Revised Laws of Saint Lucia (2023)

PART VI
MISCELLANEOUS

Article 33: Interest on bonds tax exempt

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   (1)   Subject to paragraph (2), the Bank may issue bonds up to a maximum aggregate capital value of $250 million and the interest payable on the bonds is exempt from income tax and any other tax including unemployment levy.

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   (2)   The Board, on the advice of the Council, may vary the maximum aggregate capital value of the bonds.

Article 34: Regulations

The Board may, with the approval of the Council, make Regulations to give effect to the Agreement: Provided that such regulations are not contrary to by-laws or regulations made pursuant to the Companies Act. (Amended by S.I. 34/1996)

Article 35: Amendments

The shareholders of the Bank may by special resolution (as defined in the Companies Act) amend the Agreement provided that any such amendment shall be effective only when ratified by a resolution adopted by a simple majority of the votes of the members of the Council present at a meeting at which the proposed Amendment has been placed on the Agenda. (Substituted by S.I. 34/1996)

Article 36: Disputes

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   (1)   Any dispute between the participating Governments concerning this Agreement or between the Bank and a participating Government, shall be submitted to arbitration by a tribunal of arbitrators appointed pursuant to paragraph (2) of this article.

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   (2)

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      (a)     if the dispute is between only 2 parties, each party shall be entitled to appoint one arbitrator, and the 2 parties shall together appoint a third arbitrator, who shall be the Chairman of the tribunal;

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      (b)     if the dispute is between 3 or more parties, each party shall be entitled to appoint one arbitrator and all the parties shall together appoint an additional arbitrator, who shall be the Chairman of the tribunal.

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   (3)   If, within 30 days of receipt of the request for arbitration, any party has not appointed an arbitrator or if within 30 days of the appointment of the arbitrators the parties have not appointed the third arbitrator or, as the case may be, the additional arbitrator, any party to the dispute may request the Chief Justice of the Eastern Caribbean States Supreme Court, or such other person or authority as may be prescribed by the Council to make the required appointment.

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   (4)   The procedure of the tribunal shall be fixed by the arbitrators, but the Chairman of the tribunal shall have full power to settle all questions of procedure in any case of disagreement with respect thereto.

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   (5)   A majority vote of the arbitrators shall be sufficient to reach a decision which shall be final and binding upon the parties.

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   (6)   The Chairman of the tribunal shall be entitled to vote, and in the event of a tie, the Chairman shall have a casting vote.

Article 37: Withdrawal

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   (1)   A participating Government may withdraw from the Bank by giving written notice of its intention to do so simultaneously to the Chairman of the Council and to the Bank. The Bank shall promptly notify the other participating Governments. The withdrawal shall take effect 12 months after the notice is received by the Bank: Provided that at any time before the withdrawal becomes finally effective, the participating Government may notify the Bank in writing of the cancellation of its notice of intention to withdraw.

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   (2)   After withdrawal, a participating Government shall remain liable for all direct and contingent obligations to the Bank which it had incurred or to which it was subject up to the date of withdrawal from the Bank but shall not incur any liability for obligations resulting from operations of the Bank effected after that date and shall cease to participate in the profits or losses of the Bank thereafter.

Article 38: Signatories

This Agreement shall be open for signature by any participating Government.

Article 39: Ratification

This Agreement shall be subject to ratification by the signatory participating Governments in accordance with their respective constitutional procedures. Instruments of ratification shall be deposited with the Director General of the Organisation of the Eastern Caribbean States who shall transmit certified copies to each participating Government.

Article 40: Entry into force

This Agreement shall enter into force upon the deposit of 5 instruments of ratification and participating Governments undertake to take all steps necessary for the implementation of this Agreement.

Article 41 : Application of Companies Act

The Companies Act applies to the Bank, as if the Bank were a public company registered under that Act, with such modifications as are necessary or expedient but subject always to this Agreement. (Inserted by S.I. 34/1996)

IN WITNESS WHEREOF the representatives of the participating Governments being duly authorised in their behalf, have signed this Agreement.

DONE AT Castries, Saint Lucia this 27th day of May 1994.

Sgd./VICTOR F. BANKS,

For the Government of Anguilla.

Sgd/LESTER BIRD,

For the Government of Antigua and Barbuda.

Sgd./M. EUGENIA CHARLES,

For the Government of the Commonwealth of Dominica.

Sgd./GEORGE I. BRIZAN,

For the Government of Grenada.

Sgd./REUBEN T. MEADE,

For the Government of Montserrat.

Sgd./KENNEDY A. SIMMONDS,

For the Government of St Christopher and Nevis.

Sgd./JOHN G. M. COMPTON,

For the Government of Saint Lucia.

Sgd./JAMES F. MITCHELL,

For the Government of Saint Vincent and the Grenadines.