Banks and Trust Companies (Payment and Dividends) Regulations

Link to law: http://laws.bahamas.gov.bs/cms/images/LEGISLATION/SUBORDINATE/2005/2005-0024/BanksandTrustCompaniesPaymentandDividendsRegulations_1.pdf
Published: 2005-04-13

Banks and Trust Companies (Payment and Dividends Regulations
CH.316 – 32] BANKS AND TRUST COMPANIES REGULATION






STATUTE LAW OF THE BAHAMAS LRO 1/2008

BANKS AND TRUST COMPANIES (PAYMENT OF
DIVIDENDS) REGULATIONS

ARRANGEMENT OF SECTIONS

SECTION

1. Citation.
2. Interpretation.
3. Payment of Dividends.
4. Restriction on payment of Dividends.
5. Fine.



BANKS AND TRUST COMPANIES (PAYMENT OF
DIVIDENDS) REGULATIONS

(SECTION 24)
[Commencement 13th April, 2005]


1. These Regulations may be cited as the Banks and

Trust Companies (Payment of Dividends) Regulations.
2. In these Regulations —
“licensee” means any Bank or Trust Company which

is incorporated in The Bahamas and which holds
a licence granted under section 4 of the Act;

“the Act” means the Banks and Trust Companies
Regulation Act.

3. No licensee shall, without the prior written
approval of the Governor, during any financial year,
declare or pay out dividends on its shares, in the aggregate
of all classes of shares, in excess of its prior financial
year’s net profit as reported in the annual audited statement
of its accounts prepared pursuant to section 8 of the Act.

4. The Inspector may impose restrictions on the
payment of dividends, where the Inspector is satisfied that
on payment of dividends the licensee will be unable to
meet its liabilities as they become due or, that such
payment will cause the licensee to fail to comply with its

S.I. 24/2005

Citation.

Interpretation.

Ch. 316.

Payment of
Dividends.

Restriction on
payment of
dividends.

BANKS AND TRUST COMPANIES REGULATION [CH.316 – 33






LRO 1/2008 STATUTE LAW OF THE BAHAMAS

capital adequacy requirements as established by the
Inspector.

5. The Governor may impose a fine not exceeding
five thousand dollars where a licensee fails to comply with
the provisions of these Regulations.

Fine.
Read Entire Law on laws.bahamas.gov.bs