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Bahamas Statutory Instruments |
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MINISTRY OF FINANCE |
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S.I. No. 62 of 2005 |
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THE BANKS AND TRUST COMPANIES |
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REGULATION ACT |
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(CHAPTER 316) |
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THE BANKS AND TRUST COMPANIES |
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(NEW APPOINTMENTS) REGULATIONS, 2005 |
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The Governor of the Central Bank of The Bahamas in exercise of the powers conferred by section 24 of the Banks and Trust Companies Regulation Act, makes the following regulations - |
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1.
These Regulations may be cited
as the Banks and Trust Companies (New Appointments) Regulations,
2005.
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Citation. |
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2.
In these Regulations -
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Interpretation |
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"licensee" means any person who holds a licence granted under section 4 of the Act; |
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"the Act" means the Banks and Trust Companies Regulation Act. |
Ch. 316 |
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3.
No licensee shall appoint or
replace a director or executive officer without the prior written
approval of the Governor.
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Appointment of director or executive officer. |
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4.
A licensee who desires to
appoint or replace a director or executive officer shall, before
appointing or replacing any such director
or officer, as the case
may be, apply to obtain the prior written approval of the Governor
for the appointment or replacement of
the director or executive
officer, and shall provide the following information with respect
to each proposed director or executive
officer:
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Application for appointment or replacement |
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(a)
full name, date of birth,
nationality, and domicile;
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(b)
curriculum vitae incorporating
personal data, educational background, professional education and
training, a list of professional
activities and scope of
responsibilities, including details of the level and number of
subordinates managed;
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(c)
a completed "Confidential
Statement By Individuals Who Are Proposing To Hold The Position of
Director and/or Executive Officer of
a Bank or Trust Company
licensed by the Central Bank of The Bahamas";
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(d)
two character references in
original form from sources satisfactory to the Governor;
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(e)
one financial reference in
original form from financial institutions acceptable to the
Governor;
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(f)
a police or other certificate in
original form, acceptable to the Governor, confirming that the
person has not been convicted of a
serious crime or any offence
involving dishonesty;
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(g)
for those executive officers who
are to be appointed, the proposed job description; and
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(h)
such other information as is
requested by the Governor.
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5.
The Governor may impose a fine
not exceeding five thousand dollars where a licensee fails to
comply with the provisions of these Regulations.
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Fine. |
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Made this 18th day of July, 2005. |
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Signed |
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WENDY M. CRAIGG |
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Governor of the Central Bank of The Bahamas |
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