Central Bank

Link to law: http://rgd.legalaffairs.gov.tt/Laws2/Alphabetical_List/lawspdfs/79.02.pdf

Central Bank
CENTRAL BANK ACT
CHAPTER 79:02

LAWS OF TRINIDAD AND TOBAGO

Act
23 of 1964
Amended by

30 of 1967
25 of 1969
57 of 1975
34 of 1978
2 of 1986
10 of 1993
23 of 1994
15 of 2004
237/2007
*26 of 2008
4 of 2009
18 of 2011
2 of 2012
10/2012

*See Note on page 2.

Current Authorised Pages
Pages Authorised
(inclusive) by L.R.O.
1–80 ..

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Index of Subsidiary Legislation

Page
Central Bank (Deposit Insurance) Order (LN 211/1986) … … … 57
Central Bank (Deposit Insurance) Order (LN 207/1987) … … … 58
Par Value of the Trinidad and Tobago Dollar Order (LN 57/1993) … … 58
Central Bank (Deposit Insurance) Bye-laws (LN 210/1986) … … 60
Central Bank (Payment of Supervisory Fees and Charges) Regulations
(LN 170/2011) … … … … … … … 68

Note on
A. Section 44C of the Act; and

B. Bye-laws 2, 6 and 7 of the Central Bank (Deposit Insurance) Bye-laws
The Financial Institutions (Non-Banking) Act (Ch. 83:01) and the Banking Act (Ch. 79:01)
have been repealed by section 57 of the Financial Institutions Act, 1993 (Act No. 18 of 1993).

Note on Act No. 26 of 2008
Section 130

Act No. 26 of 2008 repealed and replaced the Financial Institutions Act, 1993 (Act No. 18 of 1993)
and by section 130 amended this Act as specified in the Seventh Schedule thereto.

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CHAPTER 79:02

CENTRAL BANK ACT
ARRANGEMENT OF SECTIONS

SECTION
PRELIMINARY

1. Short title.
2. Interpretation.

PART I

ESTABLISHMENT, CONSTITUTION AND
MANAGEMENT OF THE BANK

3. Establishment and incorporation.
4. Place of business.
5. Board of Directors.
6. Custody and use of seal.
7. Appointment and tenure of office of Governor, Deputy Governors

and other directors.
8. Qualifications of Governor, Deputy Governors and directors.
9. Disqualification of directors.
10. Governor to be chief executive officer of the Bank.
Duties of Deputy Governor.
11. Resignation of Governor, Deputy Governor and directors.
12. Termination of appointment of directors.
13. Publication of names of members in the Gazette.
14. Remuneration of directors.
15. Procedure at meetings.
Meetings.
Special meetings.
Quorum.
Decisions of the Board.
16. Directors to declare their interest.
17. Power to employ and train.
18. Pension benefits.
19. Transfer on secondment.
20. Transfer of officers of Government to the Bank.

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ARRANGEMENT OF SECTIONS—Continued

SECTION
PART IA

PERSONNEL
20A. Interpretation.
20B. Consultation and negotiation with the Bank.
20C. Where agreement reached.
20D. Where no agreement reached.
20E. Disputes to be referred to Special Tribunal.
20F. Powers of Special Tribunal.
20G. Awards to be binding on parties for fixed period.
20H. Association to make Rules.

PART II
CURRENCY AND LEGAL TENDER

21. Currency of Trinidad and Tobago.
22. Unit of currency.
23. Par value of Trinidad and Tobago dollar.
24. Notes and coins exempt from taxation.
25. Issue of currency.
26. Denominations and form of notes and coins.
27. Redemption of notes and coins.
Refund of lost and stolen coins.
Discretion of the Bank to refund mutilated or impaired notes

and coins.
28. Bills and notes payable on demand.
29. Imitation of currency notes.
30. Mutilating or defacing currency notes.
31. Definition of “note”.
32. (Repealed by Act No. 23 of 1994).
33. Assets to cover currency in circulation.

PART III
CAPITAL AND RESERVE

34. Capital of the Bank.
35. General and Special Reserve Funds.

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PART IV
THE BUSINESS OF THE BANK

36. Authorised business of Bank.
37. Restrictions on business of the Bank.

PART V
RELATIONS WITH FINANCIAL INSTITUTIONS

38. Bank as banker.
39. Minimum discount and rediscount rates.
40.

to (Repealed by Act No. 23 of 1994).
44.
44A. Fixing of interest rates.
44B. Penalties for contravention of section 44A.

PART VA

SPECIAL EMERGENCY POWERS OF BANK
44C. Definitions.
44D. Circumstances where Bank may take over control, etc.
44E. Notification of takeover of property and control, and stay of

proceedings.
44F. Duty to assist where Bank assumes control.
44G. Termination of control.
44H. Protection of persons acting under this Part.
44I. Offences.

PART VB

DEPOSIT INSURANCE
44J. Definitions.
44K. Establishment of Deposit Insurance Fund.
44L. Membership Fund.
44M. Financing of the Fund.
44N. Insurance cover.
44O. Contributions, etc., allowable tax deductions.

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}

SECTION

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ARRANGEMENT OF SECTIONS—Continued

SECTION
44P. Management of the Fund.
44Q. Composition of Board.
44R. Term of office of members of Board.
44S. Chairman of the Board.
44T. Procedure.
44U. Validity of proceedings.
44V. Capital of Corporation.
44W. Powers of the Corporation.
44X. Insurance payment procedures.
44Y. Business with failed institutions.
44Z. Effect of closure.
44AA. Offences.

PART VI

RELATIONS WITH THE GOVERNMENT
45. Bank as banker to the Government.
46. Power of Bank to make advances to Government.
47. Maximum assets of Bank.
48. Power of Bank to act as agent for the Government.
49. Issues of policy.
50. Policy directives.

PART VII

ACCOUNTS, REPORTS AND STATISTICS
51. Bank’s financial year.
52. Accounts and audits.
53. Reports.
54. Statistical information from financial institutions.

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PART VIII

GENERAL
55. Exemption from taxation and stamp duty.
56. Secrecy and penalty for disclosing information.
57. Transfer of statements, accounts or lists.
58. Transmission of false information by officers of financial

institutions.
59. Method of service.
60. Regulations and Rules.

PART IX
TRANSITIONAL PROVISIONS

61. (Repealed by Act No. 23 of 1994).
62. Non-application of Exchequer and Audit Act.

SCHEDULE.

SECTION

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23 of 1964.

Commencement.
[*122/1964.
†79/1966].

Short title.

Interpretation.
[23 of 1994
15 of 2004
4 of 2009].

Ch. 79:09.

* Sections 1 to 35; section 36(a) to (c); section 36(d)(iv); section 36(f), (h), (j), (k), (l), (p) and (s);
section 37; section 48(2) and sections 49 to 62.

† Sections 36(d)(i) to (iii); section 36(g), (i), (m), (n), (o), (q), (r), and (t); sections 38 to 47; and
section 48(1).

‡ See Act No. 26 of 2008.

CHAPTER 79:02

CENTRAL BANK ACT

An Act to provide for the establishment of a Central Bank to
define the powers and duties thereof and for matters
incidental thereto.

[12TH DECEMBER 1964*
1ST AUGUST 1966†]
PRELIMINARY

1. This Act may be cited as the Central Bank Act.

2. In this Act—
“the Bank” means the Central Bank of Trinidad and Tobago;
“Board” means the Board of Directors of the Bank as constituted

and appointed under sections 5 and 7;
“convertible currency” means any currency that is freely

negotiable and transferable in international exchange
markets;

“Corporation” means the Deposit Insurance Corporation
established under section 44P;

“Deputy Governor” means a Deputy Governor appointed
pursuant to section 7;

“director” means a member of the Board of Directors appointed
pursuant to section 7;

“dollar” means the Trinidad and Tobago dollar;
‡“financial institution” means a company licensed under the

Financial Institutions Act;
“Governor” means the Governor of the Bank appointed pursuant

to section 7;

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Ch. 79:09.

Ch. 25:04.

Ch. 81:01.
Ch. 24:01.

Establishment
and
incorporation.
[23 of 1994
15 of 2004
26 of 2008].

“Inspector of Financial Institutions” means the Inspector of
Financial Institutions appointed under section 30 of the
Financial Institutions Act;

“Minister” means the Minister to whom the responsibility for
finance is assigned except as otherwise provided in this Act;

“municipal corporation” means a municipal corporation continued
or established under the Municipal Corporations Act;

“ordinary director” means a director other than the Governor and
the Deputy Governors and the public service directors;

“public service director” means a director referred to in
section 8(2A);

“service of the Government” means permanent pensionable
service in any Ministry or Department of the Government;

“statutory authority” means a municipal corporation or any
commission, board, committee, council or body, whether
corporate or unincorporated, established by or under an Act
other than the Companies Act and declared by the President
under section 3 of the Statutory Authorities Act to be subject
to the provisions of that Act.

PART I

ESTABLISHMENT, CONSTITUTION AND
MANAGEMENT OF THE BANK

3. (1) There is hereby established a Bank to be known as
the Central Bank of Trinidad and Tobago.
(2) The Bank is hereby created a body corporate.
(3) The Bank shall have as its purpose the promotion of
such monetary credit and exchange conditions as are most
favourable to the development of the economy of Trinidad and
Tobago, and shall, without prejudice to the other provisions of
this Act—
(a) have the exclusive right to issue and redeem

currency notes and coin in Trinidad and Tobago;
(b) act as banker for, and render economic, financial

and monetary advice to the Government;

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Place of
business.

Board of
Directors.
[23 of 1994].

(c) maintain, influence and regulate the volume and
conditions of supply of credit and currency in
the best interest of the economic life of Trinidad
and Tobago;

(d) maintain monetary stability, control and protect
the external value of the monetary unit,
administer external monetary reserves,
encourage expansion in the general level of
production, trade and employment;

(e) undertake continuously economic, financial and
monetary research;

(f) review—
(i) legislation affecting the financial

system; and
(ii) developments in the field of banking and

financial services,
which appear to it to be relevant to the exercise

of its powers and the discharge of its duties; and
(g) generally, have the powers and undertake the

duties and responsibilities assigned to it by any
other law.

(4) Neither the Bank, a director, an officer, an employee
nor any person acting on behalf of the Bank is liable for any
action, claim or demand or any liability in damages or any other
remedy whatever including costs, for anything done or omitted in
the discharge or purported discharge of the functions of the Bank
under this Act or any other written law, unless it is shown that the
act or omission was reckless or in bad faith.
4. (1) The Bank shall have its head office in the City of
Port-of-Spain in the Island of Trinidad.
(2) The Bank may establish branches and agencies
and appoint agents and correspondents in Trinidad and
Tobago and elsewhere.
5. The Bank shall be managed by a Board of Directors
comprised of a Governor, not more than two Deputy Governors
and not less than six other directors, two of whom may be public
service directors.

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Custody and use
of seal.
[23 of 1994].

Appointment
and tenure of
office of
Governor,
Deputy
Governors and
other directors.
[23 of 1994].

Qualifications
of Governor,
Deputy
Governors and
directors.
[23 of 1994].

6. (1) The seal of the Bank shall be kept in the custody of
the Governor or a Deputy Governor and shall be authenticated by
the Governor or a Deputy Governor and a director authorised by
the Board to act in that behalf.
(2) All documents, other than those required by law to
be under seal, made by, and all decisions of, the Board may be
signified under the hand of the Governor or a Deputy Governor.

7. (1) The Governor, Deputy Governors and the other
directors shall be appointed by the President by instrument
in writing.
(2) The Governor shall be appointed for a term of
five years.
(3) The term of office of a Deputy Governor shall be for
such period as the President may fix in the instrument of appointment.
(4) The ordinary directors and the public service
directors shall be appointed for a term of three years.
(5) All directors shall be eligible for reappointment.

8. (1) The Governor and Deputy Governors shall be men
of proven financial experience and each shall devote the whole
of his time to the service of the Bank and while holding office
shall not occupy any other office of employment whether
remunerated or not.
(2) The ordinary directors shall be selected from
amongst persons drawn from diverse occupations appearing to
the President to be qualified by reason of their experience and
capacity in matters relating to finance, economics, accountancy,
industry, commerce, law or administration.
(2A) The public service directors shall be—
(a) an officer of the Ministry of Finance; and
(b) an officer of the Ministry or appropriate

department of Government responsible for
economic planning.

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Disqualification
of directors.
[23 of 1994
15 of 2004].

Ch. 84:01.

Governor to be
chief executive
officer of the
Bank.
[23 of 1994].

(3) Notwithstanding subsection (1), the Governor and the
Deputy Governor of the Bank may, with approval of the Minister—
(a) act as members of any committee or

commissions appointed by the Government to
enquire into any matter affecting currency,
banking or economic or financial matters
relating to Trinidad and Tobago;

(b) become governors, directors or members of the
Board of any international bank, monetary
authority or other agency to which the Government
subscribes, contributes or gives support;

(c) become directors of any company or
corporation or other body in which the
Government or the Bank holds stock, shares or
otherwise participates.

9. No person shall hold office as Governor or Deputy
Governor or shall be appointed or continue to hold office as a
director who—
(a) is a member of Parliament, the Tobago House of

Assembly or a municipal corporation;
(b) is, save as is provided in section 5, employed in

any capacity in the service of the Government;
(c) save as provided in section 8(3)(c)—
(i) is a director, an officer or an employee,

of any financial institution or person
registered under the Insurance Act; or

(ii) has an interest as a shareholder in any
financial institution or company
registered under the Insurance Act,

which is or becomes subject to regulation by the Bank.
10. (1) The Governor shall be the chief executive officer of
the Bank and shall be entrusted with the day-to-day
management, administration, direction and control of the
business of the Bank with authority to act in the conduct of the
business of the Bank in all matters which are not by this Act or

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Duties of
Deputy
Governor.

