{"kind":"expression","expression":{"expr_id":"225","doc_id":"225","label":"2018 Revision","is_as_enacted":"f","commenced_on":"2018-03-16","superseded_on":null,"valid_from":"2018-03-16","valid_to":null,"is_current":"t","incorporating":null,"akn_expr_iri":"\/akn\/ky\/act\/2001\/34\/eng@2018-03-16","akn_envelope":"{\"_canary\": {\"iri\": {\"work\": \"\/akn\/ky\/act\/2001\/34\", \"expression\": \"\/akn\/ky\/act\/2001\/34\/eng@2018-03-16\", \"manifestation\": \"\/akn\/ky\/act\/2001\/34\/eng@2018-03-16.pdf\"}, \"pdf\": {\"md5\": \"148a91288607544e1cbe0f3e8dfef2be\", \"path\": \"\/Users\/q\/kyleg-data\/working\/PRINCIPAL\/2001\/2001-0034\/2001-0034_2018 Revision.pdf\", \"pages\": 31, \"filename\": \"2001-0034_2018 Revision.pdf\"}, \"errors\": [], \"extraction\": {\"model\": null, \"stats\": {\"word_count\": 9877, \"paragraph_count\": 35, \"text_char_count\": 61142}, \"usage\": null, \"method\": \"pymupdf-text\", \"version\": \"kyleg-akn-1.0\", \"extracted_at\": \"2026-06-22\"}, \"classification\": \"text_layer\", \"validation_flags\": [], \"docai_processor_id\": null}, \"akomaNtoso\": {\"act\": {\"body\": [{\"eId\": \"sec_n1\", \"num\": null, \"text\": \"Development Bank Law 19. 20. 21. 22. Regulation by Monetary Authority 23. 24. 25. General and Supplementary 26. 27. 28. 29. 30. 31. 32. 33. 34. FIRST SCHEDULE CAYMAN ISLANDS DEVELOPMENT BANK SECOND SCHEDULE POWERS AND FUNCTIONS OF AGRICULTURAL AND INDUSTRIAL DEVELOPMENT BOARD AND HOUSING DEVELOPMENT CORPORATION HEREBY TRANSFERRED TO AND VESTED IN BANK THIRD SCHEDULE Transitional Provisions Development Bank Law (2018 Revision) DEVELOPMENT BANK LAW (2018 Revision) ENACTED by the Legislature of the Cayman Islands. Introductory\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_1\", \"num\": \"1.\", \"text\": \"Short title 1. This Law may be cited as the Development Bank Law (2018 Revision).\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Definitions 2. In this Law \u2014 \u201cAuthority\u201d means the Cayman Islands Monetary Authority established under section 5(1) of the Monetary Authority Law (2018 Revision) and includes any employee of the Cayman Islands Monetary Authority acting under the Authority\u2019s authorisation; \u201cBank\u201d means the Cayman Islands Development Bank established under section 3; \u201cBoard\u201d means the Board of directors of the Bank as constituted under this Law; \u201cCourt\u201d means the Grand Court; \u201cdirector\u201d means a director of the Board; \u201centerprise\u201d means an agricultural enterprise, an industrial enterprise, a tourism enterprise, an educational enterprise, a housing enterprise, a fishing Development Bank Law enterprise, a services enterprise or any other enterprise that may be approved from time to time by the Minister; \u201cindustry\u201d includes any commercial activity, and \u201cindustrial\u201d has a corresponding meaning; and \u201cMinister\u201d means the Minister for the time being responsible for the Bank. Establishment of Cayman Islands Development Bank\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Cayman Islands Development Bank 3. (1) There is established in accordance with this Law a body corporate called the Cayman Islands Development Bank having perpetual succession and a common seal and which shall in its corporate name be capable of entering into contracts, of suing and of being sued, or acquiring, holding, mortgaging, leasing and otherwise disposing of all kinds of property movable or immovable. (2) The principal office of the Bank shall be situated in Grand Cayman and the Bank may establish branch offices elsewhere in the Islands. (3) Service upon the Bank of any document shall be executed by delivering or sending the document by registered post addressed to the general manager at the principal office. (4) It shall be within the capacity of the Bank as a statutory corporation to do such things and to enter into such transactions as are incidental or conducive to the performance of any of its functions under this Law. Management of Bank\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"Board of directors 4. (1) There shall be a Board of directors of the Bank who, subject to this Law, shall be responsible for the policy of the Bank and the general administration of its affairs and business. (2) The Board shall consist of \u2014 (a) seven directors appointed by the Cabinet in accordance with the First Schedule; and (b) the following ex officio members who shall be non-voting members of the Boardof \u2014 (i) the Chief Officer in the Ministry charged with responsibility for the Bank or that Chief Officer\u2019s designate; and (ii) the Financial Secretary or the Financial Secretary\u2019s designate. Development Bank Law (2018 Revision) (3) The First Schedule shall have effect with respect to the Board.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_5\", \"num\": \"5.\", \"text\": \"Appointment of senior officers 5. (1) The Board shall appoint a general manager who shall be the chief executive officer of the Bank. (2) The general manager shall be appointed for such period and on such terms and conditions as the Board determines. (3) The Board shall appoint officers to be responsible for \u2014 (a) managing the loan portfolio and the loan administration process of the Bank; (b) managing and recording the funds of the Bank and managing all financial transactions of the Bank; and (c) establishing, maintaining and reviewing the internal controls established by the Bank in order to assess compliance with the established policies of the Bank. (4) The Board may also \u2014 (a) appoint such other officers and servants as it may determine are necessary to enable it to carry out its functions on such terms and conditions as it considers necessary; (b) pay to its officers and servants such remuneration and allowances as it thinks fit; and (c) pay to all officers in respect of them such pensions, or provide and maintain for them such pension schemes, as it so determines subject to the Public Service Pensions Law (2017 Revision). (5) The Cabinet may, subject to such conditions as he may impose, approve of the appointment of any public officer in the service of Government by way of secondment to any office with the Bank, and any public officer so appointed shall, in relation to pension, gratuity or other allowance and to other rights and obligations as a public officer, be treated as continuing in the service of the Government.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_6\", \"num\": \"6.\", \"text\": \"Appointment of legal and other advisers 6. The Board may appoint a legal adviser or such other adviser whom the Board considers necessary for the fulfilment of its functions under this Law.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_7\", \"num\": \"7.\", \"text\": \"Functions of general manager 7. (1) The general manager shall \u2014 (a) be responsible for the proper management of the affairs of the Bank and shall be accountable to the Board for the daily administration of the Bank; Development Bank Law (b) be responsible for carrying out the functions of the Bank in accordance with the decisions of the Board; (c) provide technical advice and guidance on matters of policy and strategic planning; and (d) assign to any other officers and servants of the Bank such duties as he may think fit for the performance of the Bank\u2019s functions. (2) In the absence of the general manager, the Board may appoint any person to act as general manager upon such terms and conditions as it may determine, and any person so appointed may exercise all the powers and duties pertaining to the office of the general manager under this Law.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_8\", \"num\": \"8.\", \"text\": \"Power to delegate 8. (1) Subject to this Law, the Bank may delegate to any director of the Board, to any committee appointed by the Board or to the general manager of the Bank such one or more of the Bank\u2019s functions, together with any powers which the Bank determines is necessary or expedient to enable that director, committee or the general manager to carry out a delegated function as the Bank thinks fit. (2) The Bank may not delegate \u2014 (a) its powers to borrow or raise capital; (b) its powers to make charges; (c) its powers to enter into agreements for the occupation or management of premises by the Bank; or (d) its powers under section 29 or 32. (3) Every delegation under this section shall be in writing and shall be revocable by the Bank, but no such delegation shall prevent the exercise by the Bank of any delegated authority.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_9\", \"num\": \"9.\", \"text\": \"Functions and powers of Bank 9. (1) It shall be the function of the Bank to mobilise and provide finance for and promote and facilitate the expansion and strengthening of the economic development of the Islands. (2) In particular and without prejudice to the generality of subsection (1), the Bank may \u2014 (a) accept on deposit any funds or any kind of securities from the Government, a public or statutory authority, a co-operative or friendly society or any person or body whether within or outside the Islands; (b) make all payments duly authorised by a depositor with the Bank; (c) make loans or advances or provide any form of credit to the Government, a public or statutory authority, a co-operative or friendly society or any Development Bank Law (2018 Revision) person or body within the Islands for the financing of any enterprise or project; (d) make loans or advances or provide any form of credit to any enterprise; (e) provide any form of assistance to any enterprise whether in the form of expertise or technical or managerial advice or participation in the share capital or management thereof; (f) provide finance in order to promote and facilitate development in the Islands and the establishment, management, acquisition or disposal of any enterprise or business in agriculture, industry, electronic commerce, tourism, housing and human resource development; (g) provide finance to persons for courses of education (including academic, technical and vocational training at local and overseas institutions) which are considered by the Bank to be beneficial or needed in the Islands; (h) promote agricultural, tourism and industrial development and investment in the Islands; (i) provide finance for the purpose of building and the acquisition of houses, for the improvement of dwellings and for the provision of dwellings for letting or for sale by construction, conversion, improvement or otherwise upon such terms and conditions as the Bank may decide; (j) undertake, in the Islands, such other projects and programmes as the Cabinet may approve; (k) undertake and formulate any studies which the Bank considers necessary for the performance of its functions or conducive to any of its functions; (l) enter into any contract with or act as agent or trustee for or representative of the Government or any person, agent or body within or outside the Islands; and (m) give advice, financial counselling, management consulting and technical assistance in relation to any function specified in this subsection. (3) In addition to any function or power possessed by the Bank under this or any other law, the Bank shall have power, subject to this Law and any regulations made hereunder, to do any thing and to enter into any arrangement or transaction which, in the opinion of the Bank, is necessary to ensure the proper discharge of its functions or powers. (4) The powers and functions of the Agricultural and Industrial Development Board and the Housing Development Corporation as set out in the Second Schedule are transferred to the Bank. (5) In carrying out its functions the Bank shall have regard to \u2014 (a) the principles of normal accepted development banking practice; and Development Bank Law (b) the economic and commercial merits of any undertaking or activity it plans to initiate, assist or develop.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_10\", \"num\": \"10.\", \"text\": \"Vesting of land in Bank 10. The Governor or the Cabinet may vest in the Bank any land owned by the Government in accordance with the Governor (Vesting of Lands) Law (2005 Revision).\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_11\", \"num\": \"11.\", \"text\": \"Agricultural and Industrial Development Board and Housing Development Corporation 11. (1) The Agricultural and Industrial Development Board and the Housing Development Corporation are dissolved. (2) The Second Schedule shall have effect with respect to the dissolution of the Agricultural and Industrial Development Board and the Housing Development Corporation and the transfer of powers and functions under section 9(4). (3) The powers and functions of the Agricultural and Industrial Development Board and the Housing Development Corporation shall be deemed always to have included the functions of preparing for the enactment of this Law.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_12\", \"num\": \"12.\", \"text\": \"Directions by Minister 12. (1) In the exercise of its powers and discharge of its functions, the Bank shall conform with any general directions on matters of policy given to it by the Minister in the public interest. (2) The Board of Directors shall give to the Minister such information or advice as he may require as to the performance of its functions under this Law. (3) When the Board of Directors determines that compliance with such a direction would be commercially or otherwise unsound the Board of Directors shall not be under any duty to comply with it until the Cabinet has given the Board of Directors a written undertaking that the Government will reimburse the Board of Directors for any losses incurred in relation to that compliance.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_13\", \"num\": \"13.\", \"text\": \"Powers of Bank 13. (1) For the purposes of carrying out its functions, the Bank may \u2014 (a) enter into contracts and other agreements, including agreements for the occupation or management of premises by the Bank; (b) provide an advisory service to give advice and disseminate information about matters relating to \u2014 (i) housing, mortgage finance and the maintenance of dwellings; (ii) courses of education; and (iii) agricultural, industrial and tourism development and investment; Development Bank Law (2018 Revision) (c) make such charges, as the Bank may determine, for the provision of any service provided under paragraph (b); and (d) borrow money and otherwise raise capital in accordance with section 16. (2) To the extent necessary for the undertaking of any functions approved by the Cabinet under section 9(2)(j), the Bank may \u2014 (a) acquire, hold, manage and dispose of land and other property; (b) lay out, construct, repair and maintain buildings, and provide, repair and maintain amenities and facilities the Bank determines are necessary or desirable for the occupation of dwellings; and (c) acquire the property, rights and liabilities of a person, company or other body which is engaged in an agricultural or industrial business, and carry on that business. (3) The Bank shall not grant a loan \u2014 (a) to a director of the Board or a member of the Legislative Assembly; (b) to a body corporate or an unincorporated body controlled by any director of the Board or any member of the Legislative Assembly; or (c) to the immediate family of any director of the Board or any member of the Legislative Assembly. (3A) The following persons are prohibited from acting as a personal guarantor in support of a loan from the Bank \u2014 (a) a Member of the Legislative Assembly; (b) a Member of the Board of Directors; or (c) a senior employee of the Bank. (4) In this section \u2014 \u201cimmediate family\u201d means spouse, son and daughter. Finances of Bank\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_14\", \"num\": \"14.