Revised Laws of Saint Lucia (2023)

PART I
PRELIMINARY

Article 1: Title

This Agreement may be cited as the Eastern Caribbean Home Mortgage Bank Agreement.

Article 2: Interpretation

In this Agreement—

“Eastern Caribbean Central Bank Agreement” means the Agreement establishing the Eastern Caribbean Central Bank done at Port-of-Spain on the 5th day of July, 1983;

“Bank” means the Eastern Caribbean Home Mortgage Bank established under article 3 of this Agreement;

“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,

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   and the use of such funds, either in whole or in part, for loans or investment for the risk of the customer, and

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   includes—

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   any other activity recognised by the Central Bank as banking practice and which a financial institution may additionally be authorised to do;

“Board” means the Board of Directors of the Bank appointed and constituted under this Agreement;

“Central Bank” means the Eastern Caribbean Central Bank established under the Eastern Caribbean Central Bank Agreement;

“Class A shareholder” means the Central Bank;

“Class B shareholder” means—

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   (a)     the [Social Security Scheme/National Insurance Board], and

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   (b)     a Government owned or controlled commercial bank;

“Class C shareholder” means a financial institution licensed as a bank to carry on banking business other than a financial institution referred to in the definition of Class B shareholder;

“Class D shareholder” means—

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   (a)     an insurance company duly registered to carry on insurance business in the territory of at least one participating Government;

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   (b)     a financial institution duly licensed to carry on banking business as a credit or other financial institution in the territory of at least one participating Government; or

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   (c)     a credit institution not mentioned in paragraphs (a) and (b) which has been approved by the Board on the advice of Council;

“Class E shareholder” means the International Finance Corporation;

“Class F shareholder” means the Home Mortgage Bank of Trinidad and Tobago established under the Home Mortgage Bank Act, 1985 of the Laws of Trinidad and Tobago;

“Companies Act” means the Companies Act 1994 No. 35 of the Laws of Grenada;

“Council” means the Monetary Council established under article 7 of the Eastern Caribbean Central Bank Agreement;

“director” means a director of the Bank appointed under this Agreement;

“financial institution” means any person doing banking business in the territory of one of the participating Governments and all offices and branches of a financial institution in any one or more of the territories of the participating Governments shall be deemed to be one financial institution;

“International Finance Corporation” means the specialised agency of the United Nations established by that name in 1956;

“member territory” means a territory of a participating Government;

“participating Government” means a government which is a party to this Agreement;

“residential property” means property used as the principal residence of and which is occupied by the owner;

“Registrar” means the Registrar of Companies in the member territory where the principal office of the Bank is situated;

“Secretary” means a person appointed as such under article 28(1) of this Agreement or any person designated by the Board to perform the duties of Secretary;

“Social Security Board” means the Board of Management of the Social Security or National Insurance Scheme established in any member territory.

(Amended by S.I. 34/1996)