Resignation of
Governor,
Deputy
Governor and
directors.
[23 of 1994].

Termination of
appointment of
directors.
[23 of 1994].

by the Rules and Regulations made thereunder specifically
reserved to be done by the Board and shall be answerable to the
Board for his acts and decisions.
(2) A Deputy Governor shall perform such duties as
may from time to time be assigned to him by the Board on the
advice of the Governor.
(3) In the event of absence or inability of the Governor
from whatever cause arising, the Board may appoint a Deputy
Governor to exercise the powers and functions of the Governor.
(3A) In the event of absence or inability of the Governor
or the Deputy Governor appointed under subsection (3), the other
Deputy Governor, if any, has and may exercise all the powers and
functions of the Governor.
(4) In the event of absence or inability of the Governor
and any Deputy Governor, the Board may appoint a director to
act temporarily in place of the Governor.
(5) In the event of absence or inability of any director
from whatever cause arising, the Board may appoint any
qualified person to act temporarily in place of any such director.
11. (1) The Governor or a Deputy Governor may resign his
office by giving to the President six months notice in writing (or
such shorter period as the President may agree to accept) of his
intention to do so and at the expiration of such period he shall be
deemed to have resigned his office.
(2) An ordinary director may at any time resign his
office by instrument in writing addressed to the President through
the Governor, and the resignation takes effect from the date of the
receipt by the President of the instrument.
12. The President may terminate the appointment of the
Governor or a Deputy Governor or any director if the Governor,
Deputy Governor or any director—
(a) becomes of unsound mind or incapable of

carrying out his duties.
(b) becomes bankrupt or compounds with, or

suspends payment to, his creditors;

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Publication of
names of
members in the
Gazette.
[23 of 1994].
Remuneration
of Directors.
[23 of 1994].

Procedure at
meetings.
[23 of 1994].
Meetings.

Special
meetings.

Quorum.

(c) is convicted and sentenced to a term of
imprisonment;

(d) is convicted of any offence involving dishonesty;
(e) is guilty of misconduct in relation to his duties;
(f) is absent, except on leave granted by the Board,

from all meetings of the Board held during two
consecutive months or during any three months
in any period of twelve months;

(fa) fails to comply with section 16(1);
(fb) contravenes any provision of any prescribed

Code of Ethics in respect of which he is liable to
termination of his appointment;

(fc) becomes disqualified for holding office by
virtue of section 9; or

(g) fails to carry out any of the duties or functions
conferred or imposed on him under this Act.

13. The names of all members of the Board and every change
in the membership thereof shall be published in the Gazette.

14. The Governor, Deputy Governors and the other directors
shall be paid such remuneration and allowances as the Board may
determine.
15. (1) The Governor shall be the Chairman of the Board
and shall preside at the meetings of the Board.
(2) The Board shall meet for the transaction of the
business of the Bank as may be necessary or expedient, but at
least once in every two months and not less than nine times in any
calendar year.
(3) The Chairman may at any time call a special meeting
of the Board.
(4) The Chairman shall, within seven days of the receipt
by him of a request in writing addressed to him by any member
of the Board, call a special meeting of the Board.
(5) The quorum of the Board shall consist of the
Chairman and three other members of the Board.

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Decisions of the
Board.

Directors to
declare their
interest.
[23 of 1994].

Power to
employ and
train.
[GN 51/1980
2 of 1986].

Ch. 23:53.

Pension
benefits.
[23 of 1994].

(6) The decisions of the Board shall be adopted by a
majority of the votes and in addition to an original vote, in any
case in which the voting is equal, the Chairman presiding at the
meeting shall have a casting vote.

16. (1) Any member of the Board, whose interest is likely to
be affected whether directly or indirectly by a decision of the
Board on any matter whatsoever, shall disclose the nature of his
interest at the first meeting of the Board at which he is present
after the relevant facts have come to his knowledge.
(2) A disclosure under subsection (1) shall be recorded in
the minutes of the Board and after the disclosure the member
making the disclosure shall, unless the Board otherwise directs, not
be present or take part in the deliberations or vote at any meeting
during the time when such matter is being decided by the Board.
(3) A person who fails to comply with subsection (1) is
liable on summary conviction to a fine of six thousand dollars
and imprisonment for two years.

17. (1) The Bank may appoint, at such remuneration and on
such terms and conditions, such officers and employees as it
considers necessary or appropriate for the efficient conduct of the
business of the Bank.
(2) (Repealed by Act No. 2 of 1986).
(3) The Bank may provide out of its funds and make
such arrangements for the training of any of its officers or
employees or other persons as it may consider expedient for the
efficient conduct of the business of the Bank.
(4) Nothing contained in the Pensions Extension Act
shall apply or be deemed to apply to officers and employees
appointed by the Bank under subsection (1).

18. The Bank shall provide pension benefits for officers and
employees of the Bank.

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Transfer on
secondment.
[23 of 1994].

Ch. 81:01.

Transfer of
officers of
Government to
the Bank.

19. (1) Subject to subsection (2), the Minister and the Bank may
make appropriate arrangements for the transfer on secondment of any
officer in the service of the Government to the service of the Bank or
from the service of the Bank to the service of the Government.
(2) Where a transfer on secondment contemplated by
subsection (1) is effected, the Government or the Bank, as the
case may require, shall make such arrangements as may be
necessary to preserve the rights of the officer so transferred to
any pension, gratuity or other allowance for which he would have
been eligible had he remained in the service of the Government
or of the Bank, as the case may be.
(3) A period of transfer on secondment shall not in any
case exceed five years.
(4) Notwithstanding anything contained in any law to
the contrary, an officer or employee appointed by the Bank under
section 17(1) or an officer transferred on secondment to the
service of the Bank from the service of the Government shall not
during the period of such appointment or transfer on secondment,
as the case may be, be regarded as the holder of an office in the
service of the Government.
(5) The Bank may make appropriate arrangements for
the transfer on secondment of any person—
(a) in its employ to an organisation; or
(b) from an organisation to its employ,
on such terms and conditions as may be acceptable to the Bank,
the person concerned and the organisation.
(6) In this section, “organisation” means the Tobago
House of Assembly, a statutory authority and a company
registered under the Companies Act.
20. (1) An officer in the service of the Government may, with
the approval of the Minister, be transferred to the service of the Bank
and upon such transfer shall become a member of the Pension
Scheme referred to in section 18, or if such officer’s transfer
becomes effective before the establishment of that Scheme, he shall
become a member within one year of its establishment.

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Interpretation.
[23 of 1994].

Ch. 15:02.

Ch. 88:01.

(2) A transfer described in subsection (1) shall be on
such terms as may be acceptable to the Government, the Bank
and the officer concerned.

PART IA

PERSONNEL
20A. In this Part—
“allowance” means compensation payable—
(a) in respect of a salary group or in respect of a job

in a salary group, by reason of duties of a special
nature;

(b) for duties that an employee is required to
perform in addition to the duties of his job
where those duties relate to a job in the same or
a higher salary group;

“classification” means the assignment of a job to a salary group;
“compensation” includes salary, merit increase, allowance, bonus

and other benefits;
“dispute” except in section 20B(3), means any matter respecting

employees upon which agreement has not been reached
between the Bank and the recognised association and which
is deemed to be a dispute under section 20D;

“employee” does not include a director;
“Estate Police Association” means the organisation established

under section 38(1) of the Supplemental Police Act;
“merit increase” means a performance-related increase in salary;
“Minister” means the Minister to whom responsibility for labour

is assigned;
“recognised association” means an association representing

employees other than estate constables in one or more salary
groups, certified by the Registration Recognition and
Certification Board;

“Registration Recognition and Certification Board” means the
Registration Recognition and Certification Board
established by the Industrial Relations Act;

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Ch. 23:01.
Ch. 88:01.

Consultation
and negotiation
with the Bank.
[23 of 1994].

“salary” means the rate of pay assigned to an employee in a job;
“salary group” means a division into which a job in the Bank is

assigned by reason of the size of the job;
“salary range” means a scale of pay applicable to jobs in a

salary group;
“Special Tribunal” means the Special Tribunal established by the

Civil Service Act and referred to in section 4(2C) of the
Industrial Relations Act.

20B. (1) The Bank shall provide for and establish procedures
for consultation and negotiation between the Bank and—
(a) in the case of employees other than estate

constables, a recognised association; and
(b) in the case of employees who are estate

constables, the Estate Police Association,
in respect of—
(c) the classification of jobs;
(d) the terms and conditions of employment;
(e) the rights, privileges or duties of the Bank, the

recognised association, the Estate Police
Association employees or estate constables;

(f) the regulation of the mutual relationship
between the Bank and the recognised
association or the Estate Police Association; and

(g) grievances connected with or arising out of the
employment relationship between the Bank and
the employees, including grievances related to
the termination or suspension of employment of
any employee.

(2) The Bank shall from time to time consult and negotiate
with representatives of a recognised association or the Estate Police
Association with respect to the matters specified in subsection (1)—
(a) at the request of those representatives; or
(b) whenever in the opinion of the Bank such

consultation is necessary or desirable.

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Ch. 15:02.

Where
agreement
reached.
[23 of 1994].

Ch. 88:01.

Where no
agreement
reached.
[23 of 1994].

(3) Sections 40 to 43 of the Supplemental Police Act
shall apply to consultations, negotiations, disputes and agreements
between the Bank and the Estate Police Association.

20C. (1) Where the Bank and the recognised association reach
agreement on any of the matters specified in section 20B(1) after
consultation and negotiation in accordance with section 20B(2),
the agreement shall be recorded in writing and shall be signed by
the Bank and by the recognised association.
(2) Subject to such modifications as may be necessary,
the registration of an agreement shall be governed by Part IV of
the Industrial Relations Act.
(3) An agreement recorded and signed in accordance
with subsection (1) is binding upon the Bank and the employees
to whom the agreement relates.

20D. (1) Where the Bank consults and negotiates with a
recognised association under section 20B(2) and the Bank and
the recognised association are, within twenty-one days of the
commencement of the consultation and negotiation, or within
such further period as may be agreed upon, unable to reach
agreement on any matter, the Bank or the recognised association
shall report the matter on which no agreement has been reached
to the Minister, and on the report being made, a dispute shall be
deemed to exist as to such matter.
(2) The Minister shall as soon as possible after a dispute
has been reported to him, take such steps as he may consider
advisable to secure within fourteen days next after the date of the
report, a settlement of the dispute by means of conciliation.
(3) The Bank and the appropriate recognised association
may agree in writing to extend the time specified in subsection (2),
including any further extension of time under this subsection,
within which the Minister may take steps to secure a settlement
of the dispute by means of conciliation.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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Disputes to be
referred to
Special
Tribunal.
[23 of 1994].

Powers of
Special
Tribunal.
[23 of 1994].
Ch. 88:01.

Awards to be
binding on
parties for fixed
period.
[23 of 1994].

Association to
make Rules.
[23 of 1994].

Schedule.

20E. (1) Where in pursuance of section 20D(3) it is agreed to extend
the time within which the Minister may secure by means of conciliation,
a settlement of the dispute, he may continue to take such steps.
(2) Where the Minister is satisfied—
(a) that no useful purpose would be served by

continuing to conciliate; or
(b) that either the Bank or the appropriate recognised

association or the Estate Police Association
refuses to enter into conciliation in good faith,

he shall refer the dispute to the Special Tribunal within twenty-
one days from the date on which the dispute was reported to him.
(3) For the purposes of this Part, the parties to a dispute
are the Bank and the recognised association.

20F. (1) The Special Tribunal shall hear and determine any
dispute referred to it under section 20E and, for that purpose, has all
the powers and duties of the Essential Services Division of the
Industrial Court that are vested therein by the Industrial Relations Act.
(2) An award, order or other determination of the
Special Tribunal is final.

20G. (1) An award of the Special Tribunal under section 20F
is binding on the parties to the dispute and all employees to and
on all employees to whom the award relates and continues to be
binding for a period, to be specified in the award, not less than
five years from the date upon which the award takes effect.
(2) The Special Tribunal may, with the agreement of the
parties to an award, review the award at any time after the expiry
of the third year.

20H. (1) Every recognised association shall make Rules
providing for the good government of the association and for
carrying out the objects of the association and, with respect to
such Rules, the following shall have effect:
(a) the Rules shall contain provisions in respect of

the several matters mentioned in the Schedule;

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Currency of
Trinidad and
Tobago.
[23 of 1994].

15 of 1959.

Unit of
currency.

Par value of
Trinidad and
Tobago dollar.
[10 of 1993].

(b) a copy of the Rules and every amendment
thereto shall be delivered by the association to
every financial member of the association, on
payment of the prescribed sum.

(2) The Rules of the association and every amendment
thereto shall be filed by the association with the Registrar
General and shall have effect from the date of filing, unless a later
date is specified from which they shall have effect.

