CARIBBEAN INVESTMENT FUND ACT

ARRANGEMENT OF SECTIONS

   1   Short title

   2   Interpretation

   3   Approval of Fund Agreement

   4   Certain provisions of Fund Agreement given force of law in Jamaica

   5   Power of Minister to make order

   6   Amendment of Schedule and matters consequential thereon

      SCHEDULE

 

THE CARIBBEAN INVESTMENT FUND ACT

[Date of Commencement: 23rd March, 2004]

Act 13 of 1998.

1   Short title

   This Act may be cited as the Caribbean Investment Fund Act.

2   Interpretation

   In this Act-

   "the Fund" means the Caribbean Investment Fund established by the Fund Agreement;

   "the Fund Agreement" means the Agreement establishing the Caribbean Investment Fund as amended by the Supplemental Agreement, the original of which is deposited with the Secretary-General of the Caribbean Community Secretariat and of which the text of the original clauses is set out in Part I of the Schedule to this Act;

   "Minister" means the Minister responsible for investment;

   "the Supplemental Agreement" means the Agreement amending the Fund Agreement the original of which is deposited with the Secretary-General of the Caribbean Community Secretariat and of which the text of the clauses is set out in Part II of the Schedule to this Act.

3   Approval of Fund Agreement

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

4   Certain provisions of Fund Agreement given force of law in Jamaica

   The provisions of clauses 4.2 and 12.2, of the Fund Agreement shall have the force of law in Jamaica.

5   Power of Minister to make order

   The Minister may, by order make such provisions as he may consider necessary or expedient for giving effect to any provisions of the Fund Agreement.

6   Amendment of Schedule and matters consequential thereon

   (1) Where any amendment to the Fund 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 Fund Agreement.

   (3) Every order made under this section shall be subject to affirmative resolution.

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

SCHEDULE

(Sections 2 and 6)

PART I
Agreement between the ICWI Group and CARICOM Governments on the Establishment of the Caribbean Investment Fund

   This Agreement made between the Governments of the Member States and Associate Members of the Caribbean Community (CARICOM) listed in paragraph 1 of the Schedule to this Agreement which are signatories to this Agreement (hereinafter referred to as "the Signatory States") and ICWI Group Limited of 2 St. Lucia Avenue, Kingston 5 in the parish of St. Andrew, Jamaica (hereinafter called "ICWI") WITNESSETH as follows:-

1   OBJECTIVES

   1.1 To establish through a public company an investment fund or series of investment funds in United States Dollars to be known as the Caribbean Investment Fund (hereinafter called "the Fund") the main objects of which shall be the investment in private sector majority owned and controlled companies and corporations located in the Signatory States listed in the Schedule hereto preferably those which are listed or which have committed to the list on a stock exchange in any of the Signatory States. Such investment shall include but not be limited to investment by way of a new stock and share issues, joint venture participation, project financing, and loan funding.

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