Corporations Act, 1982 may suspend the licence until the appeal is determined; and during such suspension the licensee shall not carry on the trade or business for which the licence was issued. (3) When the appropriate official revokes a licence and there is no appeal therefrom, or if there is an appeal and the appeal is disallowed, the notice of the revocation of the licence must be published by the appropriate official in the Gazette and in a newspaper published in Antigua and Barbuda; and the appropriate official may give notice of the revocation also in any country in which he considers it desirable to do so in the public interest of Antigua and Barbuda. DIVISION B: INTERNATIONAL BANKING BUSINESS BANKING BUSINESS 238. (1) A banking corporation, that is to say, a corporation that is licensed to carry on an international banking business solely or together with any other international trade or business, shall, as a condition of that licence, maintain a stated capital account in any currency in a minimum amount that is equal to or greater than ten million United States. dollars, but a banking corporation that is owned by one or more foreign banks with paid-up capital reserves in excess of the amount of ten million United States dollars must maintain a minimum paid-up capital of one million United States dollars. In the event the banking corporation is owned by a consortium of foreign banks, the latter must collectively own at least 80 percent of each outstanding class of stock of the banking corporation. 239. A banking corporation is not subject, to any reserve requirements under the Banking Act, nor is it subject to the licensing requirement or other requirements of that Act in other respects. 240. A banking corporation may engage in any generally acceptable banking activities from within. Antigua and Barbuda and elsewhere, but it shall not knowingly accept deposits in the legal tender of a country of the Caricom region. Stated capital requirements. Nature of its business 1969 No. 28. Banking activities. Identifying accounts. Reporting. Additional information. Confidential matters protected. Corporations Act, 1982 241. The accounts maintained by a banking corporation for its customers may be identified in any manner, but a record of the account that identifies the beneficial interests in the account must be maintained by the corporation. 242. (1) Subject to section 244, a banking corporation must, as a condition of its licence under this Part, submit to the appropriate official: (a) a quarterly return providing an analysis of customers' liabilities to the corporation in respect of loan, advances and other assets of the corporation, and a statement of assets and liabilities, which return shall be submitted not later than twenty-one days after the end of the quarter to which it relates; and (b) such other returns as the appropriate official requires, which shall be submitted within such period and in such manner as he directs. (2) The returns under subsection (1) must be in a prescribed form or in a form approved by the appropriate official. 243. Subject to section 244, the Supervisor may require a banking corporation to submit to him such additional information and returns as the Supervisor considers necessary for the proper understanding of any statement or return received under section 242; and the corporation shall submit the required additional information and returns within such time and in such manner as are prescribed. 244. (1) Subject to an express agreement between a banking corporation and a customer of the corporation, no person shall disclose any information relating to the business affairs of the customer that he has acquired as an officer, employee, agent, auditor, solicitor of the banking corporation, or otherwise in the performance of his duties or the exercise of his functions under this Act, except in the performance or exercise of those duties or functions or pursuant to an order of a court of competent jurisdiction in Antigua and Barbuda. Corporations Act, 1982 (2) No person shall enquire as to any matters covered under subsection (1) except in the performance of his duties under this Act. (3) No statement, return or information submitted under section 242 or 243 may be required with respect to the affairs of any particular customer of a banking corporation: and the Supervisor must protect those statements, returns and information as confidential. (4) Nothing in this Act impairs the duty of a bank to protect the confidentiality of the business affairs of its customers. (5) No court order shall be issued under subsection (1) except in connection with an investigation authorized under this Act or in connection with the giving of evidence for the purpose of or in the course of the trial of any person in respect of an alleged criminal offence triable within Antigua and Barbuda or which would have been so triable if it had been committed within Antigua and Barbuda. 245. The appropriate official must prepare and, at the cost of the banking corporations concerned, have published in the Gazette consolidated statements aggregating the figures in the quarterly returns received under section 242. DIVISION C: INTERNATIONAL TRUST BUSINESS 246. A trust corporation, that is to say, a corporation that is licensed to carry on an international trust business solely or together with any other international trade or business, shall as a condition of that licence, maintain a stated capital account in any currency in a minimum amount equal to or greater than five hundred thousand United States dollars. 247. A trust corporation has all the powers, rights, duties and obligations properly applying to trustees under the laws of Antigua and Barbuda, but subject to any provisions of this Part. Published statements. Stated requirements. Powers, etc. Foreign trust law. Perpetuities, accumulations. Funds awaiting disposition. Common trust funds. Corporations Act, 1982 248. Nothing in subsection 247 prevents an instrument of trust entered into by a trust corporation from applying the law of another country to the trust; but if it does so section 249 to 253 do not apply to the trust. 249. (1) The rule of law known as the rule against perpetuities does not apply with respect to any property vested in a trust corporation as the trustee thereof. (2) The rule of law relating to accumulations. does not apply in respect of any trusts vested in a trust corporation. 250. (1) Subject to subsection (2), a trust corporation that holds trust funds awaiting investment or distribution must not hold those funds uninvested or undistributed any longer than is reasonable for the proper management of the trust account. (2) Unless it is contrary to the terms of the instrument establishing the trust, the trust funds described in subsection (1) may be held in any commercial or savings department that the trust corporation operates, subject to such conditions as are prescribed therefor. 251. (1) A common trust fund is a trust that operates by the pooling of funds for a number of participants who share, as beneficiaries under the trust, in the income or other gains derived from the acquisition, holding, management or disposal of assets acquired for the trust. (2) A trust corporation may, in the course of its business, establish, maintain and administer one or more common trust funds and, subject to subsection (3), invest assets held in trust accounts in a common trust fund. (3) The assets of a trust account shall only be invested in a common trust fund if the instrument establishing the trust expressly permits that investment and the consent in writing of any co-trustee is obtained to the investment. Corporations Act, 1982 (4) A common trust fund must be estabished, maintained and administered by a trust corporation in accordance with a written declaration of trust in a form approved by the directors of the trust corporation and containing any particulars required by the regulations to be set out in the declaration. (5) A person having an interest in a common trust fund, as beneficiary or otherwise, is entitled, at his own reasonable cost, to be supplied by the trust corporation with a copy of the declaration applying to that trust fund. (6) A trust account that participates in a common trust fund has a beneficial interest in so much of the common trust fund as is proportionate to the amount of that participation. (7) If the declaration of trust establishing a common trust fund so provides, an interest in a common trust fund is negotiable and assignable; and an interest in the fund may also be disposed of in the manner provided by the declaration of trust relating to the fund or as prescribed in the absence of any such provision relating thereto in the declaration. 252. In carrying on its business, an international trust corporation shall (a) keep all assets held in trust separate from its other assets, and (b) keep separate from those of its other accounts the assets of each trust account unless they are properly identified as the property of the trust account, but subject to section 251. 253. (1) Subject to the terms of the instrument establishing the trust, the assets comprising the funds of the trust may be sold, converted, re-invested, exchanged, transferred or otherwise changed or disposed of at any time by the trust corporation administering the trust. (2) A trust corporation may sell assets held Separation of trust assets. Dealing with trust assets. |