PART II

CURRENCY AND LEGAL TENDER
21. (1) The currency of Trindad and Tobago are the notes
and coins issued by the Bank under this Act.
(2) The Bank has the sole right to issue notes and coins
in Trinidad and Tobago and such notes and coins are legal tender
in Trinidad and Tobago.
(3) (Repealed by Act No. 23 of 1994).
(4) Notwithstanding subsections (1) and (2), currency
notes and coins issued by the Currency Board under section 4(1)(a)
of the repealed Currency Ordinance shall be deemed to continue to
be legal tender in Trinidad and Tobago until the 1st January 1966
or at such earlier date as the Minister may determine by notice
published in the Gazette; but the holders of any such notes or coins
are entitled to claim from the Bank payment of the face value of
those notes or coins within one year after the 1st December 1994.

22. The unit of currency is the Trinidad and Tobago dollar
which shall be divided into one hundred cents.

23. (1) The par value of the Trinidad and Tobago dollar shall
be determined on such basis as the President may, by Order declare.
(2) An Order made under this section is subject to
negative resolution of the House of Representatives.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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Notes and coins
exempt from
taxation.
[23 of 1994].

Issue of
currency.

Denominations
and form of
notes and coins.
[23 of 1994].

(3) In this section “standard” means a unit of account
accepted by international financial organisations for the purpose
of settling international financial transactions.

24. Notes and coins issued by the Bank are exempt from the
payment of stamp duties and from all levies, taxes and other
impositions, both before and after issue.

25. The Bank shall—
(a) arrange for the printing of notes and minting of

coin for circulation in Trinidad and Tobago;
(b) issue, re-issue and exchange notes and coins at

the Bank’s offices and at such branches and
agencies as the Bank may from time to time
establish or appoint;

(c) arrange for the safe custody of unused stocks of
currency and for the preparation, safe custody and
destruction of plates and paper for the printing of
notes and of dies for the minting of coins.

26. (1) Notes and coins issued by the Bank—
(a) shall be in such denominations of the dollar or

fractions thereof as may be approved by the
Minister;

(b) shall be of such forms and designs and bear such
devices as may be approved by the Minister.

(2) Coins issued by the Bank shall be of such standard
weight and composition and the amount of remedy or variation
from the standard weight or composition as may be prescribed by
the Minister.
(3) Subject to subsections (5) and (6) and section 27(2),
a tender of payment of money is legal if made as follows:
(a) in the case of notes, for the payment of any amount;
(b) in the case of coins of a denomination of one

dollar or over, for the payment of an amount not
exceeding five hundred dollars;

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Redemption of
notes and coins.

Refund of lost
and stolen
coins.

Discretion of
the Bank to
refund
mutilated or
impaired notes
and coins.
Bills and notes
payable on
demand.
[23 of 1994].

(c) in the case of coins of a denomination of twenty-
five cents and over, for the payment of an
amount not exceeding two hundred dollars;

(d) in the case of coins of a denomination of under
twenty-five cents, for the payment of an amount
not exceeding one hundred dollars.

(4) The Minister may by Order vary the amounts
referred to in paragraphs (a), (b), (c) and (d) of subsection (3).
(5) A note that is mutilated, defaced or impaired or that
has been reduced in size so that the identification marks have
become unrecognisable is not legal tender.
(6) A coin that is bent, mutilated or defaced, or that has
been reduced in weight, otherwise than by abrasion through
ordinary use, is not legal tender.

27. (1) The Bank, with the approval of the Minister, may on
giving three months’ notice published in the Gazette call in any
of its notes and coins on payment of the face value thereof and
any such notes or coins with respect to which a notice has been
given under this section shall, on the expiration of the notice,
cease to be legal tender, but shall be redeemed at face value by
the Bank upon such conditions as may be prescribed.
(2) A person is not entitled to recover from the Bank the
value of any lost, stolen, mutilated or impaired note, or the value
of any coin lost, stolen or tampered with.
(3) Notwithstanding subsection (2), the Bank may in its
absolute discretion as an act of grace refund the value of a
mutilated or impaired note or a coin which has been tampered with.

28. (1) Except as provided by subsection (2), no person shall
for the purpose of putting such instrument into circulation draw,
accept, make or issue any bill of exchange, promissory note or
engagement for the payment of money payable to bearer on demand
or borrow, owe or take up any sum or sums of money, or any bill of
exchange, promissory note or engagement for the payment of
money payable only to bearer on demand of any such person.

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UPDATED TO DECEMBER 31ST 2014

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Imitation of
currency notes.
[23 of 1994].

Mutilating or
defacing
currency notes.
[23 of 1994].

(2) Cheques or drafts payable to bearer on demand, may,
in the usual course of commercial practice, be drawn on bankers
or agents by their customers.
(3) Subsection (1) does not apply to bank notes issued
before the coming into operation of this Act by banks duly
authorised to issue such notes.
(4) Any person contravening subsection (1) is,
notwithstanding anything to the contrary in any other law, liable
on summary conviction to a fine of thirty thousand dollars and to
a term of imprisonment for four years.
(5) A prosecution under this section shall not be
instituted except with the approval of the Board.
29. (1) Subject to subsection (2), any person who makes or
causes to be made or uses for any purpose whatsoever, or utters any
document purporting to be or in any way resembling or so nearly
resembling as to be calculated to deceive, any currency note or any
part thereof, is liable on summary conviction to a fine of one
hundred thousand dollars and to a term of imprisonment for seven
years; and the Court shall order the document in respect of which
the offence was committed and any copies of that document and
any plates, dies or other instruments used for or capable of being
used for printing or reproducing any such documents, which are in
the possession of the offender to be delivered to the Bank.
(2) A person who, with the prior approval of the Bank,
reproduces a currency note or part thereof that resembles a currency
note issued by the Bank, is not liable for that reproduction.
(3) In this section, “document” includes any form or
manner of reproduction.

30. Any person who wilfully and without lawful authority or
excuse (the onus of proof of such lawful authority shall be on the
person accused) mutilates, cuts, tears or perforates with holes any
note issued by the Bank under this Act or in any way defaces a
note whether by writing, printing, drawing or stamping thereon,
or by attaching or affixing thereto anything in the nature of an
advertisement, is liable on summary conviction to a fine of two
thousand dollars and to imprisonment for six months.

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Definition of
“note”.

Ch. 11:13.

Assets to cover
currency in
circulation.
[25 of 1969
23 of 1994].

Ch. 70:01.

31. For the avoidance of doubt it is hereby declared that the
expression “note” in this Act is within the meaning of the
expression “currency note” in the Forgery Act.

32. (Repealed by Act No. 23 of 1994).

33. (1) The Bank shall at all times hold assets of an amount
in value sufficient to cover fully the value of the total amount of
notes and coins for the time being in circulation.
(2) Such assets shall consist of all or any of the following:
(a) gold coin or gold bullion;
(b) notes and coins in convertible currencies

which the Minister may, on the advice of the
Bank, designate;

(c) bank balances, money at call and time balances
with financial institutions in countries having
convertible currencies, which institutions the
Minister may, on the advice of the Bank,
designate;

(d) treasury bills and other securities issued by the
Governments of countries having convertible
currencies which the Minister may, on the
advice of the Bank, designate;

(e) treasury bills and securities issued or guaranteed
by the Government which in the aggregate do
not exceed in value fifty per cent of the amount
in value of the total assets held under the
provisions of this section;

(f) contributions to the capital of, or advances to
international financial organisations made by
the Bank under section 36(h);

(g) special drawing rights (and any foreign exchange
proceeds resulting from their use) constituting
assets of the account authorised by section 4(6) of
the International Financial Organisations Act.

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UPDATED TO DECEMBER 31ST 2014

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Capital of the
Bank.
[2 of 1986
23 of 1994].

General and
Special Reserve
Funds.
[23 of 1994].

PART III

CAPITAL AND RESERVE
34. (1) The authorised capital of the Bank is one hundred
million dollars.
(2) (Repealed by Act No. 23 of 1994).
(3) The paid-up portion of the authorised capital may be
increased by such amount as the Minister may from time to time
approve and the Government shall subscribe and pay the amount
of such increase to the Bank from the Consolidated Fund.
(4) The authorised capital of the Bank may, with the
approval of the Minister, be increased by resolution of the Board
and any such resolution shall be ratified by Parliament.
(5) Notwithstanding subsection (3), the paid-up portion
of the authorised capital shall be increased each year by not less
than fifteen per cent of the amount to be paid into the
Consolidated Fund until the paid-up portion of the authorised
capital is equal to the authorised capital.

35. (1) The Bank shall establish and maintain a General
Reserve Fund.
(2) The Bank may, with the approval of the Minister,
establish Special Reserve Funds of specified amounts.
(3) The Bank may place in the General Reserve Fund or
the Special Reserve Funds, or in both the General Reserve Fund
and the Special Reserve Funds, an amount that does not exceed
ten per cent of the net profit of the Bank for a financial year.
(4) The net profit of the Bank for a financial year shall
be determined after—
(a) allowing for the expenses of operations,

including replacement and acquisition of assets
for the operations of the Bank;

(b) provision has been made for bad and doubtful
debts, depreciation in assets, contribution to staff
pension benefits and other contingencies.

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Authorised
business of
Bank.
[25 of 1969
2 of 1986
23 of 1994
26 of 2008].

(5) Subject to subsection (7), at the end of each financial
year, after allowing for the amount referred to in subsection (3), the
net profit of the Bank shall be paid into the Consolidated Fund.
(6) When the sum standing to the credit of the General
Reserve Fund equals the authorised capital of the Bank, no
further contribution to the General Reserve Fund shall be made.
(7) Any loss incurred by the Bank during a financial year
may be met from the General Reserve Fund or from the Special
Reserve Funds where the General Reserve Fund is insufficient.
(8) Where the General Reserve Fund and the Special
Reserve Funds are insufficient for the purpose referred to in
subsection (7), the Bank, with the approval of the Minister, may
carry forward and recoup the losses from future profits before
further payment is made into the Consolidated Fund.

PART IV

THE BUSINESS OF THE BANK
36. Subject to this Act, the Bank may—
(a) issue and redeem notes and coins in accordance

with Part II;
(b) issue demand drafts and other kinds of remittances

made payable at its head office or at the office of its
branches, agencies or correspondents;

(c) purchase, and sell gold coin and bullion;
(d) open accounts for and accept deposits from—
(i) the Government;
(ii) the Tobago House of Assembly and

statutory authorities;
(iii) such other public authorities as the Minister

may from time to time approve; and
(iv) financial institutions;

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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Ch. 81:01.

(e) purchase from, sell to, discount and rediscount
on behalf of the bodies, authorities and
institutions referred to in paragraph (d) bills of
exchange and promissory notes issued for
commercial, industrial or agricultural purposes
and maturing within one hundred and eighty
days from the date of acquisition;

(f) purchase and sell treasury bills and securities of
or guaranteed by—

(i) the Government;
(ii) the Government of the United Kingdom; or
(iii) such other Governments or international

financial institutions as may be designated
by the Minister on the advice of the Bank;

(g) with the approval of the Minister, acquire, hold
and sell shares or other securities of any statutory
body or any company registered under the
Companies Act for the purpose of promoting the
development of a money or securities market in
Trinidad and Tobago or for financing the
economic development of Trinidad and Tobago
so, however, that total holdings of the shares do
not exceed the aggregate total of the paid-up
capital and the General Reserve Fund of the Bank;

(h) with the approval of the Minister, make
contributions to the capital of, or advances to
international financial organisations;

(i) grant to the bodies, authorities and institutions
referred to in paragraph (d)(ii), (iii) and (iv) on
such terms and conditions as the Bank may from
time to time determine, advances for fixed
periods not exceeding six months on the
security of any of the following:

(i) gold coins or gold bullion;
(ii) Treasury Bills of the Government;

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(iii) securities issued or guaranteed by the
Government;

(iv) such bills of exchange and promissory
notes as are eligible for purchase,
discount or rediscount by the Bank;

(v) warehouse warrants or their equivalent
securing possession of goods in respect of
finished or semi-finished products duly
insured and secured with a letter of
hypothecation from the owner; but in the
event of any such debt due to the Bank
becoming in the opinion of the Bank
endangered, the Bank may secure the debt
on any real or personal property of the
debtor and may in the event of default
secure that property, which may be sold as
soon as practicable thereafter;

(vi) such other securities as may from time to
time be approved by the Bank;

(j) purchase and sell foreign currencies and foreign
bills of exchange;

(k) open accounts with and keep accounts for central
banks and international financial institutions and
with other banks outside of Trinidad and Tobago
and utilise any such accounts as the Bank thinks
expedient for due performance of the functions
of the Bank;

(l) make arrangements or enter into agreements with
any commercial bank or financial institution
outside of Trinidad and Tobago to borrow, in such
manner at such rate of interest and upon such
other terms and conditions as it may think fit,
such sums as the Bank may think it expedient to
acquire for the purpose of its operations;

(m) underwrite any Government loans in which it
may invest;

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Ch. 70:01.

Ch. 79:09.