\", \"text\": \"Authorised capital 14. (1) The authorised capital of the Bank shall be fifty million dollars and may be increased, from time to time, by regulations made by the Cabinet. (2) On the establishment of the Bank, such portion of the authorised capital as the Cabinet may decide shall be subscribed and paid up by Government, and shall be held on behalf of the Government by the person nominated by order by the Cabinet for the time being. Development Bank Law (3) The paid up portion of the authorised capital shall not be less than three per cent of the authorised capital and may be increased from time to time by such amount as the Cabinet may approve.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_15\", \"num\": \"15.\", \"text\": \"Funds of Bank 15. (1) The funds available for the purpose of enabling the Bank to perform its functions under this Law shall consist of \u2014 (a) equity capital; (b) such sums as may be provided for those purposes in the estimates of revenue and expenditure of the Islands; (c) money borrowed and capital obtained by the Bank under section 16; (d) funds received by the Bank in relation to arrangements for all lending programmes, including the repayment of loans and interest, charges and fees; (e) such sums as may be received by the Bank in relation to any functions carried on under section 9; and (f) any other funds received by or made available to the Bank under and in accordance with this Law. (2) The Bank may invest such of its funds as are not required for the exercise of its functions under this Law.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_16\", \"num\": \"16.\", \"text\": \"Power to borrow 16. (1) For the purposes of financing any of its functions under this Law, and with the approval of the Cabinet, the Bank may \u2014 (a) borrow money or otherwise raise capital; (b) obtain and provide credit; (c) give, take or arrange security; and (d) issue bonds and debentures. (2) An approval given by the Cabinet under subsection (1) may be limited by such conditions in respect of any borrowing, credit or security as the Cabinet thinks fit.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_17\", \"num\": \"17.\", \"text\": \"Government guarantee 17. (1) Subject to subsections (2) to (5), the Cabinet may guarantee, in such manner and on such conditions as he thinks fit, the repayment of the principal of, the payment of interest on and the discharge of any other financial obligation in connection with, any sums which the Bank may borrow in exercise of its powers under section 16. Development Bank Law (2018 Revision) (2) A guarantee under this section shall not be given unless a statement of the proposed guarantee has been laid before the Legislative Assembly and a resolution approving that statement has been passed by the Legislative Assembly. (3) After a guarantee is given under this section, a statement of the guarantee shall be laid before the Legislative Assembly; and, where any sum is issued for fulfilling a guarantee so given, the Minister shall, as soon as possible after the end of each financial year (beginning with that in which the sum is issued and ending with that in which all liability in respect of the principal of the sum and in respect of interest on the sum is finally discharged), lay before the Legislative Assembly a statement relating to that sum. (4) Any sums required by the Cabinet for fulfilling a guarantee under this section shall be charged on and issued out of the revenues of the Islands. (5) If any sums are issued in fulfilling a guarantee given under this section, the Bank shall make to the revenues of the Islands, at such times and in such manner as the Cabinet may from time to time direct, payments of such amounts as the Cabinet may so direct in or towards repayment of the sums so issued and payments of interest, at such rate as the Cabinet may so direct, on what is outstanding for the time being in respect of sums so issued.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_18\", \"num\": \"18.\", \"text\": \"Delegation of power to give guarantee 18. (1) The Cabinet may delegate to the Financial Secretary, either generally or as otherwise provided by the instrument of delegation, the power to give a guarantee under section 17, but such delegation shall not include this power of delegation. (2) The Financial Secretary shall exercise any power delegated under subsection (1) in accordance with section 17. (3) A delegation under subsection (1) may be made subject to such conditions and exceptions as may be prescribed in the instrument of delegation and may be revoked or varied by a subsequent instrument. (4) The Cabinet may exercise the power to give a guarantee notwithstanding that it has delegated its exercise under this section.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_19\", \"num\": \"19.\", \"text\": \"Limitation on borrowing activities 19. The aggregate of the liabilities of the Bank outstanding at any one time including bonds and debentures issued by the Bank shall not, without the written approval of the Cabinet, exceed the amount of the authorised capital or such sum as may be provided for in regulations made under section 31. Development Bank Law\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_20\", \"num\": \"20.\", \"text\": \"Reserve fund 20. The Bank shall establish and maintain a reserve fund to which shall be allocated at the end of its financial year not less than twenty per cent of the net income for that financial year whenever the total amount standing to the credit of such reserve is less than the paid-up portion of the authorised capital of the Bank.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_21\", \"num\": \"21.\", \"text\": \"Accounts 21. (1) The Bank shall (a) keep proper accounting records in accordance with generally accepted accounting principles; and (b) prepare a statement of accounts in respect of each financial year. (2) The statement of accounts shall give a true and fair view of the state of the Bank\u2019s affairs at the end of the financial year and of its income and expenditure in the financial year. (3) The statement of accounts shall be audited annually by an auditor who shall be a chartered accountant, a certified public accountant, a firm of professional qualified accountants or other professionally qualified accountant appointed by the Board, after consultation with the Authority. (4) The Bank shall give to the auditor on request (a) access to all books, documents, and records (including any held by means of computer), and copies of any such items; (b) all such information as the auditor may request and which is within the Bank\u2019s knowledge and capabilities; and (c) copies of the statement of accounts for any previous financial year. (5) The auditor shall complete his audit and send to the Board copies of his report on the statement of accounts and the Board shall submit the auditor\u2019s report annually to the Minister, the Authority and the Financial Secretary within three months of the end of the financial year together with an audited balance sheet and income and expenditure accounts as at the close of the previous financial year. (6) Every period of twelve months beginning on the 1st January in one year and ending with the 31st December in the next year shall be a financial year of the Bank.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_22\", \"num\": \"22.\", \"text\": \"Annual report 22. (1) As soon as possible after the end of any financial year, and in any event not later than seven months after the end of that year, the Bank shall prepare and submit to the Minister a report, in a form which he has approved, of what has been done in the discharge of the Bank\u2019s functions in that year. Development Bank Law (2018 Revision) (2) The Minister shall, as soon as is practicable, lay before the Legislative Assembly copies of the report for any financial year made under subsection (1) together with copies of the statement of accounts and of the auditor\u2019s certificate for that year. Regulation by Monetary Authority\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_23\", \"num\": \"23.\", \"text\": \"Regulation by Monetary Authority 23. (1) The Bank shall be regulated by the Monetary Authority as provided in this Law. (2) The Bank shall at all times, as may be specified by the Authority, furnish to the Authority such returns in respect of such of its business as the Authority may specify in writing and in such form as the Authority may reasonably require. (3) Within three months of the end of the financial year of the Bank, the Bank shall forward to the Authority an auditor\u2019s certificate of the existence of adequate procedures to ensure compliance with the Anti-Money Laundering Regulations (2018 Revision) and any Code of Practice which may be issued under sections 113 or 180 of the Proceeds of Crime Law (2018 Revision). (4) The Authority may summon the auditor or any former auditor of the Bank for the purpose of making enquiries into the operations and financial position of the Bank. (5) Where an auditor is summoned under subsection (4), the Authority shall, in writing, notify the Bank, which shall have the right to attend any meeting held by the Authority with the auditor. (6) Whenever the Authority thinks fit, it shall examine the affairs or business of the Bank for the purpose of satisfying itself that this Law has been or is being complied with, and that the Bank is in a sound financial position and is carrying on its business in a satisfactory manner. (7) The Authority shall assist in the investigation of any offence against the laws of the Islands which the Authority has reasonable grounds to believe has or may have been committed by the Bank or by any of its directors or officers in their capacity as such. (8) In the performance of its functions under this Law and subject to the Monetary Authority Law (2018 Revision), the Authority is entitled at all reasonable times \u2014 (a) to have access to such books, records, vouchers, documents, cash and securities of the Bank; and (b) to request such information, matter or thing from any director or officer of the Bank or any similar person, for such information or explanation as Development Bank Law the Authority may reasonably require for the purpose of enabling it to perform its functions under this Law, and such information shall be provided in such form as the Authority may reasonably require. (9) If it appears to the Authority that there is reasonable ground for suspecting that an offence against this Law has been or is being committed by the Bank or any director or officer of the Bank, the Authority may, with the approval of the court, take such action as it considers necessary, in the interest of the customers of the Bank to preserve any assets held by the Bank. (10) Whoever fails to comply with any requirement under subsection (8) by the Authority is guilty of an offence and liable on summary conviction to a fine of five thousand dollars and to imprisonment for six months.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_24\", \"num\": \"24.\", \"text\": \"Power of Authority in relation to Bank 24. (1) Whenever the Authority is of the opinion that \u2014 (a) the Bank is or appears likely to become unable to meet its obligations as they fall due; (b) the Bank is carrying on business in a manner detrimental to the public interest or the interest of its customers or creditors; (c) the Bank has contravened this Law; or (d) there has been or is, on the part of the Bank, its directors or officers, a failure to satisfy any one or more of the criteria of the management requirements set out under this Law, the Authority may forthwith \u2014 (i) impose conditions upon the Bank and may amend or revoke any such condition; (ii) recommend to the Cabinet that a director or officer of the Bank be substituted; (iii) at the expense of the Bank, appoint a person to advise the Bank on the proper conduct of its affairs, and to report to the Authority thereon within three months of the date of his appointment; and (iv) require such action to be taken by the Bank as the Authority considers necessary. (2) A person appointed under subsection (1)(iii) or whose appointment has been extended under subsection (3)(b) shall from time to time at his discretion and, in any case, within three months of the date of his appointment or of the extension of his appointment (as the case may be), prepare and furnish a report to the Authority of the affairs of the Bank and of his recommendations thereon. Development Bank Law (2018 Revision) (3) On receipt of a report under subsection (2), the Authority may \u2014 (a) advise the Cabinet to revoke the appointment of the person appointed under subsection (1)(iii); (b) extend the period of his appointment; (c) subject to such conditions as the Authority may impose, allow the Bank to reorganise its affairs in a manner approved by the Authority; or (d) request that the Bank be wound up, and the Bank shall comply with such request.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_25\", \"num\": \"25.\", \"text\": \"Power of search 25. (1) If a Magistrate or Justice of the Peace is satisfied by information on oath given by the Authority that \u2014 (a) there is reasonable ground for suspecting that an offence against this Law has been or is being committed and that evidence of the commission of the offence is to be found at any premises specified in the information, or in any vehicle, vessel or aircraft so specified; or (b) any books, records, vouchers, documents, cash or securities which ought to have been produced under section 23 and have not been produced are to be found at any such premises or in any such vehicle, vessel or aircraft, he may grant a search warrant authorising the Authority or any constable of the rank of Inspector or above, together with any other person named in the warrant and any other constables to enter the premises specified in the information or, as the case may be, any premises upon which the vehicle, vessel or aircraft so specified may be, at any time within one month from the date of the warrant, and to search such premises or, as the case may be, such vehicle, vessel or aircraft. (2) The person authorised by any such warrant to search any premises or any vehicle, vessel or aircraft may search every person who is found in or whom he has reasonable grounds to believe to have recently left or to be about to enter those premises or that vehicle, vessel or aircraft, as the case may be, and may seize any books, records, vouchers, documents, cash or securities found in the possession of any such person or in such premises or in such vehicle, vessel or aircraft which he has reasonable grounds for believing ought to have been produced under section 23. (3) No female shall, in pursuance of any warrant issued under this section, be searched except by a female. (4) Where, under this section, a person has any power to enter any premises, he may use such force as is reasonably necessary for the purpose of exercising that power. Development Bank Law (5) Whoever obstructs the Authority or any other person in the exercise of any powers conferred under this section is guilty of an offence and liable on summary conviction to a fine of five thousand dollars and to imprisonment for six months. General and Supplementary\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_26\", \"num\": \"26.