER 12.02
SAINT LUCIA DEVELOPMENT BANK ACT

SUBSIDIARY LEGISLATION

No Subsidiary Legislation