(n) undertake the issue and management of loans to
be issued in Trinidad and Tobago by the
Government or by any public authority;

(o) act as agent to the Government in respect of
exchange control;

(p) accept for custody securities and other articles
of value;

(q) undertake on behalf of customers and
correspondents the purchase, sale, collection
and payment of securities and credit instruments
within and outside of Trinidad and Tobago and
the purchase or sale of gold and silver;

(r) establish and maintain in conjunction with
commercial banks operating in Trinidad and Tobago
a clearing house in Port-of-Spain and in such other
places as the Bank may consider necessary;

(s) acquire, hold and transfer or otherwise dispose
of special drawing rights (and any foreign
exchange proceeds resulting from their use)
constituting assets of the account authorised by
section 4(6) of the International Financial
Organisations Act;

(t) purchase, acquire, lease, sell, let, sublet or create
licences over, or otherwise dispose of, real
property or any part thereof and provide in
connection therewith ancillary services;

(u) lend, borrow or invest in securities other than
those specified in this section, but such loans,
borrowings and investments shall not exceed ten
per cent of the total assets of the Bank for the
financial year in which the loans, borrowings or
investments are initially made;

(v) give a guarantee and pay any sums and any
interest thereon in fulfilment of any such
guarantee in respect of any activities in
discharge of its functions under this Act or the
Financial Institutions Act;

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(w) promote the establishment or expansion of
bodies to develop and expand the money and
capital markets and to provide assistance,
including financial assistance to such bodies;

(x) establish subsidiary companies;
(y) provide, for the benefit of—
(i) the Bank, or for value for any of its

subsidiaries or affiliates;
(ii) the State, any of its agencies, organs,

departments, the Tobago House of
Assembly or any statutory authority; or

(iii) any international financial institution,
research functions, computer maintenance and

security services and such other services as may
be related to any activities under this Act;

(z) trade in notes or coins;
(aa) engage in the following:
(i) effect contracts, the purpose of which is to

manage its assets and liabilities;
(ii) borrow through the issue of bonds or other

appropriate instruments in the exercise of
its functions under paragraphs (c) and (d) of
section 3(3), subject to the condition that
the amount outstanding on such borrowings
shall not exceed twenty-five per cent of the
total assets of the Bank or such other
amount as the Minister may approve;

(iii) establish sinking funds for the redemption
of the instruments referred to in
subparagraph (ii);

(bb) do any other banking business or carry on any
activity not prohibited by this Act which may
be requisite, advantageous, convenient or
incidental to or consequential upon the
discharge of its functions; and

(cc) supervise the operations of payments systems in
Trinidad and Tobago generally, Interbank
Payment Systems in accordance with the

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}

Financial Institutions Act and the transfer of
funds by electronic means including money
transmission or remittance business.

37. Except as authorised by this Act the Bank may not
engage in any trade or accept for discount or as a security for
advances made by the Bank, bills or notes signed by members of
the Board or by the Bank’s officers or employees.

PART V
RELATIONS WITH FINANCIAL INSTITUTIONS

38. The Bank may act as banker to financial institutions in
Trinidad and Tobago and as agent of and correspondent to
banks abroad.
39. The Bank shall from time to time fix and announce rates
and charges and its minimum rates for discount and rediscount.
40.
to (Repealed by Act No. 23 of 1994).
44.
44A. (1) The Bank may fix the maximum and minimum interest
rates payable on deposits received, and may fix the maximum and
minimum interest rates, fees and charges to be charged on loans,
advances or other credit facilities, by a financial institution.
(2) The Bank, after consultation with the Minister, may
set the maximum spread between interest rates chargeable on
loans and interest rates payable on deposits which a financial
institution may earn, carry or charge.
44B. (1) Every financial institution shall pay or charge interest
as the case may be, at the rate fixed by the Bank under section 44A
and where such institution contravenes this section—
(a) it is liable on summary conviction to a fine of ten

thousand dollars for each day the offence is
committed and any monetary benefit accruing to
it as a result of the contravention shall be deemed
to be moneys due and owing by the other
financial institution to the Bank and such moneys
shall be recoverable by the Bank as a debt; and

Ch. 79:09.

Restrictions on
business of the
Bank.
[23 of 1994].

Bank as banker.
[23 of 1994].

Minimum
discount and
rediscount rates.

Fixing of
interest rates.
[23 of 1994].

Penalties for
contravention of
section 44A.
[34 of 1978
23 of 1994].

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* See Note on page 2.

Definitions.
[2 of 1986
15 of 2004
4 of 2009
18 of 2011].

Ch. 81:01.

(b) its manager is liable on summary conviction to a
fine of five thousand dollars and to imprisonment
for two years.

(2) Where a financial institution is convicted of an
offence under this section, the Minister may in his discretion
suspend or revoke its licence.

PART VA
SPECIAL EMERGENCY POWERS OF BANK

*44C. (1) In this Part, the expression—
“agent”, in relation to an institution, includes its bankers and

any persons, whether officers of the institutions or not,
who are employed as its auditors, but does not include its
legal advisers;

“affiliated institution”, in relation to an institution, means a
company which is or has at any relevant time been—

(a) a holding company or a subsidiary of the institution;
(b) a subsidiary of a holding company of the institution;
(c) a holding company of a subsidiary of the

institution; or
(d) a holding company of a holding company or a

subsidiary of a subsidiary of the institution,
the expressions “holding company” and “subsidiary” having

the meanings assigned to them in the Companies Act;
“claim” means any claim whatsoever without limitation,

including, without prejudice to the generality of the
foregoing, claims which are secured or unsecured, present
or future, actual, prospective or contingent, or arising out of
contract, tort, bailment, restitution, breach of trust or any
other cause of action, and whether or not made by a creditor,
shareholder, depositor, policyholder or any other person;

“creditor” means a person having a claim against or in respect of
an institution or its property or assets;

“directors” includes any category of persons performing the
functions of directors or analogous functions;

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Ch. 79:09.

Ch. 84:01.
Ch. 81:03.

Circumstances
where Bank
may take over
control, etc.
[2 of 1986
23 of 1994
4 of 2009].

“Inspector” means the Inspector of Financial Institutions
appointed under section 7 of the Financial Institutions Act;

“institution” has the meaning assigned to it under the Financial
Institutions Act and includes an insurance company
registered under the Insurance Act and a society registered
under the Co-operative Societies Act;

“officer”, in relation to an institution, includes any category
of manager as well as any person in the employment of
the institution;

“secured creditor” means a creditor who—
(a) has a mortgage in respect of any property of an

institution;
(b) has a fixed or floating charge, a lien or any other

security interest whatsoever without limitation
in or over or in respect of any property or assets
of an institution; or

(c) is a party to an agreement or arrangement
designed to create the economic equivalent of a
security interest;

“security agreement” means any agreement creating a security
interest or making a creditor a secured creditor;

“security interest” means any interest in or charge upon any
property of an institution by way of mortgage, assignment,
bond, lien, pledge or other means, that is created or is taken
to secure the payment of a debt or the performance of any
other obligation of the institution.

(2) In this Part a reference to a director, officer or agent
of an institution includes a reference to a person who has been but
is no longer a director, officer or agent thereof.
(3) Notwithstanding the provisions of the Co-operative
Societies Act, the provisions of this Part shall apply to societies
registered under the Co-operative Societies Act.

44D. (1) Where the Bank is of the opinion—
(a) that the interests of depositors, creditors, policy

holders or members of an institution are threatened;

34 Chap. 79:02 Central Bank

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(b) that an institution is likely to become unable to
meet its obligations or is about to suspend or has
suspended payment; or

(c) that an institution is not maintaining high
standards of financial probity or sound
business practices,

the Bank shall, in addition to any other powers conferred on it by
any other law, have power—
(i) to investigate the affairs of the institution

concerned and any of its affiliated
institutions and to appoint a person or
persons for that purpose;

(ii) to such extent as it thinks fit, to assume
control of and carry on the affairs of the
institution and, if necessary, to take over the
property and undertaking of the institution;

(iii) to take all steps it considers necessary
to protect the interests, and to preserve
the rights of depositors and creditors of
the institution;

(iv) to restructure the business or undertaking
of the institution or to reconstruct its
capital base;

(v) to provide such financial assistance to
companies which carry on the business of
banking or business of a financial nature
as licensed under the Financial
Institutions Act, as it considers necessary
to prevent the collapse of the institution,
other than an insurance company
regulated under the Insurance Act or a
society registered under the Co-operative
Societies Act;

(vi) to acquire or sell or otherwise deal with the
property, assets and undertaking of or any
shareholding in the institution, at a price to
be determined by an independent valuer;

(vii) to appoint such persons as it considers
necessary to assist in the performance

Ch. 79:09.

Ch. 84:01.
Ch. 81:03.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

of the functions conferred by
paragraphs (i) to (vi);

(viii) to ensure that each member of the Fund
established under Part VB maintains high
standards of financial probity and sound
business practices and for that purpose to
examine and supervise the operations of
all member institutions and stipulate
prudential criteria to be followed by the
institutions as it may deem necessary.

(2) The powers of the Bank under subsection (1) shall
not be exercised unless the Bank is also of the opinion that the
financial system of Trinidad and Tobago is in danger of
disruption, substantial damage, injury or impairment as a result
of the circumstances giving rise to the exercise of such powers.
(3) Pursuant but without prejudice to its powers under
subsection (1), the Bank may appoint any person or persons to act
as Receiver or Manager and such appointment shall take effect as
though made by the depositors and other creditors of the Company
pursuant to a charge over all the fixed and floating assets of the
institution and without prejudice to any other powers vested in such
Receiver or Manager the Receiver or Manager shall have power—
(a) to take possession of, collect and get in any

property of the institution and for that purpose to
take any proceedings in the name of the
institution or otherwise as may seem expedient;

(b) to carry on, manage or concur in carrying on and
managing the business of the institution or any
part thereof and for any of those purposes to
raise or borrow any money that may be required
on the security of the whole or any part of the
property of the institution;

(c) forthwith to sell or concur in selling (but where
necessary with the leave of the Court) and to let
or concur in letting and to accept surrenders of
leases or tenancies of all or any of the property
of the institution and to carry any such sale,
letting or surrender into effect by conveying,
leasing, letting or accepting surrenders in the

36 Chap. 79:02 Central Bank

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UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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Central Bank Chap. 79:02 37

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L.R.O.

name and on behalf of the institution; and any
such sale may be for cash, debentures, other
obligations, shares, stock or other valuable
consideration and may be payable in a lump sum
or by instalments spread over such period as the
Bank shall think fit and plant machinery and
other fixtures may be severed and sold
separately from the premises containing them
without the consent of the institution being
obtained thereto;

(d) to make any arrangement or compromise which
he shall think expedient;

(e) to make and effect or repair renewals and any
improvements of the institution’s equipment and
effects and to maintain or renew all insurances;

(f) to appoint managers, agents, officers, servants
and workmen for any of the aforesaid
purposes at such salaries and for such periods
as he may determine;

(g) to do all such other acts and things as may be
considered to be incidental or conducive to any
of the matters or powers aforesaid and which he
or they lawfully may or can do as agent for
the Company.

(4) In the event of a natural disaster, internal disorder or,
where in the opinion of the Governor a financial crisis exists in the
country, the Governor, with the approval of the Minister, may take
such action with respect to the operations of financial institutions
and monetary policy as he deems to be necessary in the interest
of the financial system.
(5) If the Governor is unable to obtain prior approval of
the Minister because of any of the events mentioned in
subsection (1), he shall notify the Minister and the Board of the
action taken as soon as possible thereafter.
(6) The Board shall designate the following persons to
exercise the powers of the Governor under subsections (4) and

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Notification of
takeover of
property and
control, and stay
of proceedings.
[2 of 1986
18 of 2011
2 of 2012].

(5) in the event that the Governor is absent or otherwise unable at
the appropriate time to do so:
(a) a Deputy Governor and in the event of the

absence or inability of that Deputy Governor,
the other Deputy Governor; and

(b) in the event of the absence or inability of the
Deputy Governors, a director.

(7) Within fourteen days of taking action under
subsection (4), or as soon as possible thereafter, the Governor
shall submit to the Minister, a statement setting out the reasons
on which his decision to act under subsection (4) was based.
(8) The Minister shall cause a copy of the statement
referred to in subsection 7 to be laid before Parliament as soon as
possible after his receipt of the statement.
44E. (1) Where the Bank proposes to exercise powers under
section 44D(1)(ii), it shall publish in the Gazette and in such
newspapers as it thinks appropriate a notification to that effect.
(2) The notification shall state—
(a) the property and undertaking it proposes to

take over;
(b) the powers to control it proposes to exercise,
and shall give such particulars as the Bank considers necessary
for the information of persons having business dealings with
the institution.
(3) Upon the publication of the notification the property
and the powers of control stated therein shall vest in the Bank.
(4) A notification under this section may be amended or
supplemented from time to time by subsequent notification in the
Gazette and the notification shall have effect as so amended or
supplemented.
(5) On and after the publication of a notification under
subsection (1)—
(a) no creditor, shareholder, depositor, policyholder

or any other person shall have any remedy
against the institution in respect of any claim,

38 Chap. 79:02 Central Bank

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Central Bank Chap. 79:02 39

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and without prejudice to the generality of the
foregoing, no creditor, shareholder, depositor,
policyholder or any other person shall
commence or continue any action, execution or
other proceedings or seek to enforce in any way
whatsoever without limitation in Trinidad and
Tobago, any judgment or order obtained in
Trinidad and Tobago or any other jurisdiction,
against the institution or its successor or the
transferee of the whole or any part of any
property, assets or undertaking of the institution
for the recovery of any claim or in respect of any
other liability, until the publication of a
notification under paragraph (b) or section 44G(1)
in relation to the institution;

(b) where the Bank has not yet published a
notification under section 44G(1) in relation to
an institution, the Bank may where it deems
appropriate publish a notification to lift the stay
under paragraph (a), (d) or (e), except that no
person shall take any steps to institute winding
up, receivership, administration or any other
related proceedings in relation to that institution;

(c) no creditor, shareholder, depositor, policyholder
or any other person shall commence or continue
any claim, action, execution or other proceedings
or seek to enforce in any way whatsoever
without limitation in Trinidad and Tobago, any
judgment or order obtained in Trinidad and
Tobago or any other jurisdiction, against the
Bank, its directors, officers, employees or any
person acting on behalf of the Bank or appointed
by the Bank under section 44D in respect of any
act, omission, claim, fact or matter connected
with or arising out of the acts or omissions of the
Bank in respect of the institution, until the
publication of a notification under section
44G(1) in relation to the institution;

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

(d) no provision of a security agreement, lease or
licence between the institution and a secured or
other creditor that provides, in substance, that on—

(i) the winding up of the institution or any
related entity or any insolvency
restructuring or reorganisation
proceedings being commenced, continued
or ordered in respect of the institution or
any related entity; or

(ii) the default by the institution of an
obligation under the security agreement,
lease or licence,

the institution ceases to have such rights to use or deal with assets
secured or dealt with under the agreement, lease or licence as the
institution would otherwise have, or is given lesser rights or
priorities in respect of any assets or property as the institution
would otherwise have, has any force or effect until the publication
of a notification under paragraph (b) or section 44G(1) in relation
to the institution; and
(e) no provision in any contract or agreement or any

other document whatsoever without limitation
which gives any party a right to acquire any
property or assets of the institution on the
grounds of any change of control or on any
analogous ground or on the grounds of
insolvency shall have any effect until the
publication of a notification under paragraph (b)
or section 44G(1) in relation to the institution.