\", \"text\": \"Liabilities of members and insurance 26. (1) No personal liability shall attach to a director, a member of any committee of the Board or an officer of the Bank in respect of anything done, or omitted to be done in good faith, under this Law. (2) The Bank may purchase and maintain for a director, a member of any committee of the Board or an officer of the Bank, insurance against a liability which by virtue of this Law would otherwise attach to such person in respect of any negligence, default, breach of duty or breach of trust of which he may be guilty in relation to the Bank.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_27\", \"num\": \"27.\", \"text\": \"Restrictions on disclosure of information 27. (1) No information with respect to any particular individual or particular undertaking (other than the undertaking of the Bank) shall, without the consent of the individual or undertaking, be included in any report laid before the Legislative Assembly under this Law. (2) No information obtained by any person in the exercise of any power conferred by or under this Law on the Bank or the Board shall be disclosed by him: Provided that nothing in this subsection shall restrict the disclosure of information \u2014 (a) made for the purpose of legal proceedings (including arbitration), or for the purpose of any report of such proceedings; (b) if, and in so far as, the disclosure is required or authorised by this Law or by the Monetary Authority Law (2018 Revision); (c) with the consent of the person by whom the information was furnished; and (d) in the form of a summary of similar returns or information by or obtained from a number of persons, being a summary so framed as not to enable particulars relating to any one person or undertaking to be ascertained from it. (3) Whoever discloses any information in contravention of subsection (2) is guilty of an offence and liable on summary conviction to a fine of ten thousand dollars and to imprisonment for one year, and on conviction on indictment to a fine of fifty thousand dollars and to imprisonment for three years. Development Bank Law (2018 Revision)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_28\", \"num\": \"28.\", \"text\": \"Exemptions 28. (1) The Stamp Duty Law (2013 Revision) shall not apply to the Bank in the exercise of its functions under this Law, or to any certificate, receipt, instrument, or other document issued by the Bank. (2) The Trade and Business Licensing Law (2018 Revision) and the Banks and Trust Companies Law (2018 Revision) shall not apply to the Bank in the exercise of its functions under this Law. (3) A reference to a Law in this section shall be construed as a reference to that Law as from time to time amended, consolidated, reissued or re-enacted.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_29\", \"num\": \"29.\", \"text\": \"Application of loans 29. (1) Where the Bank has made a loan under this Law it shall \u2014 (a) from time to time, make or cause to be made such examination as may be necessary to ensure that the loan is being applied to the purpose for which it was made, and for this purpose may authorise in writing any of its officers or any other person to make the examination, and an officer or person so authorised shall be entitled to demand the production of all such books, documents and other matters and things as he may consider necessary for the purpose of making the examination; and (b) require financial statements in such detail as it may be determined to be submitted by the person in receipt of the loan biannually or at shorter intervals at the discretion of the Bank. (2) Whoever fails to submit any financial statement or to produce any book, document or other matter or thing demanded in accordance with subsection (1) is guilty of an offence. (3) Where, upon an examination made under paragraph (a) of subsection (1) it appears to the Bank that (a) any sum, being the whole or any part of the loan, has not been applied to the purpose for which the loan was made; or (b) any condition imposed in respect of the loan is not being complied with, it may (without prejudice to any other power or remedy) order that the whole or any part of the loan be applied to the purpose specified in the order, within the time so specified, or that such sum together with any interest due be repaid to the Bank at the expiration of the time specified in the order. (4) If any such loan has been secured by mortgage or otherwise, and the borrower defaults in complying with the order made in accordance with subsection (3), the Bank may, by notice in writing addressed to the borrower, demand repayment of the loan or any part of the loan on such date as is specified in the notice together with the payment of all interest, fees and charges due on the sum demanded at the date of the notice; and, in default of payment on the Development Bank Law specified date, the Bank may sell all or part of the land or other assets mortgaged for the purpose of the loan and take steps to enforce any other security provided by the borrower for the purpose of the loan. (5) Where any security for a loan under this Law is sold for the purpose of the enforcement of the security the Bank may acquire the whole or part of the property concerned and may hold and manage that property.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_30\", \"num\": \"30.\", \"text\": \"Offences and time limit for prosecutions 30. (1) Whoever \u2014 (a) for the purpose of obtaining a loan or other payment from the Bank for himself or for another, knowingly or recklessly makes a statement which is false or misleading in a material respect; (b) applies any loan or other payment made to him by the Bank for a purpose other than that for which the loan or payment was made; or (c) knowingly or recklessly jeopardises the security given in relation to a loan or payment made to him by the Bank, is guilty of an offence and liable on summary conviction to a fine of five thousand dollars and to imprisonment for two years. (2) Notwithstanding anything in any other enactment, proceedings for an offence under this Law may, subject to subsection (3), be commenced within the period of six months from the date on which evidence sufficient in the opinion of the prosecutor to warrant the proceedings came to his knowledge. (3) No such proceedings shall be commenced by virtue of this section more than three years after the commission of the offence. (4) For the purposes of this section, a certificate signed by or on behalf of the prosecutor and stating the date on which evidence sufficient in his opinion to warrant the proceedings came to his knowledge shall be conclusive evidence of that fact. (5) A certificate stating that matter and purporting to be so signed shall be deemed to be so signed unless the contrary is proved.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_31\", \"num\": \"31.\", \"text\": \"Regulations 31. The Cabinet may make regulations prescribing anything which may be or is required to be prescribed under this Law.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_32\", \"num\": \"32.\", \"text\": \"Policy guidelines 32. (1) The Bank may formulate policy guidelines and procedures that it considers necessary or expedient for the purpose of enabling it to carry out its functions under this Law. Development Bank Law (2018 Revision) (2) Without prejudice to the generality of subsection (1), the policy guidelines made by the Bank may make provision \u2014 (a) governing the proceedings of the Bank and the manner and transaction of its business; (b) prescribing the limits of net worth of borrowers in respect of certain categories of loans, the limits within which loans may be made, the methods of disbursement, and of securing loans made under this Law; (c) prescribing the periods within which loans made under this Law shall be repayable; (d) prescribing the manner in which documents, cheques and instruments of any description shall be signed or executed on behalf of the Bank or by other parties in transactions in connection with the Bank\u2019s exercise of its functions; (e) prescribing the circumstances in which officers may receive travelling and subsistence allowances and fixing the rates of such allowances; and (f) imposing fees in such cases as may be determined by the Bank.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_33\", \"num\": \"33.\", \"text\": \"Power of Bank to appoint a receiver 33. (1) Notwithstanding that a loan granted or guaranteed by the Bank may not have been secured, the Bank may, if a borrower defaults in respect of a loan granted or guaranteed by the Bank, appoint a receiver in respect of the business in connection with which the loan was granted or guaranteed, and a receiver so appointed shall have the powers of a receiver prescribed by or under this Law. (2) A person appointed by the Bank to be a receiver shall also be the manager of the business in respect of which the loan was granted or guaranteed, and the effect of such an appointment shall be the same as if the person had been appointed by the court to be a receiver and manager of the business. (3) No person appointed by the Bank to be a receiver or a receiver and a manager shall be considered to be an officer of the court.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_34\", \"num\": \"34.\", \"text\": \"Transitional provisions 34. The transitional provisions set out in the Third Schedule shall have effect. Development Bank Law (2018 Revision) FIRST SCHEDULE FIRST SCHEDULE (section 4) CAYMAN ISLANDS DEVELOPMENT BANK Board of Directors Appointment and tenure of directors 1. Prior to appointing any person to be a director of the Board, the Cabinet shall be satisfied that the person will have no financial or other interest likely to affect prejudicially the exercise of that person\u2019s functions as a director, and the Cabinet may require a person whom the Cabinet proposes to appoint to give to the Cabinet such information as the Cabinet considers necessary for that purpose. 2. (1) The Cabinet shall appoint \u2014 (a) two directors of the Board who, in the opinion of the Cabinet, are persons qualified for appointment as having had experience and shown capacity in financial management and administration or law or who, are persons qualified for appointment as having had experience and shown capacity in matters relating to the Bank\u2019s functions; and (b) five directors of the Board who, in the opinion of the Cabinet, are persons qualified for appointment as having had experience and shown capacity respectively in \u2014 (i) accounting; (ii) banking; (iii) finance; (iv) economics; and (v) industry. (2) The Cabinet shall appoint one of the two directors appointed under subparagraph (1) (a) as chairman of the Board and the other such director as deputy chairman. (3) A member of the Legislative Assembly shall not be eligible for appointment as a director. 3. The general manager shall be present at each meeting of the Board unless \u2014 (a) he has obtained leave of absence from the chairman; or (b) he is incapacitated by illness. 4. (1) The directors of the Board shall hold and vacate office in accordance with the terms of their appointment, subject to the following provisions. FIRST SCHEDULE Development Bank Law (2) A director may be appointed to hold office for a term not exceeding two years. (3) A director shall be eligible for reappointment but shall not hold office for more than four consecutive years. (4) A director may at any time, by notice in writing addressed to the Minister, resign his office. (5) The Cabinet may terminate a person\u2019s appointment as a director of the Board if he is satisfied that \u2014 (a) he has been adjudged bankrupt; (b) he is incapacitated by reason of physical or mental illness; (c) he has been absent from meetings of the Board for a period longer than three consecutive months without the consent of the chairman of the Board; or (d) he is otherwise unable or unfit to discharge the functions of a member of the Board or is unsuitable to continue as director. (6) Where any director ceases to be a director before the normal expiration of his office, the Cabinet, in accordance with this Law, may appoint another person to hold that office until the time that the director\u2019s office would have expired. Disclosure of interests 5. (1) Where a director or a member of any committee of the Board is in any way directly or indirectly interested in \u2014 (a) a proposal made or proposed to be made to the Bank or that committee in connection with the making of any grant or loan under this Law; or (b) a contract made or proposed to be made by the Bank, he shall disclose the nature of his interest at a meeting of the Board or the committee as soon as possible after the relevant circumstances have come to his knowledge. (2) Any disclosure so made by such a director shall be recorded in the minutes of the meeting at which it is made, and the director making it shall not vote on the matter and, unless the Board otherwise directs, such director shall not be present at, or take part in the proceedings of, any meeting at which the contract or proposal is being discussed or decided by the Board. Proceedings 6. (1) The Board shall meet at least once every three months and at such other times as may be necessary or expedient for the transaction of the business of the Bank, and such meetings shall be held at such place and time and on such days as the Board may, from time to time, determine. Development Bank Law (2018 Revision) FIRST SCHEDULE (2) The chairman shall call a meeting of the Board if so directed by the Minister or if requested to do so in writing by three directors; and such a direction or request must include a statement of the agenda proposed for the meeting. (3) If the chairman refuses to convene a special meeting of the Board upon request or neglects to convene the meeting as requested, a meeting of the Board may be convened by the directors making the request. (4) Subject to subparagraphs (5) and (6), chairman shall preside at all meetings of the Board. (5) In the absence of the chairman, the deputy chairman shall preside and perform the functions of the chairman. (6) In the absence of both the chairman and the deputy chairman, the directors present shall elect one of their number to preside and perform the functions of chairman of the meeting provided there is a quorum. (7) In the case of an equality of votes at any meeting, the person who is chairman at that meeting shall have a second or casting vote. 7. Subject to paragraph 6, the quorum of the Board and of any committee of the Board shall be a simple majority of the directors appointed for the time being to the Board or committee. 