JAMAICA MORTGAGE BANK ACT

ARRANGEMENT OF SECTIONS

   1   Short title

   2   Interpretation

   3   Establishment of the Jamaica Mortgage 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

   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 Jamaica Mortgage Bank Limited

   24   [Deleted by Act 28 of 2003 s 2.]

   25   Functions under Mortgage Insurance Act to be carried out by the Bank

      SCHEDULE

 

THE JAMAICA MORTGAGE BANK ACT

[Date of Commencement: 15 June, 1973]

Acts
16 of 1973,
28 of 2003.

1   Short title

   This Act may be cited as the Jamaica Mortgage Bank Act.

2   Interpretation

   In this Act-

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

<TS:0.1875,NM,NO,0.39375,NM,NO,0.590278,NM,NO,0.7875,NM,NO,0.984028,NM,NO,1.18056,NM,NO,1.37778,NM,NO,1.575,NM,NO,1.77153,NM,NO,1.96875,NM,NO>   "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;

   "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 fifteenth day of June, 1973, and ending on the thirty-first day of December next following shall be deemed to be a financial year;

   "functions" includes powers and duties;

   "secretary" means the secretary of the Bank;

   "share" includes stock;

   "shareholder" means a shareholder of the Bank;

3   Establishment of the Jamaica Mortgage Bank

   (1) There shall be established a body to be called the Jamaica Mortgage Bank, which shall be a body corporate to which the provisions of section 28 of the Interpretation Act, shall apply.

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

4   Duty of the Bank

   (1) Subject to the provisions of this Act, it shall be the duty of the Bank-

   (a)   to foster the development of housing;

   (b)   directly or indirectly to assist societies registered under the Co-operative Societies Act to develop co-operative housing; and

   (c)   to develop an active mortgage market.

   (2) The Bank shall in the performance of its duty-

   (a)   have regard to the financial standing of every applicant and to the financial and economic merits of every scheme proposed;

   (b)   take all such measures as may be necessary to ensure that any investment made, or financial assistance rendered, by the Bank is utilised for the purpose for which it is made or rendered.

   (3) The Bank shall not make an investment in or otherwise transact business with an enterprise in which a director of the Bank is a partner, director or shareholder or is in any other way directly or indirectly interested, unless the transaction is unanimously approved by the other directors of the Bank.

   (4) A director who is directly or indirectly interested in a contract made or proposed to be made by the Bank-

   (a)   shall disclose the nature of his interest; and

   (b)   shall not take part in any deliberation or decision of the Bank with respect to that contract.

5   Powers of the Bank

   (1) Subject to the provisions of this Act, the Bank may, for the purpose of performing any of its functions under this Act, do anything and enter into any transaction which, in the opinion of the Bank, is necessary to ensure the proper performance of its functions.

   (2) In particular and without prejudice to the generality of the provisions of subsection (1) the Bank may-

   (a)   guarantee loans made from private investment sources for building development;

   (b)   sell investments of whatever kind belonging to the Bank as and when appropriate

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