(6) For the purposes of subsection (5)—
(a) the rights, property and assets referred to in this

section are taken to be the rights, property and
assets located in Trinidad and Tobago or in any
other jurisdiction; and

(b) the agreement, lease or licence referred to in this
section are taken to be, not only an agreement or
lease or licence governed under the laws of
Trinidad and Tobago, but also an agreement,
lease or licence governed by any other law.

40 Chap. 79:02 Central Bank

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Central Bank Chap. 79:02 41

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L.R.O.

Sub. Leg.

Ch. 7:09.

Duty to assist
where Bank
assumes control.
[2 of 1986
15 of 2004].

(7) The Bank shall report quarterly to the High Court and
to Parliament on—
(a) the proposals to restructure an institution in

relation to which a notification has been
published under subsection (1); and

(b) the progress of the proposals referred to in
paragraph (a),

until a notification under subsection (5)(b) or section 44G(1) has
been published in relation to that institution.
(8) Where, prior to the coming into force of the Central
Bank (Amendment) Act, 2011—
(a) a notification under subsection (1) was

published in relation to an institution; and
(b) a notification under section 44G(1) has not been

published in relation to that institution since the
publication of the notification referred to in
paragraph (a),

the provisions of subsection (5) shall apply in relation to that
institution with effect from 20th September 2011.
(9) No time shall run in relation to any period of
limitation prescribed by the Limitation of Certain Actions Act
or any other written law relating to the limitation of actions,
proceedings or the enforcement of any judgment or order, from
the date of the publication of a notification under section 44E(1) to
the date of the publication of a notification under section 44G(1)
or section 44E(5)(b), whichever is the earlier.
44F. (1) Where the Bank has under section 44D assumed
control of an institution, it may terminate or retain the services of
any or all of the directors, officers and employees of the
institution and the directors so retained shall manage the affairs
of the institution subject, however, to any directions of the Bank;
and no acts done or resolution, rules, bye-laws or decisions made
or conveyances, transfers, assignments or instruments executed
during such period relating to the business affairs, property,
undertaking or management of the institution shall have effect
unless they are approved by or are in conformity with the
directions of the Bank.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Ch. 19:01.

Termination of
control.
[2 of 1986].

(2) Where the Bank is exercising powers under section 44D
in relation to any institution, that institution, its affiliated institutions
and their directors, officers and agents other than its auditors shall give
every assistance to the Bank for the purpose of facilitating the
performance of functions under section 44D, including the supply of
information or explanation in such form as may be required, the
production of books, documents, minutes, cash, securities and
vouchers, and generally the provision of all necessary facilities
required for the performance of any function under section 44D, save
that in the case of its auditors they shall only be required to supply any
information which is in their possession or knowledge other than their
internally generated working papers.
(3) Any person appointed under section 44D shall have
all the powers of a commissioner under the Commissions of
Enquiry Act to summon and examine persons required under
subsection (2) to assist the Bank in the performance of its
functions, and the provisions of section 12 of the Commissions of
Enquiry Act, including the provisions imposing penalties, shall
apply in all respects to persons summoned under this subsection.
(4) In any particular case, the Bank may appoint the
Inspector of Financial Institutions to perform any or all of its
functions under section 44D subject to such conditions as may be
specified in the appointment.
(5) In the performance of its functions and in the
exercise of its powers under section 44D the Bank shall comply
with any general or special directions of the Minister and shall act
only after due consultation with the Minister.
44G. (1) Where the Bank has under section 44D assumed
control of an institution, the Bank shall, subject to subsection (2),
remain in control of, and may continue to carry on the business of
that institution until such time as the Bank publishes in the Gazette
and in such newspapers as it thinks appropriate a notification that
it has ceased to be in control of the institution.
(2) The Bank shall relinquish control and shall not
continue to carry on the business of an institution where—
(a) the circumstances on the basis of which the

Bank assumed control of the institution under
section 44D have ceased to exist;

42 Chap. 79:02 Central Bank

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UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Central Bank Chap. 79:02 43

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L.R.O.

Protection of
persons acting
under this Part.
[26 of 2008].

Offences.
[2 of 1986].

(b) the Bank is of opinion that it is no longer
necessary for it to remain in control of the
business of the institution; or

(c) the Bank has sold or otherwise disposed of the
property, assets and undertakings of the institution.

(3) Upon publication of a notification under subsection (1)
and subject to such conditions as may be specified therein, all
property not sold or otherwise disposed of by the Bank and all
powers of control over the affairs of the institution vested in the
Bank by or in consequence of the previous notification published
under section 44E(1) shall vest in the institution if it still subsists
as a corporate entity and be deemed to have been transferred from
the Bank to the institution.
(4) Where the Bank has, in pursuance of section 44D,
assumed control of an institution, the High Court may, upon the
application of the directors of the institution acting independently
of the Bank, if it is satisfied that it is no longer necessary for the
protection of the depositors or creditors of the institution that the
Bank should remain in control of the business of that institution,
order that the Bank cease to control the business of that
institution as from a date specified in the Order.
44H. Neither the State, the Minister, the Bank, its directors and
officers, any person acting on behalf of the Bank nor any person
appointed by the Bank under section 44D is liable to any action, claim
or demand or any liability in damages or any other remedy whatever
including costs, for anything done or omitted in the discharge or
purported discharge of the functions of the Bank under this Part,
unless it is shown that the act or omission was reckless or in bad faith.
44I. (1) Any person to whom section 44F(2) applies who—
(a) fails to assist or to facilitate the Bank in any

function conferred by section 44D; or
(b) obstructs the Bank in the performance of any

such function; or
(c) in the performance of his obligations under

section 44F(2), provides any false or misleading
information,

is guilty of an offence and liable on summary conviction to a fine of
one hundred thousand dollars or five years imprisonment or both.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Definitions.
[2 of 1986
23 of 1994].

(2) While the Bank is in control of the business of an
institution, any person who, without the approval or authority of
the Bank or in a manner contrary to the directions of the Bank,
receives, disposes of or otherwise deals with any assets of the
institution, or who tampers whether by making entries in or
otherwise, with any books, records or documents of the institution
is guilty of an offence and liable on summary conviction to a fine
of one hundred thousand dollars or to imprisonment for five years
or both and on conviction on indictment to a fine of five hundred
thousand dollars or ten years imprisonment or both.
(3) Any person to whom section 44F(2) applies who
fails to comply with a requirement or demand by the Bank to do
or refrain from doing any act or to assist or to facilitate the Bank
in any function vested in it by section 44D is guilty of an offence
and liable on summary conviction to a fine of one hundred
thousand dollars or five years imprisonment or both.

PART VB
DEPOSIT INSURANCE

44J. In this Part—
“Board of Management” means the Board of Directors of the

Corporation;
“Chairman” means the Chairman of the Board of Management;
“deposit” means—
(a) the unpaid balance of money or its equivalent

received or held by an institution from or on
behalf of a person in the usual course of
business and for which the institution has given
or is obliged to give credit to that person’s
checking, savings, demand or time account, or
for which the institution has issued a certificate,
receipt, cheque, money order, draft or other
instrument in respect of which it is primarily
liable; but shall not include letters of credit,
standby letters of credit or instruments of a
similar nature, interbank deposits and deposits
from affiliated companies; and

(b) such other deposits as may be prescribed by the
Minister on the recommendation of the Bank.

44 Chap. 79:02 Central Bank

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UPDATED TO DECEMBER 31ST 2014

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Central Bank Chap. 79:02 45

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L.R.O.

Establishment
of Deposit
Insurance Fund.
[2 of 1986].
Membership
Fund.
[26 of 2008].
Ch. 79:09.

Financing of the
Fund.
[2 of 1986].

44K. There is established for the protection of depositors a
Deposit Insurance Fund (hereinafter referred to as “the Fund”).

44L. Membership in the Fund is compulsory for every
institution licensed under the Financial Institutions Act, including
a licensed foreign financial institution in respect of its deposits
held in Trinidad and Tobago.

44M. (1) A compulsory initial contribution shall be paid to the
Fund at a time to be designated by the Minister, by every bank or
other institution; such contribution shall be based on a percentage
rate of deposits to be prescribed by the Minister by Order after
consultation with the Bank.
(2) Every member of the Fund shall pay an annual
premium to the Fund, such premium shall be based on a
percentage rate of deposits to be prescribed by the Minister by
Order after consultation with the Bank.
(3) The first annual contribution shall be levied within
one year of the establishment of the Fund.
(4) The Bank shall contribute to the Fund sums equal in
amount to the initial contribution made by members of the Fund.
(5) Where in the opinion of the Corporation the Fund
has made or is likely to make payment to depositors which have
exhausted or are likely to exhaust the Fund, the Corporation
shall furnish the Minister with an estimate of the amount
necessary to meet the obligations of the Fund in the year next
succeeding and the Minister after consultation with the member
institutions may by Order, require that special contributions be
levied on them.
(6) The Bank shall pay into the Fund an amount equal to
the special contributions paid by member institutions.
(7) Where the Corporation determines that the Fund has
reached a satisfactory level it may refund any excess moneys to
the institutions pro rata, so however, that all amounts so refunded
shall be treated as income in the hands of the institution and
chargeable to tax.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Insurance cover.
[2 of 1986
237/2007
10/2012].

44N. (1) The Corporation shall insure each deposit in a
member institution which is payable in Trinidad and Tobago in
Trinidad and Tobago currency.
(2) Deposit Insurance coverage is limited to one hundred
and twenty-five thousand dollars or such other amount as the
Minister may prescribe by Order save that where a depositor
maintains deposits in more than one institution or in different
capacities and rights, the limit shall apply to the total amount
maintained on deposit in each institution in each capacity and right.
(3) A depositor is protected by deposit insurance only
when the member institution in which he has a deposit is closed by
or with the approval of the Bank as a result of financial difficulties.
(4) Payment to the person prima facie entitled under this
section by the Corporation in respect of any deposit insured
discharges the Corporation from liability in respect of that deposit.
(5) When payment is made by the Corporation under
this section in respect of a deposit with a member institution the
Corporation is subrogated up to the insured limit to all the rights
and interests of the depositor as against that member institution
and may maintain an action in respect of such rights and interests
in the name of the depositor or in the name of the Corporation.
(6) Subject to subsection (7) the benefit of insurance
cover shall not be extended to any depositor who is shown to
have been a party to or profited from the circumstances giving
rise to the member institution’s failure.
(7) Subsection (6) does not apply to depositors who are
professional advisors of the member institution and whose
bona fides are not in question.
(8) Payments to depositors of closed institutions shall
commence not later than three months after the closure of the
member institution.
(9) The insurance coverage shall only benefit deposits
which have been held with an institution for a minimum period of
one year after the date this Act comes into operation, save where an
institution is or has been closed by or with the approval of the Bank.

46 Chap. 79:02 Central Bank

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UPDATED TO DECEMBER 31ST 2014

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Central Bank Chap. 79:02 47

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L.R.O.

Contributions,
etc., allowable
tax deductions.
[2 of 1986].

Management of
the Fund.
[2 of 1986].

Composition of
Board.
[2 of 1986].

Term of office
of members of
Board.
[2 of 1986].
Chairman of the
Board.
[2 of 1986].

Procedure.
[2 of 1986].

(10) The Corporation shall in respect of rights to which
it is subrogated have priority over other unsecured creditors of a
closed institution.
44O. Contributions, levies and premia to the Fund by member
institutions are allowable deductions to such institutions in
computing their chargeability to tax.
44P. The Fund shall be managed by a Board of Management
which is established a body corporate called the Deposit
Insurance Corporation and which shall have a common seal.
44Q. (1) The Board of Management shall be appointed by the
Minister and shall consist of—
(a) two members representing the Bank;
(b) one member representing the Minister;
(c) two members who have knowledge and

experience in banking, commerce, finance,
accounting, insurance or law,

save that no person may be appointed a member who is a director
of a member institution.
(2) There shall be appointed with each member an
alternate who shall be qualified for appointment in the same
manner as the member to whom he is alternate.
(3) In the absence of a member his alternate shall have
and exercise the same powers and enjoy the same privileges as
the member to whom he is alternate.
44R. Members of the Board shall be appointed for a term of
not less than three years and shall be eligible for reappointment.
44S. (1) The members shall elect a Chairman from among
their number.
(2) The Chairman shall in the event of an equality in the
voting, in addition to his original vote, have a casting vote.