8. The validity of any proceedings of the Board shall not be affected by any vacancy among the directors of the Board or by any defect in the appointment or any disqualification of any of the directors of the Board. Committees of Board 9. (1) For the purpose of advising or assisting the Board in the performance of any of its functions, the Board may appoint such committee as the Board determines is appropriate. (2) Each committee appointed by the Board shall consist of at least two directors of the Board together with such other persons as the Board determines is appropriate for the purpose in respect of which the committee is appointed. (3) On receipt of advice from any of its committees the Board shall decide whether or not to adopt that advice, in whole or in part or with such modifications (including additions) as the Board thinks fit. Remuneration, etc., of directors 10. (1) The Bank may pay to its directors and the members of any of its committees such remuneration (whether by salary or fees) and such reasonable allowances in respect of expenses properly incurred by them in the performance of their duties, as the Bank may, with the prior consent of the Cabinet, determine. FIRST SCHEDULE Development Bank Law (2) In this paragraph \u2014 \u201cmembers\u201d, in respect of members of any committee of the Board, includes members of a committee who are not also directors of the Board. Authentication and authenticity of documents 11. (1) The application of the seal of the Bank shall be authenticated by the signature of the Chairman, or some other director authorised by the Board to do so on its behalf, together with the signature of some other member, officer or servant of the Bank so authorised. (2) All instruments, contracts and other documents issued by the Bank, other than those required by law to be under seal, and all decisions of the Bank, shall be signed by the chairman or some other member, officer or servant of the Bank authorised to do so on its behalf. (3) Minutes of the proceedings of each meeting of the Board and each meeting of a committee of the Board shall be kept in such form as the Board determines, and shall be confirmed as soon as practicable at the next following meeting of the Board or that committee by the chairman of the Board or other person who presided at the meeting at which the minutes were taken. (4) Any document purporting to be an instrument issued by the Bank, and to be sealed or signed on behalf of the Bank in accordance with this paragraph, shall be received in evidence and shall be deemed to be such an instrument without further proof unless the contrary is shown. Use of Government facilities 12. In carrying out its functions under this Law, the Bank may, with the approval of the Cabinet, enter into arrangements with any department of the Government for the use of the personnel, facilities and services of that department to any extent not incompatible with that department\u2019s operation. Development Bank Law (2018 Revision) SECOND SCHEDULE SECOND SCHEDULE (section 9) POWERS AND FUNCTIONS OF AGRICULTURAL AND INDUSTRIAL DEVELOPMENT BOARD AND HOUSING DEVELOPMENT CORPORATION HEREBY TRANSFERRED TO AND VESTED IN BANK 1. Former powers and functions of Agricultural and Industrial Development Board \u2014 (a) promoting the carrying on of agricultural and industrial activities by bodies or individuals, and for that purpose to establish, expand or promote the establishment of such activities either under the control, partial or otherwise, of the Agricultural and Industrial Development Board or independently and giving assistance to such bodies or individuals appearing to such Board to have facilities for the carrying on of any such activities, including financial assistance by the taking up of share or loan capital, direct loan or the issuing of a guarantee or otherwise; (b) entering into such arrangements as it thinks fit to assist suitable persons to pursue such courses of education as may be approved by the Education Council established by section 7 of the Education Law, 2016 [Law 48 of 2016]; (c) carrying on any such activities in association with other bodies or persons (including Government authorities) or as managing agents or otherwise on their behalf; (d) entering into any transaction (whether or not involving expenditure, borrowing, granting of loans or guarantees or investment of money) and acquiring or disposing of property or rights calculated to facilitate the proper discharge of its functions; (e) appointing such agents as the Agricultural and Industrial Development Board may consider necessary; (f) paying any fees, expenses, costs, or other expenditure properly incurred or accepted by it in the discharge of its functions; (g) exercising such other like powers as the Cabinet may, from time to time, confer upon it by notice published in the Gazette; and (h) exercising such supplementary powers as may be necessary or expedient in achieving the above. 2. Former powers and functions of the Housing Development Corporation \u2014 (a) acquiring, managing and disposing of land; (b) directly, or through other persons or the Government, laying out, constructing and maintaining buildings and carrying out such other SECOND SCHEDULE Development Bank Law building and engineering operations as may appear to it to be necessary or desirable in, over or under land; (c) carrying on any business or undertaking for housing development; (d) making arrangements with other persons for the purpose of enabling them to provide housing or finance therefor; (e) engaging in any other activity designed to promote housing development; (f) providing, and making available for purchase, leasing or renting, houses of all kinds; (g) making available moneys for the purpose of financing the building and acquisition of houses upon such terms and conditions as the Housing Development Corporation may decide; (h) carrying on any business incidental or conducive to the achievement of any of the functions of the Housing Development Corporation, including but not limited to the business of builders, contractors, insurers, real estate managers and land agents; and (i) carrying out periodic surveys for the information of the Minister into \u2014 (i) the housing requirements of the Islands; (ii) sources of funding for mortgage finance in the Islands; and (iii) improved and less costly methods of house construction. Development Bank Law (2018 Revision) THIRD SCHEDULE THIRD SCHEDULE (section 34) Transitional Provisions Transfer of property, rights and liabilities 1. As at the 1st March, 2002 \u2014 (a) all lands and property of every kind vested immediately before that date in the Agricultural and Industrial Development Board and the Housing Development Corporation are transferred to and vested in the Bank in the same manner and for the same estate as previously held by such Board and Corporation; (b) all rights, powers, privileges and advantages and all liabilities and other obligations to which immediately before that date the Agricultural and Industrial Development Board and the Housing Development Corporation are entitled or subject as the case may be are transferred to and conferred or imposed upon the Bank for the purpose of this Law. 2. Any reference in any deed, contract, hypothecation, obligation, security or other document to the Agricultural and Industrial Development Board and the Housing Development Corporation shall, from that date, be construed as a reference to the Bank. 3. Without limiting the generality of paragraph 1, all monies and other assets standing immediately prior to that date to the credit of the Agricultural and Industrial Development Board and the Housing Development Corporation in relation to any loans or loan agreements made by the Agricultural and Industrial Development Board and the Housing Development Corporation shall be deemed to be transferred to and are vested in the Bank, and the right to recover and receive all monies due to the Agricultural and Industrial Development Board and the Housing Development Corporation in connection with or in relation to the said loans and loan agreements immediately prior to that date or which would hereafter become due to the said bodies had this Law not come into operation shall be deemed to be transferred to and is hereby vested in the Bank. Transfer of contracts of employment 4. Every person employed by the Agricultural and Industrial Development Board and the Housing Development Corporation before that date shall, with effect from that date, be deemed to be appointed to the Bank on the same terms and conditions as those on which that person was employed by the former Board and Corporation respectively, and such person\u2019s employment shall be deemed for all purposes to be continuing uninterrupted employment. THIRD SCHEDULE Development Bank Law Pension schemes 5. Any pension scheme maintained by the Agricultural and Industrial Development Board and the Housing Development Corporation immediately before that date shall be deemed to be a pension scheme provided by the Bank under section 5(4)(c) of this Law and shall continue to be maintained accordingly. References in enactments and instruments 6. Any enactment or other instrument passed or made before that date shall have effect as if any reference to the Agricultural and Industrial Development Board and the Housing Development Corporation were a reference to the Bank. Effect of repeals 7. Anything done by or in relation to the Agricultural and Industrial Development Board and the Housing Development Corporation and having effect immediately before that date shall, so far as is required for continuing its effect thereafter, be treated as if it had been done by or in relation to the Bank; and anything then in the process of being done by or in relation to the Agricultural and Industrial Development Board or the Housing Development Corporation (including any legal proceedings then pending to which either of those bodies are a party) may be continued by or in relation to the Bank. Statutory Accounts 8. The period beginning with the 1st January preceding the date of the transfer referred to in paragraph 1 of this Schedule and ending with the day before the date of that transfer shall be the last financial year of the Agricultural and Industrial Development Board, and the period beginning with the 1st July preceding the date of the transfer referred to in paragraph 1 of this Schedule and ending with the day before the date of that transfer shall be the last financial year of the Housing Development Corporation. Land Registration 9. (1) This paragraph applies where any registered land in the Islands is transferred under paragraph 1 of this Schedule. (2) The transferee shall be entitled to be registered as proprietor in place of the transferor on an application made in that behalf to the Registrar of Lands. (3) On an application under sub-paragraph (2), the transferee shall supply to the Registrar such information and produce to him such documents as he may require for the purpose of enabling him to deal with the application. (4) From the date of the transfer referred to in paragraph 1 of this Schedule, section 117(1) of the Registered Land Law (2018 Revision) shall apply in relation to any person registered in place of the transferor as it applies in relation to any person registered in place of a deceased proprietor, but with the omission of the words \u201cSubject to any restriction on his power of disposing of the land, lease or charge contained in his appointment,\u201d. Development Bank Law (2018 Revision) THIRD SCHEDULE Publication in consolidated and revised form authorised by the Cabinet this 13th day of March, 2018. Kim Bullings Clerk of the Cabinet\", \"element\": \"section\", \"heading\": null}], \"meta\": {\"notes\": null, \"workflow\": null, \"lifecycle\": {\"source\": \"#cilegis\", \"eventRef\": [{\"eId\": \"e_commence_2018_03_16\", \"date\": \"2018-03-16\", \"type\": \"generation\", \"source\": \"#cilegis\"}]}, \"references\": {\"source\": \"#canary\", \"TLCRole\": [], \"TLCEvent\": [{\"eId\": \"ev_commencement\", \"href\": \"\/akn\/ontology\/canary\/event\/commencement\", \"showAs\": \"commencement\"}], \"TLCPerson\": [], \"TLCConcept\": [{\"eId\": \"inForce\", \"href\": \"\/akn\/ontology\/canary\/concept\/temporal\/in-force\", \"showAs\": \"in force\"}], \"TLCProcess\": [], \"TLCLocation\": [], \"TLCOrganization\": [{\"eId\": \"cilegis\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\", \"showAs\": \"Cayman Islands legislation mirror (kyleg)\"}]}, \"temporalData\": {\"source\": \"#cilegis\", \"temporalGroup\": [{\"eId\": \"tg_inforce_2018_03_16\", \"timeInterval\": 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Revision).\n\nOriginally enacted \u2014\n\nLaw 34 of 2001-5th December, 2001\nLaw 20 of 2003-3rd October, 2003\nLaw 30 of 2017-27th March, 2017.\n\nConsolidated and revised this 28th day of February, 2018.\n\nDevelopment Bank Law (2018 Revision)\nArrangement of Sections\n\nc\nRevised as at 28th day of February, 2018\nPage 3\n\nCAYMAN ISLANDS\n\nDEVELOPMENT BANK LAW\n(2018 Revision)\nArrangement of Sections\nSection\nPage\nIntroductory\n5\n1.\nShort title ...................................................................................................................................5\n2.\nDefinitions ..................................................................................................................................5\n\nEstablishment of Cayman Islands Development Bank\n6\n3.\nCayman Islands Development Bank ..........................................................................................6\n\nManagement of Bank\n6\n4.\nBoard of directors ......................................................................................................................6\n5.\nAppointment of senior officers ....................................................................................................7\n6.\nAppointment of legal and other advisers ....................................................................................7\n7.\nFunctions of general manager ...................................................................................................7\n8.\nPower to delegate ......................................................................................................................8\n9.\nFunctions and powers of Bank ...................................................................................................8\n10.\nVesting of land in Bank ............................................................................................................ 10\n11.\nAgricultural and Industrial Development Board and Housing Development Corporation ........... 10\n12.\nDirections by Minister .............................................................................................................. 10\n13.\nPowers of Bank ....................................................................................................................... 10\n\nFinances of Bank\n11\n14.\nAuthorised capital .................................................................................................................... 11\n15.\nFunds of Bank ......................................................................................................................... 12\n16.