CARIBBEAN DEVELOPMENT BANK ACT

ARRANGEMENT OF SECTIONS

   1   Short title

   2   Interpretation

   3   Approval of Acceptance of Bank Agreement

   4   Financial provisions

   5   Certain provisions of Bank Agreement given force of law in Jamaica

   6   Power of Minister to make orders

   7   Amendment of Schedule and matters consequential on amendment

      SCHEDULE

<IN:LF:0,RT:1.64514,FI:0>

THE CARIBBEAN DEVELOPMENT BANK ACT

[Date of Commencement: 23rd December, 1969]

<IN:LF:0,RT:1.64514,FI:0>Acts
43 of 1969,
8 of 2008.

LNs
400/1974,
1491/1979,
190/1985,
47B/1990.

1   Short title

   This Act may be cited as the Caribbean Development Bank Act.

2   Interpretation

<IN:LF:0,RT:1.64514,FI:0>   In this Act-

   "the Bank Agreement" means the Agreement establishing the Caribbean Development Bank the original of which is deposited with the Secretary-General of the United Nations and of which the text of the Articles is set out in the Schedule to this Act;

   "Bank" means the Caribbean Development Bank established under the Bank Agreement;

   "Minister" means the Minister responsible for finance.

3   Approval of Acceptance of Bank Agreement

   Acceptance by the Government of the Bank Agreement is hereby approved.

4   Financial provisions

   (1) The Minister is authorised to pay for the account of Jamaica the amounts payable from time to time to the Bank under the Bank Agreement:

   Provided that the Bank of Jamaica may from time to time, subject to the terms of any agreement made by that Bank with the Governments pay from its own funds such of the amounts aforesaid as may be specified in such agreement.

   (2) The Minister may issue or cause to be issued to the Bank non-negotiable, non-interest bearing notes or other obligations and any sums payable in respect of such notes or securities so issued shall be a charge on the Consolidated Fund.

[8/2008 s 2.]

   (3) The Minister may borrow from any person, any sum or sums required for payments under this section and, for the purpose of such borrowing, he may create and issue any securities bearing such rate of interest and subject to such conditions as to repayment, redemption or otherwise as he thinks fit.

   (4) The principal and interest of any securities issued under subsection (3) and the expenses incurred in connection with their issue shall be charged on the Consolidated Fund.

   (5) Subject to the terms of any agreement to the contrary made by the Bank of Jamaica with the Government pursuant to the proviso to subsection (1), any moneys received by the Government from the Bank or raised by securities under subsection (3) shall be paid into the Consolidated Fund Account and shall form part of the Consolidated Fund and be available in any manner in which that Fund is available.

   (6) The Bank of Jamaica shall act as a depository for the holdings of currency of Jamaica and other assets of the Bank.

5   Certain provisions of Bank Agreement given force of law in Jamaica

   The provisions of Articles 48 to 55 inclusive and of Article 57 (Chapter VIII) of the Bank Agreement (which relate to the status, immunities and privileges to be accorded to the Bank) shall have the force of law in Jamaica.

6   Power of Minister to make orders

   The Minister may by order make such provisions as may be necessary for carrying into effect any of the provisions of the Bank Agreement.

7   Amendment of Schedule and matters consequential on amendment

   (1) Where any amendment to the Bank Agreement is accepted by the Government, the Minister may by order amend the Schedule by including therein the amendment so accepted.

   (2) Any order made under this section may contain such consequential, supplemental or ancillary provisions as appear to the Minister to be necessary or expedient for the purpose of giving due effect to the amendment accepted as aforesaid and, without prejudice to the generality of the foregoing, may contain provisions amending references in this Act to specific provisions of the Bank Agreement.

   (3) Every order made under this section shall be subject to negative resolution of the House of Representatives.

   (4) Where the Schedule is amended pursuant to this section any reference in this Act or any other instrument to the Bank Agreement shall, unless the context otherwise requires, be construed as a reference to the Bank Agreement as so amended.

SCHEDULE
AGREEMENT ESTABLISHING THE CARIBBEAN DEVELOPMENT BANK

(Sections 2 and 7)

The Contracting Parties

   CONSCIOUS of the need to accelerate the economic development of States and Territories of the Caribbean and to improve the standards of living of their peoples;

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