44T. The Corporation shall determine its own procedure save
that the quorum for meetings shall be four members.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Validity of
proceedings.
[2 of 1986].

Capital of
Corporation.
[2 of 1986].

Powers of the
Corporation.
[2 of 1986].

44U. No vacancy in the membership of the Corporation or
irregularity in the appointment of its members or their alternates
shall invalidate its proceedings.
44V. (1) The authorised capital of the Corporation is one
million dollars which may be increased by the Board of
Management with the approval of the Minister.
(2) Upon the establishment of the Corporation, there
shall be paid-up by the Bank in respect of the capital a sum of
five hundred thousand dollars.
(3) The paid-up portion of the authorised capital may be
increased by such amount as the Minister on the recommendation
of the Bank may approve.
(4) Any increase in the authorised or paid-up capital
shall be notified by publication in the Gazette.
44W. For the proper management and administration of the
Fund, the Corporation shall have power—
(a) to appoint and employ such number of

managers, employees and officers and other
employers as it considers necessary or desirable
for the efficient performance of its functions and
upon such terms and conditions as agreed after
consultation with the Bank;

(b) to enter into agreement with the Bank for the
secondment of staff and the provision of services;

(c) to establish committees;
(d) to levy authorised contributions and premia

from member institutions;
(e) to recommend to the Bank the suspension of

business or closure of any member where that
member is in financial difficulty;

(f) in the event of a member becoming insolvent to
act as receiver or liquidator of that member;

(g) to arrange after consultation with and on the
advice of the Bank for the restructuring of a
failed member whether by merger with a
financially sound member or otherwise;

48 Chap. 79:02 Central Bank

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Central Bank Chap. 79:02 49

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Insurance
payment
procedures.
[2 of 1986].

(h) to pay off depositors up to the insured limit;
(i) to accumulate, manage and to invest funds

collected, to borrow, lend, give guarantees and
acquire the undertaking of any institution which
is in financial difficulty;

(j) subject to prior claims being paid, to deduct from
moneys from the Fund due to a depositor, any
loans due, call called-in guarantees and overdrafts
and to set-off deposits pledged as collateral;

(k) to require from any director, manager, agent or
employee of a member institution or from such
person in its holding or parent company or any of
its subsidiary companies any information in
relation to its business or the production of any
document or record under his custody or control.

44X. (1) Where the Bank advises the Corporation that a
member institution has failed, the Corporation shall notify each
depositor in writing that the institution is closed and make public
notification of the closure in such newspapers as may be
considered appropriate, indicating the duties, times and places at
which payment shall be made.
(2) No payment may be made unless a depositor
produces satisfactory evidence of his deposit to the Corporation
and that evidence shall be surrendered to the Corporation on
receipt of payment.
(3) Persons who have deposits in excess of the insured
limit shall be paid the insured portion of their deposits and shall
be issued with a certificate for the amount in excess of the limit.
(4) Depositors may submit claims for Deposit
Insurance up to one year after closure of the institution with which
the deposit was made.
(5) Claims made after the time specified in subsection (4)
shall be made against the assets of the institution and shall be paid
pro rata as the assets of the institution are collected and sold.
(6) Claims shall be supported by evidence of deposit
ownership and may be made by depositors in person or in writing
supported by affidavit.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Business with
failed
institutions.
[2 of 1986].

Effect of
closure.
[2 of 1986].

Offences.
[2 of 1986].

44Y. (1) Persons who have borrowed money from institutions
that have been closed by the Bank shall make payments to the
Corporation on the same terms and conditions attaching to their
loan contracts with the institutions.
(2) Subject to subsection (3) demand loans become due
as soon as an institution is closed by the Bank.
(3) The Corporation may on the application of a
borrower agree to enter into new arrangements for the repayment
of a demand loan.

44Z. Where the Bank closes an institution—
(a) all accounts of the institution are frozen

forthwith;
(b) interest on deposits immediately ceases to

accrue whether or not the date of maturity of the
deposit was beyond the date of the closure.

44AA. (1) Where a member institution of the Fund, or any
director, agent, servant or employee (including a former director,
agent, servant or employee) of that institution fails to comply
with any request by the Corporation for information relating to
the affairs of the institution or to co-operate in the inspection or
investigation of the institution, that institution or that director,
agent, servant or employee is guilty of an offence and liable on
summary conviction to a fine of fifty thousand dollars or
imprisonment for two years or both.
(2) Where a director, agent, servant, employee
(including a former director, agent, servant or employee) of a
member institution deliberately conceals from the Corporation
any material information regarding the financial affairs of the
member institution or provides false or misleading information to
the Corporation or falsifies or tampers with the books, records,
accounts, papers or documents of the institution, so as to mislead
the Corporation, that director, agent, servant or employee is
guilty of an offence and liable on conviction on indictment to a
fine of one hundred thousand dollars or imprisonment for five
years or both.

50 Chap. 79:02 Central Bank

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Central Bank Chap. 79:02 51

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Bank as banker
to the
Government.

Power of Bank
to make
advances to
Government.

Maximum
assets of Bank.
[2 of 1986].

(3) Where a depositor falsifies any passbook,
certificate of deposit, bank statement or any document claiming
title to a deposit with a failed member institution or where a
person fraudulently claims to be a depositor either for payment or
for the purpose of claiming an insured deposit, that depositor
or person is guilty of an offence and liable on summary
conviction to a fine of ten thousand dollars or two years
imprisonment or both.

PART VI

RELATIONS WITH THE GOVERNMENT
45. The Bank shall act as banker to the Government and
shall be entrusted with such Government banking business in
Trinidad and Tobago and abroad as may be assigned to it by
the Minister.
46. (1) The Bank may make temporary advances to the
Government on such terms and conditions as may be agreed upon
between the Bank and the Minister.
(2) The total amount of outstanding advances made
under this section shall not at any time exceed fifteen per cent of
that portion of the estimates of annual revenue of the
Government which comprises the sum of total recurrent revenues
and capital receipts (exclusive of local and external loans) for the
financial year in which the advances were initially made.
(3) All advances granted under this section shall be
repaid as soon as possible and, in the event that any advances
made in an earlier financial year remain outstanding in the
current financial year, the power of the Bank to make further
advances to the Government under this section shall be limited
to the amount by which the total amount authorised in the year
of the earliest outstanding advance exceeds the unpaid
balance thereof.
47. Apart from the assets held under section 33 the Bank
shall not hold securities (including Treasury Bills) issued or
guaranteed by the Government as calculated on the nominal
value thereof which at any time exceed seven times the sum of

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Power of Bank
to act as agent
for the
Government.
[23 of 1994].

Issues of policy.
[23 of 1994].

Policy
directives.

Bank’s financial
year.

Accounts and
audits.

Reports.

the paid-up capital of the Bank and the amount standing to the
credit of its General Reserve Fund.
48. The Bank shall on such terms and conditions as may be
agreed between the Minister and the Bank, act as agent for the
Government in the payment of principal and interest and
generally in respect of the management of the public debt.
49. The Bank shall keep the Minister informed of the
monetary and banking policy pursued or intended to be pursued
by the Bank.
50. The Minister may, after consultation with the Governor,
issue to the Bank such written directives of a general nature as
may be necessary to give effect to the monetary and fiscal
policies of the Government.

PART VII
ACCOUNTS, REPORTS AND STATISTICS

51. The financial year of the Bank shall coincide with the
financial year of the Government.
52. (1) The accounts of the Bank shall be audited annually
by auditors who shall be appointed by the Board each year with
the approval of the Minister.
(2) Notwithstanding subsection (1), the Minister may
at any time require the Auditor General to examine and report
on the accounts of the Bank and the Bank shall provide the
Auditor General with all necessary and appropriate facilities for
such examination.
53. (1) The Bank shall, within three months after the end
of each financial year, cause to be made and to be transmitted to
the Minister—
(a) a report dealing generally with the operation of

the Bank during the last preceding financial
year; and

(b) a copy of the annual audited statement of
accounts certified by the auditors.

52 Chap. 79:02 Central Bank

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Central Bank Chap. 79:02 53

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Statistical
information
from financial
institutions.
[23 of 1994].

Exemption from
taxation and
stamp duty.
[2 of 1986].

Ch. 84:01.

Secrecy and
penalty for
disclosing
information.
[23 of 1994
15 of 2004
26 of 2008].
Ch. 79:09.
Ch. 84:01.

(2) The Minister shall as soon as possible after their receipt—
(a) cause a copy of the report together with the

annual audited statement of accounts thereon to
be laid before Parliament; and

(b) cause a copy of the annual audited statement of
account to be published in the Gazette.

(3) The Bank shall once in every week cause to be made
out and transmitted to the Minister a statement showing its assets
and liabilities and every such statement shall be published in
the Gazette.
54. The Bank may at any time for the purpose of carrying out
its functions under this Act require financial institutions and such
persons or classes of persons as may be subject to this Act to
furnish such statistical information as the Bank may specify.

PART VIII
GENERAL

55. (1) The Bank and the Corporation are exempt from the
provisions of any Act relating to income taxation or company
taxation and from the payment of stamp duty.
(2) The Corporation shall be exempt from the
provisions of the Insurance Act.
56. (1) Except in so far as may be necessary for the due
performance of its objects, and subject to section 8 of the
Financial Institutions Act, every director, officer and employee of
the Bank shall preserve and aid in preserving secrecy with regard
to all matters relating to the affairs of the Bank, any financial
institution or person registered under the Insurance Act or of any
customers thereof that may come to his knowledge in the course
of his duties.
(2) Any such director, officer or employee who
communicates any such matter to any person other than the
Board or an officer of the Bank authorised in that behalf by the
Governor or suffers or permits any unauthorised person to have
access to any books, papers or records relating to the Bank, any
financial institution, or person registered under the Insurance Act,

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

54 Chap. 79:02 Central Bank

LAWS OF TRINIDAD AND TOBAGO

is liable on summary conviction thereof to a fine of six thousand
dollars and to imprisonment for two years.
(3) No director, officer or employee of the Bank shall be
required to produce in any Court any book or document or to
divulge or communicate to any Court any matter or thing coming
under his notice in the performance of his duties under this Act
except on the direction of the Court or in so far as may be
necessary for the purpose of carrying into effect the provisions of
this Act, or for the purposes of any criminal proceedings.
(4) Where the Attorney General or the Director of
Public Prosecutions applies to a Court, including the Special
Tribunal, and the application is supported by a certificate signed
by the Governor that evidence prejudicial to the financial system
or to the security of the Bank may be adduced in the course of a
hearing before the Court, the Court may order that the hearing or
any part thereof be held in camera.
(5) The certificate of the Governor referred to in
subsection (4) is conclusive as to its contents.
57. Any director, officer or auditor of the Bank who,
knowing it to be false in any material particular—
(a) verifies any statement, account or report of the

Bank; or
(b) causes to be delivered or transmitted any such

statement, account or report,
is liable on summary conviction to a fine of twenty thousand
dollars and to imprisonment for two years.
58. Any officer of a financial institution who, knowing a
statement of that financial institution issued pursuant to this Act to
be false in a material particular, transmits or causes to be
transmitted to the Bank or such financial institution, such
statement, is liable on summary conviction to a fine of six thousand
dollars and to imprisonment for two years.
59. Every notice served under this Act by the Bank may be
served by post.

Transfer of
statements,
accounts or
lists.
[23 of 1994].

Transmission of
false
information by
officers of
financial
institutions.
[23 of 1994].

Method of
service.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Central Bank Chap. 79:02 55

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

60. (1) The Minister may make such Regulations as are
necessary in order to give effect to the provisions of this Act.
(2) The Bank with the approval of the Minister may
from time to time—
(a) make such Rules as are necessary for its internal

administration and management; and
(b) prescribe a Code of Ethics with which directors,

officers and employees of the Bank, including
estate constables shall conform.

(3) Any Code of Ethics prescribed under subsection (2)(b)
may provide that any breach thereof may result in disciplinary
action including dismissal or suspension with or without pay.
(4) The Bank shall consult with the recognised
associations and the Estate Police Association before prescribing
or amending any Code of Ethics pursuant to this section but shall
not so consult in respect of any Code of Ethics relating to
directors of the Bank.
(5) The Bank on the recommendation of the
Corporation and after consultation with the Minister may make
such bye-laws as are necessary for all matters pertaining to the
operations and functions of the Corporation.
(6) Fees and charges, as prescribed, shall be payable to
the Central Bank by each person regulated by the Central Bank
in respect of the administration of its functions under this Act, the
Financial Institutions Act, the Insurance Act and any other
written law.

PART IX
TRANSITIONAL PROVISIONS

61. (Repealed by Act No. 23 of 1994).

62. The Exchequer and Audit Act shall not apply to the Bank.

Regulations and
Rules.
[2 of 1986
23 of 1994
26 of 2008].

Ch. 79:09.
Ch. 84:01.

Non-application
of Exchequer
and Audit Act.
Ch. 69:01.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Section 20H.
[23/1994]. SCHEDULE

MATTERS TO BE PROVIDED FOR IN THE RULES OF
A RECOGNISED ASSOCIATION

1. The name of the association and the place of meeting for its business.

2. The whole of the objects for which the association is to be
established, the purposes for which its funds are applicable, the conditions
under which a member may become entitled to a benefit assured thereby, and
the fines and forfeitures to be imposed on a member of the association.

3. The manner of making, altering, amending, and rescinding the rules.

4. A provision for the appointment and removal of an Executive
Committee of management, of a trustee, treasurer and other officers.