\nPower to borrow ...................................................................................................................... 12\n17.\nGovernment guarantee ............................................................................................................ 12\n18.\nDelegation of power to give guarantee ..................................................................................... 13\n\nArrangement of Sections\nDevelopment Bank Law\n\nPage 4\nRevised as at 28th day of February, 2018\nc\n\n19.\nLimitation on borrowing activities ............................................................................................. 13\n20.\nReserve fund ........................................................................................................................... 14\n21.\nAccounts.................................................................................................................................. 14\n22.\nAnnual report ........................................................................................................................... 14\n\nRegulation by Monetary Authority\n15\n23.\nRegulation by Monetary Authority ............................................................................................ 15\n24.\nPower of Authority in relation to Bank ...................................................................................... 16\n25.\nPower of search ....................................................................................................................... 17\n\nGeneral and Supplementary\n18\n26.\nLiabilities of members and insurance ....................................................................................... 18\n27.\nRestrictions on disclosure of information .................................................................................. 18\n28.\nExemptions .............................................................................................................................. 19\n29.\nApplication of loans.................................................................................................................. 19\n30.\nOffences and time limit for prosecutions .................................................................................. 20\n31.\nRegulations ............................................................................................................................. 20\n32.\nPolicy guidelines ...................................................................................................................... 20\n33.\nPower of Bank to appoint a receiver ........................................................................................ 21\n34.\nTransitional provisions ............................................................................................................. 21\nFIRST SCHEDULE\n23\nCAYMAN ISLANDS DEVELOPMENT BANK\n23\nSECOND SCHEDULE\n27\nPOWERS AND FUNCTIONS OF AGRICULTURAL AND INDUSTRIAL DEVELOPMENT\nBOARD AND HOUSING DEVELOPMENT CORPORATION HEREBY TRANSFERRED TO\nAND VESTED IN BANK\n27\nTHIRD SCHEDULE\n29\nTransitional Provisions\n29\n\nDevelopment Bank Law (2018 Revision)\nSection 1\n\nc\nRevised as at 28th day of February, 2018\nPage 5\n\nCAYMAN ISLANDS\n\nDEVELOPMENT BANK LAW\n(2018 Revision)\nENACTED by the Legislature of the Cayman Islands.\nIntroductory\n1.\nShort title\n1.\nThis Law may be cited as the Development Bank Law (2018 Revision).\n2.\nDefinitions\n2.\nIn this Law \u2014\n\u201cAuthority\u201d means the Cayman Islands Monetary Authority established under\nsection 5(1) of the Monetary Authority Law (2018 Revision) and includes any\nemployee of the Cayman Islands Monetary Authority acting under the\nAuthority\u2019s authorisation;\n\u201cBank\u201d means the Cayman Islands Development Bank established under\nsection 3;\n\u201cBoard\u201d means the Board of directors of the Bank as constituted under\nthis Law;\n\u201cCourt\u201d means the Grand Court;\n\u201cdirector\u201d means a director of the Board;\n\u201centerprise\u201d means an agricultural enterprise, an industrial enterprise, a\ntourism enterprise, an educational enterprise, a housing enterprise, a fishing\n\nSection 3\nDevelopment Bank Law\n\nPage 6\nRevised as at 28th day of February, 2018\nc\n\nenterprise, a services enterprise or any other enterprise that may be approved\nfrom time to time by the Minister;\n\u201cindustry\u201d includes any commercial activity, and \u201cindustrial\u201d has a\ncorresponding meaning; and\n\u201cMinister\u201d means the Minister for the time being responsible for the Bank.\nEstablishment of Cayman Islands Development Bank\n3.\nCayman Islands Development Bank\n3.\n(1) There is established in accordance with this Law a body corporate called the\nCayman Islands Development Bank having perpetual succession and a\ncommon seal and which shall in its corporate name be capable of entering into\ncontracts, of suing and of being sued, or acquiring, holding, mortgaging,\nleasing and otherwise disposing of all kinds of property movable or\nimmovable.\n(2) The principal office of the Bank shall be situated in Grand Cayman and the\nBank may establish branch offices elsewhere in the Islands.\n(3) Service upon the Bank of any document shall be executed by delivering or\nsending the document by registered post addressed to the general manager at\nthe principal office.\n(4) It shall be within the capacity of the Bank as a statutory corporation to do such\nthings and to enter into such transactions as are incidental or conducive to the\nperformance of any of its functions under this Law.\nManagement of Bank\n4.\nBoard of directors\n4.\n(1) There shall be a Board of directors of the Bank who, subject to this Law, shall\nbe responsible for the policy of the Bank and the general administration of its\naffairs and business.\n(2) The Board shall consist of \u2014\n(a)\nseven directors appointed by the Cabinet in accordance with the First\nSchedule; and \u2028\n(b) the following ex officio members who shall be non-voting members of\nthe Boardof \u2014\u2028\n(i)\nthe Chief Officer in the Ministry charged with responsibility for the\nBank or that Chief Officer\u2019s designate; and\n(ii) the Financial Secretary or the Financial Secretary\u2019s designate.\n\nDevelopment Bank Law (2018 Revision)\nSection 5\n\nc\nRevised as at 28th day of February, 2018\nPage 7\n\n(3) The First Schedule shall have effect with respect to the Board.\n5.\nAppointment of senior officers\n5.\n(1) The Board shall appoint a general manager who shall be the chief executive\nofficer of the Bank.\n(2) The general manager shall be appointed for such period and on such terms and\nconditions as the Board determines.\n(3) The Board shall appoint officers to be responsible for \u2014\n(a)\nmanaging the loan portfolio and the loan administration process of\nthe Bank;\n(b) managing and recording the funds of the Bank and managing all financial\ntransactions of the Bank; and\n(c)\nestablishing, maintaining and reviewing the internal controls established\nby the Bank in order to assess compliance with the established policies of\nthe Bank.\n(4) The Board may also \u2014\n(a)\nappoint such other officers and servants as it may determine are\nnecessary to enable it to carry out its functions on such terms and\nconditions as it considers necessary;\n(b) pay to its officers and servants such remuneration and allowances as it\nthinks fit; and\n(c)\npay to all officers in respect of them such pensions, or provide and\nmaintain for them such pension schemes, as it so determines subject to\nthe Public Service Pensions Law (2017 Revision).\n(5) The Cabinet may, subject to such conditions as he may impose, approve of the\nappointment of any public officer in the service of Government by way of\nsecondment to any office with the Bank, and any public officer so appointed\nshall, in relation to pension, gratuity or other allowance and to other rights and\nobligations as a public officer, be treated as continuing in the service of the\nGovernment.\n6.\nAppointment of legal and other advisers\n6.\nThe Board may appoint a legal adviser or such other adviser whom the Board\nconsiders necessary for the fulfilment of its functions under this Law.\n7.\nFunctions of general manager\n7.\n(1) The general manager shall \u2014\n(a)\nbe responsible for the proper management of the affairs of the Bank and\nshall be accountable to the Board for the daily administration of\nthe Bank;\n\nSection 8\nDevelopment Bank Law\n\nPage 8\nRevised as at 28th day of February, 2018\nc\n\n(b) be responsible for carrying out the functions of the Bank in accordance\nwith the decisions of the Board;\n(c)\nprovide technical advice and guidance on matters of policy and strategic\nplanning; and\n(d) assign to any other officers and servants of the Bank such duties as he\nmay think fit for the performance of the Bank\u2019s functions.\n(2) In the absence of the general manager, the Board may appoint any person to\nact as general manager upon such terms and conditions as it may determine,\nand any person so appointed may exercise all the powers and duties pertaining\nto the office of the general manager under this Law.\n8.\nPower to delegate\n8.\n(1) Subject to this Law, the Bank may delegate to any director of the Board, to\nany committee appointed by the Board or to the general manager of the Bank\nsuch one or more of the Bank\u2019s functions, together with any powers which the\nBank determines is necessary or expedient to enable that director, committee\nor the general manager to carry out a delegated function as the Bank thinks fit.\n(2) The Bank may not delegate \u2014\n(a)\nits powers to borrow or raise capital;\n(b) its powers to make charges;\n(c)\nits powers to enter into agreements for the occupation or management of\npremises by the Bank; or\n(d) its powers under section 29 or 32.\n(3) Every delegation under this section shall be in writing and shall be revocable\nby the Bank, but no such delegation shall prevent the exercise by the Bank of\nany delegated authority.\n9.\nFunctions and powers of Bank\n9.\n(1) It shall be the function of the Bank to mobilise and provide finance for and\npromote and facilitate the expansion and strengthening of the economic\ndevelopment of the Islands.\n(2) In particular and without prejudice to the generality of subsection (1), the\nBank may \u2014\n(a)\naccept on deposit any funds or any kind of securities from the\nGovernment, a public or statutory authority, a co-operative or friendly\nsociety or any person or body whether within or outside the Islands;\n(b) make all payments duly authorised by a depositor with the Bank;\n(c)\nmake loans or advances or provide any form of credit to the Government,\na public or statutory authority, a co-operative or friendly society or any\n\nDevelopment Bank Law (2018 Revision)\nSection 9\n\nc\nRevised as at 28th day of February, 2018\nPage 9\n\nperson or body within the Islands for the financing of any enterprise or\nproject;\n(d) make loans or advances or provide any form of credit to any enterprise;\n(e)\nprovide any form of assistance to any enterprise whether in the form of\nexpertise or technical or managerial advice or participation in the share\ncapital or management thereof;\n(f)\nprovide finance in order to promote and facilitate development in the\nIslands and the establishment, management, acquisition or disposal of\nany enterprise or business in agriculture, industry, electronic commerce,\ntourism, housing and human resource development;\n(g) provide finance to persons for courses of education (including academic,\ntechnical and vocational training at local and overseas institutions) which\nare considered by the Bank to be beneficial or needed in the Islands;\n(h) promote agricultural, tourism and industrial development and investment\nin the Islands;\n(i)\nprovide finance for the purpose of building and the acquisition of houses,\nfor the improvement of dwellings and for the provision of dwellings for\nletting or for sale by construction, conversion, improvement or otherwise\nupon such terms and conditions as the Bank may decide;\n(j)\nundertake, in the Islands, such other projects and programmes as the\nCabinet may approve;\n(k) undertake and formulate any studies which the Bank considers necessary\nfor the performance of its functions or conducive to any of its functions;\n(l)\nenter into any contract with or act as agent or trustee for or representative\nof the Government or any person, agent or body within or outside the\nIslands; and\n(m) give advice, financial counselling, management consulting and technical\nassistance in relation to any function specified in this subsection.\n(3) In addition to any function or power possessed by the Bank under this or any\nother law, the Bank shall have power, subject to this Law and any regulations\nmade hereunder, to do any thing and to enter into any arrangement or\ntransaction which, in the opinion of the Bank, is necessary to ensure the proper\ndischarge of its functions or powers.\n(4) The powers and functions of the Agricultural and Industrial Development\nBoard and the Housing Development Corporation as set out in the Second\nSchedule are transferred to the Bank.\n(5) In carrying out its functions the Bank shall have regard to \u2014\n(a)\nthe principles of normal accepted development banking practice; and\n\nSection 10\nDevelopment Bank Law\n\nPage 10\nRevised as at 28th day of February, 2018\nc\n\n(b) the economic and commercial merits of any undertaking or activity it\nplans to initiate, assist or develop.\n10.\nVesting of land in Bank\n10. The Governor or the Cabinet may vest in the Bank any land owned by the\nGovernment in accordance with the Governor (Vesting of Lands) Law (2005\nRevision).\n11.\nAgricultural and Industrial Development Board and Housing Development\nCorporation\n11. (1) The Agricultural and Industrial Development Board and the Housing\nDevelopment Corporation are dissolved.\n(2) The Second Schedule shall have effect with respect to the dissolution of the\nAgricultural and Industrial Development Board and the Housing Development\nCorporation and the transfer of powers and functions under section 9(4).\n(3) The powers and functions of the Agricultural and Industrial Development\nBoard and the Housing Development Corporation shall be deemed always to\nhave included the functions of preparing for the enactment of this Law.\n12.\nDirections by Minister\n12. (1) In the exercise of its powers and discharge of its functions, the Bank shall\nconform with any general directions on matters of policy given to it by the\nMinister in the public interest.\n(2) The Board of Directors shall give to the Minister such information or advice as\nhe may require as to the performance of its functions under this Law.\n(3) When the Board of Directors determines that compliance with such a direction\nwould be commercially or otherwise unsound the Board of Directors shall not\nbe under any duty to comply with it until the Cabinet has given the Board of\nDirectors a written undertaking that the Government will reimburse the Board\nof Directors for any losses incurred in relation to that compliance.\n13.