JAMAICA DEVELOPMENT BANK ACT

ARRANGEMENT OF SECTIONS

   1   Short title

   2   Interpretation

   3   Establishment of the Jamaica Development Bank

   4   Duty of the Bank

   5   Powers of the Bank

   6   Divisions of the Bank

   7   Capital of the Bank

   8   Ministerial directions

   9   Borrowing powers

   10   Guarantee by Minister of borrowings

   11   Repayment of and interest on advances and sums issued to meet guarantee

   12   Securities

   13   Reserve fund

   14   Accounts and audit

   14A   [Deleted by Act 28 of 2003 s 2.]

   15   Annual report

   16   General manager, secretary and other staff

   17   Power to delegate

   18   Enforcement of securities

   19   Power to appoint a receiver, etc

   20   Power of Bank to act as agent for the Government

   21   Power to make regulations

   22   Transitional

   23   Transfer of employees of Development Finance Corporation

   24   Functions of Development Finance Corporation to be carried out by the Bank

      SCHEDULE

 

THE JAMAICA DEVELOPMENT BANK ACT

[Date of Commencement: 3rd September 1969.]

<IN:LF:0,RT:0.5,FI:0>Acts
12 of 1969,
43 of 1974,
28 of 2003.

1   Short title

<IN:LF:0,RT:0.5,FI:0>   This Act may be cited as the Jamaica Development Bank Act.

2    Interpretation

<IN:LF:0,RT:0.5,FI:0>   In this Act-

   "agricultural development enterprise" means an agricultural or livestock enterprise operated commercial basis;

   "the Bank" means the Jamaica Development established in accordance with this Act;

   "the Board" means the Board of Directors of the Bank constituted in accordance with this Act;

   "the chairman" means the chairman of the Board,

   "debenture" includes debenture stock;

   "development enterprise" means an industrial enterprise, a tourist industry enterprise a housing enterprise, an agricultural development enterprise or any enterprise that may from time to time be approved as a development enterprise by the Minister by order;

   "director" means a director of the Bank;

   "financial year" means the period of twelve months beginning on the first day of January in any year:

   Provided that the period beginning on the date of the commencement of this Act and ending on the thirty-first day of December next following shall be deemed to be a financial year;

   "functions" includes powers and duties;

   "housing enterprise" means an enterprise in Jamaica in which is carried on the business of constructing or facilitating the construction or purchase of dwelling-houses;

   "industrial enterprise" means an enterprise in Jamaica in which is carried on the business of-

   (a)   manufacturing, processing, assembling, installing, overhauling, reconditioning, altering, repairing, cleaning, packaging, transporting or warehousing of goods;

   (b)   logging, drilling, construction, engineering, technical surveys or scientific research;

   (c)   operating a mine or quarry;

   (d)   generating, supplying or distributing electricity;

   (e)   operating a commercial transport service;

   (f)   supplying premises, machinery or equipment for any business mentioned in paragraph (a), (b), (c), (d) or (e) hereof under a lease, contract or other arrangement whereby title to the premises, machinery or equipment is retained by the supplier;

   "secretary" means the secretary of the Board,

   "share" includes stock;

   "shareholder" means a shareholder of the Bank;

   "tourist industry enterprise" means an enterprise in Jamaica in which is carried on the business of-

   (a)   supplying hotel accommodation or other facilities principally intended for visitors to Jamaica; or

   (b)   supplying premises or equipment for any business referred to in paragraph (a) hereof under a lease, contract or other arrangement whereby title to the premises or equipment is retained by the supplier.

3   Establishment of the Jamaica Development Bank

   (1) There is hereby established a body to be called the Jamaica Development Bank which shall be a body corporate with perpetual succession and a common seal with power to purchase, take, hold and dispose of land and other property of whatever kind, to enter into contracts, to sue and be sued in the said name and to do all things necessary for the purposes of this Act.

   (2) The provisions of the Schedule shall have effect as to the constitution, operation and expenses of the Bank and otherwise in relation thereto.

   (3) The seal of the Bank shall be authenticated in the manner prescribed in the Schedule and shall be judicially and officially noticed.

4   Duty of the Bank

<IN:LF:0,RT:0.5,FI:0>   (1) Subject to the provisions of this Act, it shall be the duty of the Bank-

   (a)   to assist persons in establishing, carrying on or expanding development enterprises by participating in share capital, granting loans and providing other forms of financial assistance to such persons; and

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