5. A provision for the investment of the funds, and for an annual or
periodical audit of accounts.

6. The inspection of the books and names of members of the association
by any person having an interest in its funds.

7. The manner of dissolution of the association.

8. The protection of voting rights of members of the association and the
general conduct of elections.

9. The powers, duties and functions of the Executive Committee.

10. Disputes between members of the association and the Executive
Committee.

11. A prohibition against admission to membership of an employee who
is a member of another recognised association.

56 Chap. 79:02 Central Bank

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Central Bank Chap. 79:02 57

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

211/1986.

Citation.

Basis of initial
contribution.

Basis of annual
premium.

SUBSIDIARY LEGISLATION

CENTRAL BANK (DEPOSIT INSURANCE) ORDER

made under section 44M

1. This Order may be cited as the Central Bank (Deposit
Insurance) Order.

2. The initial contribution to be paid to the Fund by every
institution shall be based on a rate of 0.4 per centum of the
aggregate of the deposit liabilities of the institution outstanding
as at the 31st day of March 1986 and 30th day of June 1986
divided by two.

3. The annual premium to be paid to the Fund by every
member of the Fund shall be based on a rate of 0.2 per centum of
the aggregate of the deposit liabilities of the member outstanding
at the end of each quarter of the preceding year divided by four.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

[Subsidiary]
58 Chap. 79:02 Central Bank

LAWS OF TRINIDAD AND TOBAGO

207/1987.

Citation.

Basis of initial
contribution.

Basis of annual
premium.

57/1993.

Citation and
Commencement.

Basis for
determination of
par value.

CENTRAL BANK (DEPOSIT INSURANCE) ORDER

made under section 44M

1. This Order may be cited as the Central Bank (Deposit
Insurance) Order.

2. (1) The initial contribution to be paid to the Fund by
every institution licensed for the first time shall be based on a rate
of 0.4 per centum of the aggregate of the deposit liabilities of the
institution outstanding as at the end of the first and second
quarters of the first twelve months of operation divided by two.
(2) The contribution in subsection (1) shall be paid by the
institution before the fourth quarter of the first year of operation.

3. The first annual premium to be paid to the Fund by every
member of the Fund licensed for the first time shall be based on
a rate of 0.2 per centum of the aggregate of the deposit liabilities
of the member outstanding at the end of each quarter of the first
twelve months of operation divided by four.

PAR VALUE OF THE TRINIDAD AND TOBAGO
DOLLAR ORDER

made under section 23(1)

1. (1) This Order may be cited as the Par Value of the
Trinidad and Tobago Dollar Order.
(2) This Order comes into operation on 13th April 1993.

2. During the continuance in force of this Order the par
value of the Trinidad and Tobago dollar in terms of the United
States dollar shall be based on prevailing market rates.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Par Value of the Trinidad and Tobago Dollar Order [Subsidiary]
Central Bank Chap. 79:02 59

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Interpretation.

Ch. 79:50.

3. In paragraph 2 “prevailing market rates” means—
(a) in the case of an authorised dealer under the

Exchange Control Act, such rates as that
authorised dealer may from time to time specify
as its buying and selling rates for the United
States dollar;

(b) in the case of the Central Bank of Trinidad and
Tobago, such rate as the Bank may determine as
the average of the buying and selling rates for
the United States dollar specified by each
authorised dealer referred to in paragraph (a).

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

[Subsidiary]
60 Chap. 79:02 Central Bank

LAWS OF TRINIDAD AND TOBAGO

CENTRAL BANK (DEPOSIT INSURANCE) BYE-LAWS

ARRANGEMENT OF BYE-LAWS

BYE-LAW
1. Citation.
2. Definitions.
3. Commencement of operations of Corporation.
4. Issue of certificate of insurance to licensed institution.
5. Assessment of initial contribution and annual premium.
6. Inspector of Banks to supply to Corporation information regarding

institutions.
7. Inspector’s Reports to be available to the Corporation.
8. Annual returns by institutions to Corporation.
9. Public notification of closure of institution.
10. Powers of Corporation in relation to closed institution.
11. Payment by Corporation to depositor.
12. Claims for deposit insurance.
13. Payment of claims.
14. Individual and nominee accounts.
15. Trust accounts.
16. Personal representative accounts.
17. Joint accounts.

SCHEDULE.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

[Subsidiary]
Central Bank Chap. 79:02 61

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

* See Note on page 2.

210/1986.
[124/1988].

Citation.

Definitions.
[124/1988].

52 of 1979.

Ch. 79:01.

Ch. 28:02.

CENTRAL BANK (DEPOSIT INSURANCE) BYE-LAWS

made under section 60(3)

1. These Bye-laws may be cited as the Central Bank
(Deposit Insurance) Bye-laws.
*2. In these Bye-laws—
“closed institutions”, “Corporation” and “deposit” have the

meanings assigned to them in section 44J;
“the Act of 1979” means the Financial Institutions (Non-

Banking) Act, 1979;
“individual account” means a deposit account maintained by a

person in his own name and on his own behalf;
“Inspector” means the Inspector of Banks appointed under

section 18 of the Banking Act;
“insured deposit” means a deposit insured under section 44N;
“insured limit” means the limit of deposit insurance coverage

prescribed by or under section 44N;
“institution” means—
(a) a bank licensed under the Banking Act;
(b) a financial institution licensed under the Act of

1979;
“joint account” means an account in which more than one person

has an interest;
“Minister” means the Minister to whom is assigned responsibility

for Finance;
“nominee” includes an agent, guardian, custodian and the

committee of a patient’s property appointed under section 37
of the Mental Health Act;

“prescribed maximum” means the sum of seventy-five
thousand dollars or such other amount as may be
prescribed under section 44N(2);

“section” means a section of the Central Bank Act;

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

[Subsidiary] Central Bank (Deposit Insurance) Bye-laws
62 Chap. 79:02 Central Bank

LAWS OF TRINIDAD AND TOBAGO

Commencement
of operations of
Corporation.

Issue of
certificate of
insurance to
licensed
institution.

Assessment of
initial
contribution and
annual
premium.

“trust account” means an account in respect of which a
beneficiary has an interest under an irrevocable express trust
created by a written law or by a trust instrument, but does
not include any interest retained by the settlor.

3. (1) The Corporation shall commence operations on the
17th day of September 1986, (hereinafter referred to as the
commencement date).
(2) Within four weeks of the commencement date or
such later date as may be allowed by the Bank the Inspector shall
transmit to the Corporation in respect of every institution—
(a) a copy of its memorandum and articles of

association;
(b) a copy of its accounts for the immediately

preceding three years or for the period since it
was licensed, whichever is the shorter;

(c) a statement as to its deposit liabilities.

4. (1) The Corporation shall issue to every institution a
certificate of insurance—
(a) within two weeks of the commencement date; or
(b) within one week of the notification under

bye-law 6 to the Corporation of the licensing of
the institution.

(2) An institution shall display prominently in all of its offices
a copy of its certificate of insurance certified by the Corporation.

5. (1) The Corporation shall assess the initial contribution
and the annual premium to be paid by every institution in
accordance with the percentage rate of deposits prescribed by the
Minister under section 44M.
(2) Where after the commencement date an institution is
licensed for the first time, the assessment in respect of that
institution shall be made not earlier than six months after the
issue of the licence.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Central Bank (Deposit Insurance) Bye-laws [Subsidiary]
Central Bank Chap. 79:02 63

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

* See Note on page 2.

Inspector of
Banks to supply
to Corporation
information
regarding
institutions.
Ch. 79:01.

Inspector’s
Reports to be
available to the
Corporation.
Ch. 79:01.

Annual returns
by institutions
to Corporation.

Public
notification of
closure of
institution.

(3) The Corporation shall notify every institution of the
initial contribution and annual premium which it is required to
pay, the manner of payment and the time within which such
payment is to be made.
*6. Within one week of the issue of a licence to an
institution the Inspector shall notify the Corporation of the same
and shall transmit to the Corporation copies of the information
which the institution has submitted to the Minister through the
Central Bank under section 4 of the Banking Act or section 5 of
the Act of 1979.
*7. The Governor may make available to the Corporation
copies of the Inspector’s Reports supplied to him or to the Central
Bank under the Banking Act or the Act of 1979.
8. (1) On or before the 31st day of January in each year
every institution shall file with the Corporation a report, certified
by a director of the institution, of—
(a) its deposit liabilities for each quarter of the

preceding year;
(b) the institution’s assessment of the annual premium

imposed on it under section 44M for the current year.
(2) An institution which fails to comply with
subregulation (1) is guilty of an offence.
9. The public notification of the closure of an institution under
section 44X(1) shall indicate the date of closure and shall state that—
(a) payment of insured deposits will commence

within three months from the date of closure;
(b) if the depositor does not claim his insured deposit

from the Corporation within twelve months of the
date of closure, all rights of the depositor against
the Corporation concerning the insured deposit
are barred, but without prejudice to the rights of
the depositor against the institution.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

[Subsidiary] Central Bank (Deposit Insurance) Bye-laws
64 Chap. 79:02 Central Bank

LAWS OF TRINIDAD AND TOBAGO

Powers of
Corporation in
relation to
closed
institution.

Payment by
Corporation to
depositor.

Claims for
deposit
insurance.
Schedule.
[124/1988].

10. (1) The Corporation shall in respect of a closed
institution—
(a) balance the books of the institution and update

all of its depositors’ accounts;
(b) prepare a list of the assets of the institution;
(c) prepare a list of all depositors and determine the

liability of the institution to each depositor;
(d) prepare a list of the depositors with loans from

the institution and a list of those loans which can
be set off against deposits under section 44W(j);

(e) prepare statements of all depositors’ accounts for
reconciliation by the depositors prior to the filing
of claims for deposit insurance under section 44X;

(f) prepare a list of depositors with deposits in
excess of the insured limit and a list of those
depositors to whom certificates for the excess
will be given under section 44X;

(g) prepare a list of other uninsured liabilities of the
institution and an estimate of the amount of such
liabilities.

(2) The Inspector shall grant all assistance within his
power to the Corporation in the discharge of the Corporation’s
duties under paragraph (1).

11. In calculating the sum to be paid to the depositor under
section 44W(h), there shall be deducted any moneys due to the
institution by the depositor.

12. (1) A claim for deposit insurance shall be in the form set
out in the Schedule and shall be accompanied by satisfactory
evidence of the claimant’s ownership of or interest in the deposit.
(2) A separate claim shall be submitted for each deposit
in respect of which, in whole or in part, a claim is made.
(3) The claim shall be made by the person in whose name
the deposit account is recorded, or by the assignee thereof.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Central Bank (Deposit Insurance) Bye-laws [Subsidiary]
Central Bank Chap. 79:02 65

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Payment of
claims.
[124/1988].

Individual and
nominee
accounts.
[124/1988].

Trust accounts.
[124/1988].

13. (1) For the purpose of payment of deposit insurance, the
deposit account records of the institution are prima facie
evidence of the deposit, its nature and ownership.
(2) Where the Corporation is satisfied as to the bona fides
of the claim and the amount thereof that is due, the Corporation
shall authorise the payment of the claim.
(3) Payment shall be made to the claimant or to a person
authorised by him in writing to collect the amount due and to sign
a receipt therefor on his behalf.
(4) Where payment is made to a person other than the
depositor, the Corporation may require that person to execute a
contract of indemnity in respect of the amount paid.

14. (1) Deposits maintained by a person in more than one
account in the same institution shall be added together and
insured up to the prescribed maximum in respect of the aggregate
amount in the accounts.
(2) Funds held by a nominee for the benefit of a principal,
ward, minor or patient and deposited in one or more deposit
accounts shall be added to any individual accounts of the principal,
ward, minor or patient and insured up to the prescribed maximum.

15. (1) Subject to this bye-law, a trust account shall be
insured up to the prescribed maximum.
(2) Trust accounts containing funds from the same
settlor shall be aggregated.
(3) Funds held in a trust account shall not be combined
with individual accounts of a trustee, settlor or beneficiary under
the trust.
(4) Where the amount of the interest of a beneficiary
under a trust account is ascertainable from the records of the
institution, the interest of the beneficiary shall be insured up to the
prescribed maximum, separately from the trust account, and the
amount of the beneficiary’s interest shall be deducted from the trust
account for the purpose of insurance of the trust account.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

[Subsidiary] Central Bank (Deposit Insurance) Bye-laws
66 Chap. 79:02 Central Bank

LAWS OF TRINIDAD AND TOBAGO

Personal
representative
accounts.
[124/1988].

Joint accounts.
[124/1988].

(5) Where a beneficiary has an interest in more than one
trust account, his interest in each such account shall be combined
and insurance shall be paid up to the prescribed maximum on the
aggregate of such interests.

16. Funds of a decedent held in his name, or in the name of the
executor or administrator of his estate, and deposited in one or
more deposit accounts shall be added together and insured up to
the prescribed maximum, separately from the individual accounts
of the beneficiaries of the estate or of the executor or administrator.