\nPowers of Bank\n13. (1) For the purposes of carrying out its functions, the Bank may \u2014\n(a)\nenter into contracts and other agreements, including agreements for the\noccupation or management of premises by the Bank;\n(b) provide an advisory service to give advice and disseminate information\nabout matters relating to \u2014\n(i)\nhousing, mortgage finance and the maintenance of dwellings;\n(ii) courses of education; and\n(iii) agricultural, industrial and tourism development and investment;\n\nDevelopment Bank Law (2018 Revision)\nSection 14\n\nc\nRevised as at 28th day of February, 2018\nPage 11\n\n(c)\nmake such charges, as the Bank may determine, for the provision of any\nservice provided under paragraph (b); and\n(d) borrow money and otherwise raise capital in accordance with section 16.\n(2) To the extent necessary for the undertaking of any functions approved by the\nCabinet under section 9(2)(j), the Bank may \u2014\n(a)\nacquire, hold, manage and dispose of land and other property;\n(b) lay out, construct, repair and maintain buildings, and provide, repair and\nmaintain amenities and facilities the Bank determines are necessary or\ndesirable for the occupation of dwellings; and\n(c)\nacquire the property, rights and liabilities of a person, company or other\nbody which is engaged in an agricultural or industrial business, and carry\non that business.\n(3) The Bank shall not grant a loan \u2014\n(a)\nto a director of the Board or a member of the Legislative Assembly;\n(b) to a body corporate or an unincorporated body controlled by any director\nof the Board or any member of the Legislative Assembly; or\n(c)\nto the immediate family of any director of the Board or any member of\nthe Legislative Assembly.\n(3A) The following persons are prohibited from acting as a personal guarantor in\nsupport of a loan from the Bank \u2014\n(a)\na Member of the Legislative Assembly; \u2028\n(b) a Member of the Board of Directors; or \u2028\n(c)\na senior employee of the Bank. \u2028\n(4) In this section \u2014\n\u201cimmediate family\u201d means spouse, son and daughter.\nFinances of Bank\n14.\nAuthorised capital\n14. (1) The authorised capital of the Bank shall be fifty million dollars and may be\nincreased, from time to time, by regulations made by the Cabinet.\n(2) On the establishment of the Bank, such portion of the authorised capital as the\nCabinet may decide shall be subscribed and paid up by Government, and shall\nbe held on behalf of the Government by the person nominated by order by the\nCabinet for the time being.\n\nSection 15\nDevelopment Bank Law\n\nPage 12\nRevised as at 28th day of February, 2018\nc\n\n(3) The paid up portion of the authorised capital shall not be less than three per\ncent of the authorised capital and may be increased from time to time by such\namount as the Cabinet may approve.\n15.\nFunds of Bank\n15. (1) The funds available for the purpose of enabling the Bank to perform its\nfunctions under this Law shall consist of \u2014\n(a)\nequity capital;\n(b) such sums as may be provided for those purposes in the estimates of\nrevenue and expenditure of the Islands;\n(c)\nmoney borrowed and capital obtained by the Bank under section 16;\n(d) funds received by the Bank in relation to arrangements for all lending\nprogrammes, including the repayment of loans and interest, charges\nand fees;\n(e)\nsuch sums as may be received by the Bank in relation to any functions\ncarried on under section 9; and\n(f)\nany other funds received by or made available to the Bank under and in\naccordance with this Law.\n(2) The Bank may invest such of its funds as are not required for the exercise of\nits functions under this Law.\n16.\nPower to borrow\n16. (1) For the purposes of financing any of its functions under this Law, and with the\napproval of the Cabinet, the Bank may \u2014\n(a)\nborrow money or otherwise raise capital;\n(b) obtain and provide credit;\n(c)\ngive, take or arrange security; and\n(d) issue bonds and debentures.\n(2) An approval given by the Cabinet under subsection (1) may be limited by such\nconditions in respect of any borrowing, credit or security as the Cabinet\nthinks fit.\n17.\nGovernment guarantee\n17. (1) Subject to subsections (2) to (5), the Cabinet may guarantee, in such manner\nand on such conditions as he thinks fit, the repayment of the principal of, the\npayment of interest on and the discharge of any other financial obligation in\nconnection with, any sums which the Bank may borrow in exercise of its\npowers under section 16.\n\nDevelopment Bank Law (2018 Revision)\nSection 18\n\nc\nRevised as at 28th day of February, 2018\nPage 13\n\n(2) A guarantee under this section shall not be given unless a statement of the\nproposed guarantee has been laid before the Legislative Assembly and a\nresolution approving that statement has been passed by the Legislative\nAssembly.\n(3) After a guarantee is given under this section, a statement of the guarantee shall\nbe laid before the Legislative Assembly; and, where any sum is issued for\nfulfilling a guarantee so given, the Minister shall, as soon as possible after the\nend of each financial year (beginning with that in which the sum is issued and\nending with that in which all liability in respect of the principal of the sum and\nin respect of interest on the sum is finally discharged), lay before the\nLegislative Assembly a statement relating to that sum.\n(4) Any sums required by the Cabinet for fulfilling a guarantee under this section\nshall be charged on and issued out of the revenues of the Islands.\n(5) If any sums are issued in fulfilling a guarantee given under this section, the\nBank shall make to the revenues of the Islands, at such times and in such\nmanner as the Cabinet may from time to time direct, payments of such\namounts as the Cabinet may so direct in or towards repayment of the sums so\nissued and payments of interest, at such rate as the Cabinet may so direct, on\nwhat is outstanding for the time being in respect of sums so issued.\n18.\nDelegation of power to give guarantee\n18. (1) The Cabinet may delegate to the Financial Secretary, either generally or as\notherwise provided by the instrument of delegation, the power to give a\nguarantee under section 17, but such delegation shall not include this power of\ndelegation.\n(2) The Financial Secretary shall exercise any power delegated under\nsubsection (1) in accordance with section 17.\n(3) A delegation under subsection (1) may be made subject to such conditions and\nexceptions as may be prescribed in the instrument of delegation and may be\nrevoked or varied by a subsequent instrument.\n(4) The Cabinet may exercise the power to give a guarantee notwithstanding that\nit has delegated its exercise under this section.\n19.\nLimitation on borrowing activities\n19. The aggregate of the liabilities of the Bank outstanding at any one time including\nbonds and debentures issued by the Bank shall not, without the written approval of\nthe Cabinet, exceed the amount of the authorised capital or such sum as may be\nprovided for in regulations made under section 31.\n\nSection 20\nDevelopment Bank Law\n\nPage 14\nRevised as at 28th day of February, 2018\nc\n\n20.\nReserve fund\n20. The Bank shall establish and maintain a reserve fund to which shall be allocated at\nthe end of its financial year not less than twenty per cent of the net income for that\nfinancial year whenever the total amount standing to the credit of such reserve is\nless than the paid-up portion of the authorised capital of the Bank.\n21.\nAccounts\n21. (1) The Bank shall\n(a)\nkeep proper accounting records in accordance with generally accepted\naccounting principles; and\n(b) prepare a statement of accounts in respect of each financial year.\n(2) The statement of accounts shall give a true and fair view of the state of the\nBank\u2019s affairs at the end of the financial year and of its income and\nexpenditure in the financial year.\n(3) The statement of accounts shall be audited annually by an auditor who shall be\na chartered accountant, a certified public accountant, a firm of professional\nqualified accountants or other professionally qualified accountant appointed by\nthe Board, after consultation with the Authority.\n(4) The Bank shall give to the auditor on request\n(a)\naccess to all books, documents, and records (including any held by\nmeans of computer), and copies of any such items;\n(b) all such information as the auditor may request and which is within the\nBank\u2019s knowledge and capabilities; and\n(c)\ncopies of the statement of accounts for any previous financial year.\n(5) The auditor shall complete his audit and send to the Board copies of his report\non the statement of accounts and the Board shall submit the auditor\u2019s report\nannually to the Minister, the Authority and the Financial Secretary within three\nmonths of the end of the financial year together with an audited balance sheet\nand income and expenditure accounts as at the close of the previous\nfinancial year.\n(6) Every period of twelve months beginning on the 1st January in one year and\nending with the 31st December in the next year shall be a financial year of\nthe Bank.\n22.\nAnnual report\n22. (1) As soon as possible after the end of any financial year, and in any event not\nlater than seven months after the end of that year, the Bank shall prepare and\nsubmit to the Minister a report, in a form which he has approved, of what has\nbeen done in the discharge of the Bank\u2019s functions in that year.\n\nDevelopment Bank Law (2018 Revision)\nSection 23\n\nc\nRevised as at 28th day of February, 2018\nPage 15\n\n(2) The Minister shall, as soon as is practicable, lay before the Legislative\nAssembly copies of the report for any financial year made under subsection (1)\ntogether with copies of the statement of accounts and of the auditor\u2019s\ncertificate for that year.\nRegulation by Monetary Authority\n23.\nRegulation by Monetary Authority\n23. (1) The Bank shall be regulated by the Monetary Authority as provided in\nthis Law.\n(2) The Bank shall at all times, as may be specified by the Authority, furnish to\nthe Authority such returns in respect of such of its business as the Authority\nmay specify in writing and in such form as the Authority may reasonably\nrequire.\n(3) Within three months of the end of the financial year of the Bank, the Bank\nshall forward to the Authority an auditor\u2019s certificate of the existence of\nadequate procedures to ensure compliance with the Anti-Money Laundering\nRegulations (2018 Revision) and any Code of Practice which may be issued\nunder sections 113 or 180 of the Proceeds of Crime Law (2018 Revision).\n(4) The Authority may summon the auditor or any former auditor of the Bank for\nthe purpose of making enquiries into the operations and financial position of\nthe Bank.\n(5) Where an auditor is summoned under subsection (4), the Authority shall, in\nwriting, notify the Bank, which shall have the right to attend any meeting held\nby the Authority with the auditor.\n(6) Whenever the Authority thinks fit, it shall examine the affairs or business of\nthe Bank for the purpose of satisfying itself that this Law has been or is being\ncomplied with, and that the Bank is in a sound financial position and is\ncarrying on its business in a satisfactory manner.\n(7) The Authority shall assist in the investigation of any offence against the laws\nof the Islands which the Authority has reasonable grounds to believe has or\nmay have been committed by the Bank or by any of its directors or officers in\ntheir capacity as such.\n(8) In the performance of its functions under this Law and subject to the Monetary\nAuthority Law (2018 Revision), the Authority is entitled at all reasonable\ntimes \u2014\n(a)\nto have access to such books, records, vouchers, documents, cash and\nsecurities of the Bank; and\n(b) to request such information, matter or thing from any director or officer\nof the Bank or any similar person, for such information or explanation as\n\nSection 24\nDevelopment Bank Law\n\nPage 16\nRevised as at 28th day of February, 2018\nc\n\nthe Authority may reasonably require for the purpose of enabling it to\nperform its functions under this Law,\nand such information shall be provided in such form as the Authority may\nreasonably require.\n(9) If it appears to the Authority that there is reasonable ground for suspecting that\nan offence against this Law has been or is being committed by the Bank or any\ndirector or officer of the Bank, the Authority may, with the approval of the\ncourt, take such action as it considers necessary, in the interest of the\ncustomers of the Bank to preserve any assets held by the Bank.\n(10) Whoever fails to comply with any requirement under subsection (8) by the\nAuthority is guilty of an offence and liable on summary conviction to a fine of\nfive thousand dollars and to imprisonment for six months.\n24.\nPower of Authority in relation to Bank\n24. (1) Whenever the Authority is of the opinion that \u2014\n(a)\nthe Bank is or appears likely to become unable to meet its obligations as\nthey fall due;\n(b) the Bank is carrying on business in a manner detrimental to the public\ninterest or the interest of its customers or creditors;\n(c)\nthe Bank has contravened this Law; or\n(d) there has been or is, on the part of the Bank, its directors or officers, a\nfailure to satisfy any one or more of the criteria of the management\nrequirements set out under this Law,\nthe Authority may forthwith \u2014\n(i)\nimpose conditions upon the Bank and may amend or revoke any\nsuch condition;\n(ii) recommend to the Cabinet that a director or officer of the Bank be\nsubstituted;\n(iii) at the expense of the Bank, appoint a person to advise the Bank on\nthe proper conduct of its affairs, and to report to the Authority\nthereon within three months of the date of his appointment; and\n(iv) require such action to be taken by the Bank as the Authority\nconsiders necessary.\n(2) A person appointed under subsection (1)(iii) or whose appointment has been\nextended under subsection (3)(b) shall from time to time at his discretion and,\nin any case, within three months of the date of his appointment or of the\nextension of his appointment (as the case may be), prepare and furnish a report\nto the Authority of the affairs of the Bank and of his recommendations\nthereon.\n\nDevelopment Bank Law (2018 Revision)\nSection 25\n\nc\nRevised as at 28th day of February, 2018\nPage 17\n\n(3) On receipt of a report under subsection (2), the Authority may \u2014\n(a)\nadvise the Cabinet to revoke the appointment of the person appointed\nunder subsection (1)(iii);\n(b) extend the period of his appointment;\n(c)\nsubject to such conditions as the Authority may impose, allow the Bank\nto reorganise its affairs in a manner approved by the Authority; or\n(d) request that the Bank be wound up, and the Bank shall comply with such\nrequest.\n25.\nPower of search\n25. (1) If a Magistrate or Justice of the Peace is satisfied by information on oath given\nby the Authority that \u2014\n(a)\nthere is reasonable ground for suspecting that an offence against this Law\nhas been or is being committed and that evidence of the commission of\nthe offence is to be found at any premises specified in the information, or\nin any vehicle, vessel or aircraft so specified; or\n(b) any books, records, vouchers, documents, cash or securities which ought\nto have been produced under section 23 and have not been produced are\nto be found at any such premises or in any such vehicle, vessel or\naircraft,\nhe may grant a search warrant authorising the Authority or any constable of\nthe rank of Inspector or above, together with any other person named in the\nwarrant and any other constables to enter the premises specified in the\ninformation or, as the case may be, any premises upon which the vehicle,\nvessel or aircraft so specified may be, at any time within one month from the\ndate of the warrant, and to search such premises or, as the case may be, such\nvehicle, vessel or aircraft.\n(2) The person authorised by any such warrant to search any premises or any\nvehicle, vessel or aircraft may search every person who is found in or whom\nhe has reasonable grounds to believe to have recently left or to be about to\nenter those premises or that vehicle, vessel or aircraft, as the case may be, and\nmay seize any books, records, vouchers, documents, cash or securities found\nin the possession of any such person or in such premises or in such vehicle,\nvessel or aircraft which he has reasonable grounds for believing ought to have\nbeen produced under section 23.\n(3) No female shall, in pursuance of any warrant issued under this section, be\nsearched except by a female.\n(4) Where, under this section, a person has any power to enter any premises, he\nmay use such force as is reasonably necessary for the purpose of exercising\nthat power.\n\nSection 26\nDevelopment Bank Law\n\nPage 18\nRevised as at 28th day of February, 2018\nc\n\n(5) Whoever obstructs the Authority or any other person in the exercise of any\npowers conferred under this section is guilty of an offence and liable on\nsummary conviction to a fine of five thousand dollars and to imprisonment for\nsix months.\nGeneral and Supplementary\n26.\nLiabilities of members and insurance\n26. (1) No personal liability shall attach to a director, a member of any committee of\nthe Board or an officer of the Bank in respect of anything done, or omitted to\nbe done in good faith, under this Law.\n(2) The Bank may purchase and maintain for a director, a member of any\ncommittee of the Board or an officer of the Bank, insurance against a liability\nwhich by virtue of this Law would otherwise attach to such person in respect\nof any negligence, default, breach of duty or breach of trust of which he may\nbe guilty in relation to the Bank.\n27.\nRestrictions on disclosure of information\n27. (1) No information with respect to any particular individual or particular\nundertaking (other than the undertaking of the Bank) shall, without the consent\nof the individual or undertaking, be included in any report laid before the\nLegislative Assembly under this Law.\n(2) No information obtained by any person in the exercise of any power conferred\nby or under this Law on the Bank or the Board shall be disclosed by him:\nProvided that nothing in this subsection shall restrict the disclosure of\ninformation \u2014\n(a)\nmade for the purpose of legal proceedings (including arbitration), or for\nthe purpose of any report of such proceedings;\n(b) if, and in so far as, the disclosure is required or authorised by this Law or\nby the Monetary Authority Law (2018 Revision);\n(c)\nwith the consent of the person by whom the information was\nfurnished; and\n(d) in the form of a summary of similar returns or information by or obtained\nfrom a number of persons, being a summary so framed as not to enable\nparticulars relating to any one person or undertaking to be ascertained\nfrom it.\n(3) Whoever discloses any information in contravention of subsection (2) is guilty\nof an offence and liable on summary conviction to a fine of ten thousand\ndollars and to imprisonment for one year, and on conviction on indictment to a\nfine of fifty thousand dollars and to imprisonment for three years.\n\nDevelopment Bank Law (2018 Revision)\nSection 28\n\nc\nRevised as at 28th day of February, 2018\nPage 19\n\n28.\nExemptions\n28. (1) The Stamp Duty Law (2013 Revision) shall not apply to the Bank in the\nexercise of its functions under this Law, or to any certificate, receipt,\ninstrument, or other document issued by the Bank.\n(2) The Trade and Business Licensing Law (2018 Revision) and the Banks and\nTrust Companies Law (2018 Revision) shall not apply to the Bank in the\nexercise of its functions under this Law.\n(3) A reference to a Law in this section shall be construed as a reference to that\nLaw as from time to time amended, consolidated, reissued or re-enacted.\n29.\nApplication of loans\n29. (1) Where the Bank has made a loan under this Law it shall \u2014\n(a)\nfrom time to time, make or cause to be made such examination as may be\nnecessary to ensure that the loan is being applied to the purpose for\nwhich it was made, and for this purpose may authorise in writing any of\nits officers or any other person to make the examination, and an officer or\nperson so authorised shall be entitled to demand the production of all\nsuch books, documents and other matters and things as he may consider\nnecessary for the purpose of making the examination; and\n(b) require financial statements in such detail as it may be determined to be\nsubmitted by the person in receipt of the loan biannually or at shorter\nintervals at the discretion of the Bank.\n(2) Whoever fails to submit any financial statement or to produce any book,\ndocument or other matter or thing demanded in accordance with subsection (1)\nis guilty of an offence.\n(3) Where, upon an examination made under paragraph (a) of subsection (1) it\nappears to the Bank that\n(a)\nany sum, being the whole or any part of the loan, has not been applied to\nthe purpose for which the loan was made; or\n(b) any condition imposed in respect of the loan is not being complied with,\nit may (without prejudice to any other power or remedy) order that the whole\nor any part of the loan be applied to the purpose specified in the order, within\nthe time so specified, or that such sum together with any interest due be repaid\nto the Bank at the expiration of the time specified in the order.\n(4) If any such loan has been secured by mortgage or otherwise, and the borrower\ndefaults in complying with the order made in accordance with subsection (3),\nthe Bank may, by notice in writing addressed to the borrower, demand\nrepayment of the loan or any part of the loan on such date as is specified in the\nnotice together with the payment of all interest, fees and charges due on the\nsum demanded at the date of the notice; and, in default of payment on the\n\nSection 30\nDevelopment Bank Law\n\nPage 20\nRevised as at 28th day of February, 2018\nc\n\nspecified date, the Bank may sell all or part of the land or other assets\nmortgaged for the purpose of the loan and take steps to enforce any other\nsecurity provided by the borrower for the purpose of the loan.\n(5) Where any security for a loan under this Law is sold for the purpose of the\nenforcement of the security the Bank may acquire the whole or part of the\nproperty concerned and may hold and manage that property.\n30.\nOffences and time limit for prosecutions\n30. (1) Whoever \u2014\n(a)\nfor the purpose of obtaining a loan or other payment from the Bank for\nhimself or for another, knowingly or recklessly makes a statement which\nis false or misleading in a material respect;\n(b) applies any loan or other payment made to him by the Bank for a purpose\nother than that for which the loan or payment was made; or\n(c)\nknowingly or recklessly jeopardises the security given in relation to a\nloan or payment made to him by the Bank,\nis guilty of an offence and liable on summary conviction to a fine of five\nthousand dollars and to imprisonment for two years.\n(2) Notwithstanding anything in any other enactment, proceedings for an offence\nunder this Law may, subject to subsection (3), be commenced within the\nperiod of six months from the date on which evidence sufficient in the opinion\nof the prosecutor to warrant the proceedings came to his knowledge.\n(3) No such proceedings shall be commenced by virtue of this section more than\nthree years after the commission of the offence.\n(4) For the purposes of this section, a certificate signed by or on behalf of the\nprosecutor and stating the date on which evidence sufficient in his opinion to\nwarrant the proceedings came to his knowledge shall be conclusive evidence\nof that fact.\n(5) A certificate stating that matter and purporting to be so signed shall be deemed\nto be so signed unless the contrary is proved.\n31.\nRegulations\n31. The Cabinet may make regulations prescribing anything which may be or is\nrequired to be prescribed under this Law.\n32.\nPolicy guidelines\n32. (1) The Bank may formulate policy guidelines and procedures that it considers\nnecessary or expedient for the purpose of enabling it to carry out its functions\nunder this Law.\n\nDevelopment Bank Law (2018 Revision)\nSection 33\n\nc\nRevised as at 28th day of February, 2018\nPage 21\n\n(2) Without prejudice to the generality of subsection (1), the policy guidelines\nmade by the Bank may make provision \u2014\n(a)\ngoverning the proceedings of the Bank and the manner and transaction of\nits business;\n(b) prescribing the limits of net worth of borrowers in respect of certain\ncategories of loans, the limits within which loans may be made, the\nmethods of disbursement, and of securing loans made under this Law;\n(c)\nprescribing the periods within which loans made under this Law shall be\nrepayable;\n(d) prescribing the manner in which documents, cheques and instruments of\nany description shall be signed or executed on behalf of the Bank or by\nother parties in transactions in connection with the Bank\u2019s exercise of its\nfunctions;\n(e)\nprescribing the circumstances in which officers may receive travelling\nand subsistence allowances and fixing the rates of such allowances; and\n(f)\nimposing fees in such cases as may be determined by the Bank.\n33.\nPower of Bank to appoint a receiver\n33. (1) Notwithstanding that a loan granted or guaranteed by the Bank may not have\nbeen secured, the Bank may, if a borrower defaults in respect of a loan granted\nor guaranteed by the Bank, appoint a receiver in respect of the business in\nconnection with which the loan was granted or guaranteed, and a receiver so\nappointed shall have the powers of a receiver prescribed by or under this Law.\n(2) A person appointed by the Bank to be a receiver shall also be the manager of\nthe business in respect of which the loan was granted or guaranteed, and the\neffect of such an appointment shall be the same as if the person had been\nappointed by the court to be a receiver and manager of the business.\n(3) No person appointed by the Bank to be a receiver or a receiver and a manager\nshall be considered to be an officer of the court.\n34.\nTransitional provisions\n34. The transitional provisions set out in the Third Schedule shall have effect.\n\nDevelopment Bank Law (2018 Revision)\nFIRST SCHEDULE\n\nc\nRevised as at 28th day of February, 2018\nPage 23\n\n FIRST SCHEDULE\n(section 4)\nCAYMAN ISLANDS DEVELOPMENT BANK\nBoard of Directors\nAppointment and tenure of directors\n1.\nPrior to appointing any person to be a director of the Board, the Cabinet shall be\nsatisfied that the person will have no financial or other interest likely to affect\nprejudicially the exercise of that person\u2019s functions as a director, and the Cabinet may\nrequire a person whom the Cabinet proposes to appoint to give to the Cabinet such\ninformation as the Cabinet considers necessary for that purpose.\n2.\n(1) The Cabinet shall appoint \u2014\n(a)\ntwo directors of the Board who, in the opinion of the Cabinet, are persons\nqualified for appointment as having had experience and shown capacity\nin financial management and administration or law or who, are persons\nqualified for appointment as having had experience and shown capacity\nin matters relating to the Bank\u2019s functions; and\n(b) five directors of the Board who, in the opinion of the Cabinet, are\npersons qualified for appointment as having had experience and shown\ncapacity respectively in \u2014\n\n(i) accounting;\n\n(ii) banking;\n\n(iii) finance;\n\n(iv) economics; and\n\n(v) industry.\n(2) The Cabinet shall appoint one of the two directors appointed under\nsubparagraph (1) (a) as chairman of the Board and the other such director as deputy\nchairman.\n(3) A member of the Legislative Assembly shall not be eligible for appointment as\na director.\n3.\nThe general manager shall be present at each meeting of the Board unless \u2014\n(a)\nhe has obtained leave of absence from the chairman; or\n(b) he is incapacitated by illness.\n4.\n(1) The directors of the Board shall hold and vacate office in accordance with the\nterms of their appointment, subject to the following provisions.\n\nFIRST SCHEDULE\nDevelopment Bank Law\n\nPage 24\nRevised as at 28th day of February, 2018\nc\n\n(2) A director may be appointed to hold office for a term not exceeding two years.\n(3) A director shall be eligible for reappointment but shall not hold office for more\nthan four consecutive years.\n(4) A director may at any time, by notice in writing addressed to the Minister,\nresign his office.\n(5) The Cabinet may terminate a person\u2019s appointment as a director of the Board if\nhe is satisfied that \u2014\n(a)\nhe has been adjudged bankrupt;\n(b) he is incapacitated by reason of physical or mental illness;\n(c)\nhe has been absent from meetings of the Board for a period longer than\nthree consecutive months without the consent of the chairman of the\nBoard; or\n(d) he is otherwise unable or unfit to discharge the functions of a member of\nthe Board or is unsuitable to continue as director.\n(6) Where any director ceases to be a director before the normal expiration of his\noffice, the Cabinet, in accordance with this Law, may appoint another person to hold that\noffice until the time that the director\u2019s office would have expired.\nDisclosure of interests\n5.\n(1) Where a director or a member of any committee of the Board is in any way\ndirectly or indirectly interested in \u2014\n(a)\na proposal made or proposed to be made to the Bank or that committee in\nconnection with the making of any grant or loan under this Law; or\n(b) a contract made or proposed to be made by the Bank,\nhe shall disclose the nature of his interest at a meeting of the Board or the committee as\nsoon as possible after the relevant circumstances have come to his knowledge.\n(2) Any disclosure so made by such a director shall be recorded in the minutes of\nthe meeting at which it is made, and the director making it shall not vote on the matter\nand, unless the Board otherwise directs, such director shall not be present at, or take part\nin the proceedings of, any meeting at which the contract or proposal is being discussed or\ndecided by the Board.\nProceedings\n6.\n(1) The Board shall meet at least once every three months and at such other times\nas may be necessary or expedient for the transaction of the business of the Bank, and\nsuch meetings shall be held at such place and time and on such days as the Board may,\nfrom time to time, determine.\n\nDevelopment Bank Law (2018 Revision)\nFIRST SCHEDULE\n\nc\nRevised as at 28th day of February, 2018\nPage 25\n\n(2) The chairman shall call a meeting of the Board if so directed by the Minister or\nif requested to do so in writing by three directors; and such a direction or request must\ninclude a statement of the agenda proposed for the meeting.\n(3) If the chairman refuses to convene a special meeting of the Board upon request\nor neglects to convene the meeting as requested, a meeting of the Board may be convened\nby the directors making the request.\n(4) Subject to subparagraphs (5) and (6), chairman shall preside at all meetings of\nthe Board.\n(5) In the absence of the chairman, the deputy chairman shall preside and perform\nthe functions of the chairman.\n(6) In the absence of both the chairman and the deputy chairman, the directors\npresent shall elect one of their number to preside and perform the functions of chairman\nof the meeting provided there is a quorum.\n(7) In the case of an equality of votes at any meeting, the person who is chairman\nat that meeting shall have a second or casting vote.\n7.\nSubject to paragraph 6, the quorum of the Board and of any committee of the Board\nshall be a simple majority of the directors appointed for the time being to the Board or\ncommittee.\n8.\nThe validity of any proceedings of the Board shall not be affected by any vacancy\namong the directors of the Board or by any defect in the appointment or any\ndisqualification of any of the directors of the Board.\nCommittees of Board\n9.\n(1) For the purpose of advising or assisting the Board in the performance of any of\nits functions, the Board may appoint such committee as the Board determines is\nappropriate.\n\n(2) Each committee appointed by the Board shall consist of at least two directors\nof the Board together with such other persons as the Board determines is appropriate for\nthe purpose in respect of which the committee is appointed.\n(3) On receipt of advice from any of its committees the Board shall decide\nwhether or not to adopt that advice, in whole or in part or with such modifications\n(including additions) as the Board thinks fit.\nRemuneration, etc., of directors\n10. (1) The Bank may pay to its directors and the members of any of its committees\nsuch remuneration (whether by salary or fees) and such reasonable allowances in respect\nof expenses properly incurred by them in the performance of their duties, as the Bank\nmay, with the prior consent of the Cabinet, determine.\n\nFIRST SCHEDULE\nDevelopment Bank Law\n\nPage 26\nRevised as at 28th day of February, 2018\nc\n\n(2) In this paragraph \u2014\n\u201cmembers\u201d, in respect of members of any committee of the Board, includes members of\na committee who are not also directors of the Board.\nAuthentication and authenticity of documents\n11. (1) The application of the seal of the Bank shall be authenticated by the signature\nof the Chairman, or some other director authorised by the Board to do so on its behalf,\ntogether with the signature of some other member, officer or servant of the Bank so\nauthorised.\n(2) All instruments, contracts and other documents issued by the Bank, other than\nthose required by law to be under seal, and all decisions of the Bank, shall be signed by\nthe chairman or some other member, officer or servant of the Bank authorised to do so on\nits behalf.\n(3) Minutes of the proceedings of each meeting of the Board and each meeting of\na committee of the Board shall be kept in such form as the Board determines, and shall be\nconfirmed as soon as practicable at the next following meeting of the Board or that\ncommittee by the chairman of the Board or other person who presided at the meeting at\nwhich the minutes were taken.\n(4) Any document purporting to be an instrument issued by the Bank, and to be\nsealed or signed on behalf of the Bank in accordance with this paragraph, shall be\nreceived in evidence and shall be deemed to be such an instrument without further proof\nunless the contrary is shown.\nUse of Government facilities\n12. In carrying out its functions under this Law, the Bank may, with the approval of the\nCabinet, enter into arrangements with any department of the Government for the use of\nthe personnel, facilities and services of that department to any extent not incompatible\nwith that department\u2019s operation.\n\nDevelopment Bank Law (2018 Revision)\nSECOND SCHEDULE\n\nc\nRevised as at 28th day of February, 2018\nPage 27\n\nSECOND SCHEDULE\n(section 9)\nPOWERS AND FUNCTIONS OF AGRICULTURAL AND INDUSTRIAL\nDEVELOPMENT BOARD AND HOUSING DEVELOPMENT\nCORPORATION HEREBY TRANSFERRED TO AND VESTED IN BANK\n1.\nFormer powers and functions of Agricultural and Industrial Development Board \u2014\n(a)\npromoting the carrying on of agricultural and industrial activities by\nbodies or individuals, and for that purpose to establish, expand or\npromote the establishment of such activities either under the control,\npartial or otherwise, of the Agricultural and Industrial Development\nBoard or independently and giving assistance to such bodies or\nindividuals appearing to such Board to have facilities for the carrying on\nof any such activities, including financial assistance by the taking up of\nshare or loan capital, direct loan or the issuing of a guarantee or\notherwise;\n(b) entering into such arrangements as it thinks fit to assist suitable persons\nto pursue such courses of education as may be approved by the Education\nCouncil established by section 7 of the Education Law, 2016 [Law 48 of\n2016];\n(c)\ncarrying on any such activities in association with other bodies or\npersons (including Government authorities) or as managing agents or\notherwise on their behalf;\n(d) entering into any transaction (whether or not involving expenditure,\nborrowing, granting of loans or guarantees or investment of money) and\nacquiring or disposing of property or rights calculated to facilitate the\nproper discharge of its functions;\n(e)\nappointing such agents as the Agricultural and Industrial Development\nBoard may consider necessary;\n(f)\npaying any fees, expenses, costs, or other expenditure properly incurred\nor accepted by it in the discharge of its functions;\n(g) exercising such other like powers as the Cabinet may, from time to time,\nconfer upon it by notice published in the Gazette; and\n(h) exercising such supplementary powers as may be necessary or expedient\nin achieving the above.\n2.\nFormer powers and functions of the Housing Development Corporation \u2014\n(a)\nacquiring, managing and disposing of land;\n(b) directly, or through other persons or the Government, laying out,\nconstructing and maintaining buildings and carrying out such other\n\nSECOND SCHEDULE\nDevelopment Bank Law\n\nPage 28\nRevised as at 28th day of February, 2018\nc\n\nbuilding and engineering operations as may appear to it to be necessary\nor desirable in, over or under land;\n(c)\ncarrying on any business or undertaking for housing development;\n(d) making arrangements with other persons for the purpose of enabling\nthem to provide housing or finance therefor;\n(e)\nengaging in any other activity designed to promote housing development;\n(f)\nproviding, and making available for purchase, leasing or renting, houses\nof all kinds;\n(g) making available moneys for the purpose of financing the building and\nacquisition of houses upon such terms and conditions as the Housing\nDevelopment Corporation may decide;\n(h) carrying on any business incidental or conducive to the achievement of\nany of the functions of the Housing Development Corporation, including\nbut not limited to the business of builders, contractors, insurers, real\nestate managers and land agents; and\n(i)\ncarrying out periodic surveys for the information of the Minister into \u2014\n\n(i) the housing requirements of the Islands;\n\n(ii) sources of funding for mortgage finance in the Islands; and\n\n(iii) improved and less costly methods of house construction.\n\nDevelopment Bank Law (2018 Revision)\nTHIRD SCHEDULE\n\nc\nRevised as at 28th day of February, 2018\nPage 29\n\nTHIRD SCHEDULE\n(section 34)\nTransitional Provisions\nTransfer of property, rights and liabilities\n1.\nAs at the 1st March, 2002 \u2014\n(a)\nall lands and property of every kind vested immediately before that date\nin the Agricultural and Industrial Development Board and the Housing\nDevelopment Corporation are transferred to and vested in the Bank in the\nsame manner and for the same estate as previously held by such Board\nand Corporation;\n(b) all rights, powers, privileges and advantages and all liabilities and other\nobligations to which immediately before that date the Agricultural and\nIndustrial\nDevelopment\nBoard\nand\nthe\nHousing\nDevelopment\nCorporation are entitled or subject as the case may be are transferred to\nand conferred or imposed upon the Bank for the purpose of this Law.\n2.\nAny reference in any deed, contract, hypothecation, obligation, security or other\ndocument to the Agricultural and Industrial Development Board and the Housing\nDevelopment Corporation shall, from that date, be construed as a reference to the Bank.\n3.\nWithout limiting the generality of paragraph 1, all monies and other assets standing\nimmediately prior to that date to the credit of the Agricultural and Industrial\nDevelopment Board and the Housing Development Corporation in relation to any loans\nor loan agreements made by the Agricultural and Industrial Development Board and the\nHousing Development Corporation shall be deemed to be transferred to and are vested in\nthe Bank, and the right to recover and receive all monies due to the Agricultural and\nIndustrial Development Board and the Housing Development Corporation in connection\nwith or in relation to the said loans and loan agreements immediately prior to that date or\nwhich would hereafter become due to the said bodies had this Law not come into\noperation shall be deemed to be transferred to and is hereby vested in the Bank.\nTransfer of contracts of employment\n4.\nEvery person employed by the Agricultural and Industrial Development Board and\nthe Housing Development Corporation before that date shall, with effect from that date,\nbe deemed to be appointed to the Bank on the same terms and conditions as those on\nwhich that person was employed by the former Board and Corporation respectively, and\nsuch person\u2019s employment shall be deemed for all purposes to be continuing\nuninterrupted employment.\n\nTHIRD SCHEDULE\nDevelopment Bank Law\n\nPage 30\nRevised as at 28th day of February, 2018\nc\n\nPension schemes\n5.\nAny pension scheme maintained by the Agricultural and Industrial Development\nBoard and the Housing Development Corporation immediately before that date shall be\ndeemed to be a pension scheme provided by the Bank under section 5(4)(c) of this Law\nand shall continue to be maintained accordingly.\nReferences in enactments and instruments\n6.\nAny enactment or other instrument passed or made before that date shall have effect\nas if any reference to the Agricultural and Industrial Development Board and the Housing\nDevelopment Corporation were a reference to the Bank.\nEffect of repeals\n7.\nAnything done by or in relation to the Agricultural and Industrial Development\nBoard and the Housing Development Corporation and having effect immediately before\nthat date shall, so far as is required for continuing its effect thereafter, be treated as if it\nhad been done by or in relation to the Bank; and anything then in the process of being\ndone by or in relation to the Agricultural and Industrial Development Board or the\nHousing Development Corporation (including any legal proceedings then pending to\nwhich either of those bodies are a party) may be continued by or in relation to the Bank.\nStatutory Accounts\n8.\nThe period beginning with the 1st January preceding the date of the transfer referred\nto in paragraph 1 of this Schedule and ending with the day before the date of that transfer\nshall be the last financial year of the Agricultural and Industrial Development Board, and\nthe period beginning with the 1st July preceding the date of the transfer referred to in\nparagraph 1 of this Schedule and ending with the day before the date of that transfer shall\nbe the last financial year of the Housing Development Corporation.\nLand Registration\n9.\n(1) This paragraph applies where any registered land in the Islands is transferred\nunder paragraph 1 of this Schedule.\n\n(2) The transferee shall be entitled to be registered as proprietor in place of the\ntransferor on an application made in that behalf to the Registrar of Lands.\n\n(3) On an application under sub-paragraph (2), the transferee shall supply to the\nRegistrar such information and produce to him such documents as he may require for the\npurpose of enabling him to deal with the application.\n\n(4) From the date of the transfer referred to in paragraph 1 of this Schedule,\nsection 117(1) of the Registered Land Law (2018 Revision) shall apply in relation to any\nperson registered in place of the transferor as it applies in relation to any person\nregistered in place of a deceased proprietor, but with the omission of the words \u201cSubject\nto any restriction on his power of disposing of the land, lease or charge contained in his\nappointment,\u201d.\n\nDevelopment Bank Law (2018 Revision)\nTHIRD SCHEDULE\n\nc\nRevised as at 28th day of February, 2018\nPage 31\n\nPublication in consolidated and revised form authorised by the Cabinet this 13th\nday of March, 2018.\nKim Bullings\nClerk of the Cabinet","akn_extracted_at":"2026-06-22 15:32:28.957734+00","cms_id":"2001-0034","law_type":"principal","year":"2001","number":"34","title":"Development Bank Act","status":"in_force"},"provenance":{"files":[{"file_id":"5062","expr_id":"225","kind":"akn_xml","filename":"2001-0034_2018 Revision.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/PRINCIPAL\/2001\/2001-0034\/2001-0034_2018 Revision.akn.xml","content_md5":"0bcec0ace35e85dae8e4f7bce18b11dd","byte_size":"60627","http_last_modified":null,"fetched_at":"2026-06-22 15:32:29.525824+00"},{"file_id":"449","expr_id":"225","kind":"pristine_pdf","filename":"2001-0034_2018 Revision.pdf","source_url":"\/cms\/images\/LEGISLATION\/PRINCIPAL\/2001\/2001-0034\/2001-0034_2018 Revision.pdf","storage_path":"\/Users\/q\/kyleg-data\/pristine\/PRINCIPAL\/2001\/2001-0034\/2001-0034_2018 Revision.pdf","content_md5":"148a91288607544e1cbe0f3e8dfef2be","byte_size":"505165","http_last_modified":null,"fetched_at":"2026-06-21 23:09:34.788045+00"},{"file_id":"450","expr_id":"225","kind":"working_pdf","filename":"2001-0034_2018 Revision.pdf","source_url":"\/cms\/images\/LEGISLATION\/PRINCIPAL\/2001\/2001-0034\/2001-0034_2018 Revision.pdf","storage_path":"\/Users\/q\/kyleg-data\/working\/PRINCIPAL\/2001\/2001-0034\/2001-0034_2018 Revision.pdf","content_md5":"148a91288607544e1cbe0f3e8dfef2be","byte_size":"505165","http_last_modified":null,"fetched_at":"2026-06-21 23:09:34.788045+00"}],"paragraph_count":26,"latest_history":null},"quality":{"expr_id":"225","doc_id":"225","quality_state":"needs_review","quality_score":"84","needs_human_review":"t","deterministic_categories":"{duplicate_text,page_header_footer_noise}","llm_categories":"{truncated_text,other}","repair_actions":"{collapse_duplicate_text,manual_review,reextract_full_text,strip_page_furniture}","finding_severity_counts":"{\"low\": 1, \"medium\": 1}","finding_summary":"Sample shows likely truncation at Section 3 and extraneous 'c' markers; 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