17. (1) Subject to this bye-law, deposit insurance is payable
in respect of a joint account up to the prescribed maximum.
(2) Joint accounts maintained by the same person are
added together.
(3) Where a depositor has an interest in more than one
joint account, his interest in each such account shall be combined
and insurance shall be paid to the prescribed maximum on the
aggregate of such interest.
(4) Unless otherwise stated in the records of the
institution, the interest of co-owners in a joint account shall be
deemed to be equal.
(5) The receipt for payment of deposit insurance shall be
signed by all the joint holders of the account, except where a
mandate to the institution authorises any one or more of such
holders to sign for the withdrawal of funds.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Central Bank (Deposit Insurance) Bye-laws [Subsidiary]
Central Bank Chap. 79:02 67

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

SCHEDULE
The Central Bank (Deposit Insurance) Bye-laws 1986

DEPOSIT INSURANCE CORPORATION
CLAIM FORM

1. INSTITUTION NAME: ..............................................................................................................
Branch: ........................................................................................................................................
2. CLAIMANTS:
Surname First Name Other Name I.D. No. B.I.R. File No.
1. ................................ ...................... ..................... ..................... .....................
2. ................................ ...................... ..................... ..................... .....................
3. ................................ ...................... ..................... ..................... .....................
4. ................................ ...................... ..................... ..................... .....................
Address: .......................................................................................................................................
......................................................................................................................................................
......................................................................................................................................................
Telephone:(Home) ............................................... (Work) ..........................................................
3. DEPOSIT OR ACCOUNT TYPE: ........... No. ..............
Issue Date .......... Maturity Date .......... Rate ..............%

Principal $ ...................................
Interest Due $ .................................+

Payments received to date $ ...................................
Total Claim $ ...................................

Is deposit pledged? Yes No
If yes to whom: ...............................................................
4. LOANS HELD AT INSTITUTION:
Principal $................... Rate ............% Term ................
Date loan granted .......... Instalments $........ Per ............
Date of last payment .......................................................
Balance Outstanding $....................................................
5. DECLARATION
I/We ..............................................................................................................................................
claimant(s) state that this claim is made on behalf of ......................................................................
and that no part of said debt has been paid, that no endorsement or assignment of the same or any
part thereof has been given nor do I/We have any outstanding loans with the said institution save
as set out above. I/We certify the above information to be correct and are aware of the penalties
for fraudulent claims as stated in section 44AA(3) of the Central Bank Act.
Signed: 1. ............................................... 3. .......................................................................
2. ............................................... 4. .......................................................................

For DIC use only:

Balance due on deposit $ ..................

Outstanding Loans (if any) $ ............

Amount of insured claim $................

Receiver certificate $.........................

Cross References ...............................

Claim No. ..........................................

Date Rec’d. ........................................

Date Chk’d. .......................................

Verified ..............................................

Approved ...........................................

Bye-law 12(1).
[124/1988].

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

[Subsidiary]
68 Chap. 79:02 Central Bank

LAWS OF TRINIDAD AND TOBAGO

CENTRAL BANK (PAYMENT OF SUPERVISORY FEES
AND CHARGES) REGULATIONS

ARRANGEMENT OF REGULATIONS

REGULATION

1. Citation.
2. Interpretation.
3. Application of Regulations.
4. Service charges.
5. Date for determining supervisory costs.
6. Apportioning supervisory costs.
7. Supervisory fees.
8. Calculation of fees.
9. Total assets to be aggregate assets.
10. Exclusion of assets.
11. Total assets based on a two-year average.
12. Difference between supervisory fees and licence fees.
13. Flat supervisory fee for pension fund plans.
14. Billing procedure.
15. Time frame for payments by instalments.
16. First payment.
17. Deductions from Reserve Account.
18. Unpaid fees to be recovered as civil debt.
19. Supervisory costs to be introduced on a phased basis.
20. Payments from pension funds.

SCHEDULE I.
SCHEDULE II.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

[Subsidiary]
Central Bank Chap. 79:02 69

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

CENTRAL BANK (PAYMENT OF SUPERVISORY FEES
AND CHARGES) REGULATIONS

made under section 60(6)

1. These Regulations may be cited as the Central Bank
(Payment of Supervisory Fees and Charges) Regulations.
2. In these Regulations—
“assets” means the amount shown as total assets in the audited or

unaudited balance sheet of a regulated person for its last
financial year-end provided that an unaudited balance sheet
shall only be used when an audited balance sheet for that
financial year-end is not available;

“banking sector” means all licensed financial institutions,
financial holding companies and for the purposes of these
Regulations, includes the Home Mortgage Bank;

“Central Bank” means the Central Bank of Trinidad and Tobago
established under the Central Bank Act;

“financial holding company” has the meaning assigned to it
under the Financial Institutions Act;

“financial year” means each period not exceeding twelve
calendar months designated by a regulated person as the
time period for preparing financial reports, balance sheets
and income statements;

“fiscal year” means the fiscal year of the Central Bank which
represents the twelve-month period between 1st October in
any given year to 30th September in the succeeding year;

“foreign regulated subsidiary” means a subsidiary that is located
outside of Trinidad and Tobago and is regulated by any
regulatory or supervisory agency or body;

“Home Mortgage Bank” means the Home Mortgage Bank
established under the Home Mortgage Bank Act;

“Inspector” means the Inspector of Financial Institutions
appointed under the Financial Institutions Act;

“insurance intermediary” means a person registered or applying
to be registered as an agent, broker, salesman or adjuster
under the Insurance Act;

170/2011.

Citation.

Interpretation.

Ch. 79:02.

Ch. 79:09.

Ch. 79:08.

Ch. 84:01.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

[Subsidiary] Central Bank (Payment of Supervisory Fees and Charges) Regulations
70 Chap. 79:02 Central Bank

LAWS OF TRINIDAD AND TOBAGO

“insurance sector” for the purposes of these Regulations, means
all registered insurance companies;

“licensed financial institution” means a financial institution
licensed under the Financial Institutions Act;

“OFSO” means the Office of the Financial Services Ombudsman
established by agreement between the Central Bank and
other banks and insurance companies regulated by the
Central Bank;

“pension fund plan” means any pension fund plan registered
under the Insurance Act;

“pensions sector” means all pension fund plans;
“prospective entrant” refers to any person, institution or pension

fund plan that has applied to be licensed, registered,
permitted or otherwise regulated by the Central Bank under
the Central Bank Act, the Financial Institutions Act, the
Insurance Act or any other written law;

“registered insurance company” means a company registered
under the Insurance Act;

“regulated person” refers to any person, institution or pension fund
plan that is regulated by the Central Bank under the Central
Bank Act, the Financial Institutions Act, the Insurance Act,
the Home Mortgage Bank Act or any other written law;

“regulated sector” refers to any grouping or sub-grouping of
regulated persons according to the nature of business
conducted by such persons, such as the banking, insurance,
and pension sectors and any other sector regulated by the
Central Bank;

“supervisory costs” means the total amount of direct and indirect
budgeted costs and expenses to be incurred by the Central
Bank in respect of its supervision and regulation of all
regulated persons for the following fiscal year;

“supervisory fee” means the portion of the supervisory costs
allocated to a regulated person and payable annually;

“year” means calendar year except where otherwise specified.

3. These Regulations shall apply to all regulated persons
and prospective entrants in the manner set out herein.

Ch. 79:09.

Ch. 84:01.

Ch. 79:08.

Application of
Regulations.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Central Bank (Payment of Supervisory Fees and Charges) Regulations [Subsidiary]
Central Bank Chap. 79:02 71

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

4. The service charges set out in Schedule I shall be paid by
a regulated person or prospective entrant in respect of any
service or activity provided by the Central Bank or the Inspector
of Financial Institutions under the provisions of the Central Bank
Act, the Financial Institutions Act, the Insurance Act, or any
other written law.

5. The Central Bank shall, on or before the 30th day of
September in each year, make a determination of its
supervisory costs.

6. (1) The Central Bank shall apportion the supervisory
costs for the banking and insurance sectors on the basis of the
time determined by the Central Bank to have been spent during
the previous fiscal year in supervising and regulating the banking
and insurance sectors in aggregate.
(2) The apportionment referred to in subregulation (1)
shall be further apportioned to each of the banking sector and the
insurance sector based on the ratio of assets of each such sector
to the total assets of the banking and insurance sectors in
aggregate.

7. The supervisory costs apportioned to a regulated sector
shall be allocated to each regulated person in that sector in the
manner set out in regulations 8 to 12 and each such allocation
shall represent the supervisory fee payable by that regulated
person to the Central Bank.

8. A regulated person, other than a pension fund plan and
an insurance intermediary, shall pay a supervisory fee which
shall be the greater of the amounts, as is provided for in
paragraph (a) or (b) hereunder—
(a) the sum derived from dividing the total assets of

the regulated person (excluding a pension fund
plan and an insurance intermediary) by the total
assets of the relevant regulated sector and
multiplying the resulting figure by the

Service
charges.
Schedule I.

Ch. 79:09.
Ch. 84:01.

Date for
determining
supervisory
costs.

Apportioning
supervisory
costs.

Supervisory
fees.

Calculation of
fees.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

[Subsidiary] Central Bank (Payment of Supervisory Fees and Charges) Regulations
72 Chap. 79:02 Central Bank

LAWS OF TRINIDAD AND TOBAGO

supervisory costs apportioned to the relevant
regulated sector, as illustrated hereunder:

Total assets of regulated person
Total assets of regulated sector
(b) fifty thousand dollars ($50,000.00) in the case

of a registered insurance company or one
hundred thousand dollars ($100,000.00) in the
case of a licensed financial institution, a
financial holding company and the Home
Mortgage Bank.

9. For the purposes of regulation 8, the total assets of a
regulated sector shall be the aggregate of the assets of all
regulated persons in that sector.
10. For the purposes of regulation 8, the total assets of—
(a) a financial holding company shall—
(i) exclude fifty per cent (50%) of the assets

of all foreign regulated subsidiaries; and
(ii) exclude the assets for the entities in the

group regulated by the Central Bank; and
(b) a licensed financial institution or registered

insurance company that is also a holding
company shall—

(i) exclude fifty per cent (50%) of the assets
of all foreign regulated subsidiaries; and

(ii) exclude the assets for the entities in the
group regulated by the Central Bank.

11. The supervisory fee payable by a regulated person in
operation for one year or less shall be calculated in accordance
with regulation 9 save that the total assets of that regulated
person shall be based on a projected two-year average of the total
assets of that regulated person as provided to the Central Bank.
12. Where the supervisory fee is determined to be more than
any annual licence fee, inclusive of annual branch licence fees
payable under the Financial Institutions Act, or any annual

x

Total assets to
be aggregate
assets.

Exclusion of
assets.

Total assets
based on a two-
year average.

Difference
between
supervisory
fees and licence
fees.
Ch. 79:09.

Supervisory costs apportioned
to regulated sector

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Central Bank (Payment of Supervisory Fees and Charges) Regulations [Subsidiary]
Central Bank Chap. 79:02 73

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

registration fee payable under the Insurance Act by a regulated
person, the regulated person shall only be liable to pay as the
supervisory fee, the difference between the licence or registration
fee and the supervisory fee.
13. The supervisory fee specified in the Table in Schedule II
shall be paid by a pension fund plan and is based on the total
assets of the pension fund plan and the corresponding asset range
within which the plan falls in the said Table.
14. On or before 31st December of each fiscal year, the
Central Bank shall issue to each regulated person a written notice
setting out the supervisory fee and licence or registration fees, as
well as the regulated person’s OFSO costs, payable by the
regulated person in respect of that year.
15. The fees and costs set out in the notice referred to in
regulation 14 shall be paid in two instalments as follows:
(a) the first instalment shall be paid by 31st January

of each year and shall comprise—
(i) one hundred per cent (100%) of licence

or registration fees;
(ii) fifty per cent (50%) of supervisory fees in

excess of licence or registration fees; and
(iii) fifty per cent (50%) of the regulated

person’s OFSO costs; and
(b) the second instalment shall be paid by 30th June

of each year and shall comprise—
(i) the remaining fifty per cent (50%) of

supervisory fees in excess of licence or
registration fees; and

(ii) the remaining fifty per cent (50%) of the
regulated person’s OFSO costs.

16. Notwithstanding regulations 14 and 15, the Central Bank
shall within three months of the coming into effect of these
Regulations, issue to each regulated person a written notice
setting out the supervisory fee payable in respect of the fiscal
year ending 30th September 2012, and if applicable, the licence

Ch. 84:01.

Flat supervisory
fee for pension
fund plans.
Schedule II.

Billing
procedure.

Time frame for
payments by
instalments.

First payment.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

[Subsidiary] Central Bank (Payment of Supervisory Fees and Charges) Regulations
74 Chap. 79:02 Central Bank

LAWS OF TRINIDAD AND TOBAGO

or registration fee and OFSO costs to be paid by a regulated
person in respect of that financial year and the said notice shall
stipulate the time frame within which such fees and costs shall be
paid to the Central Bank.
17. A licensed financial institution may authorise the Central
Bank to deduct any supervisory fees payable by that institution
under these Regulations from monies in its Reserve Account held
at the Central Bank pursuant to section 57 of the Financial
Institutions Act.
18. Any fees and costs as set out in the notices referred to in
regulations 14 and 16 which are not paid within the time
stipulated in the notices shall be subject to a charge at a rate
equivalent to the prevailing Central Bank repo rate and shall be
recoverable as a civil debt payable to the Central Bank in
addition to or in lieu of any action the Central Bank may take
under any written law.
19. The supervisory costs to be apportioned in
accordance with regulations 5 to 12 shall be applied on a
phased basis as follows:
(a) in respect of the first year, the Central Bank

shall apportion sixty per cent (60%) of the
supervisory costs;

(b) in the second year, the Central Bank shall
apportion seventy per cent (70%) of the
supervisory costs;

(c) in the third year, the Central Bank shall
apportion eighty per cent (80%) of the
supervisory costs; and

(d) in respect of the fourth year and continuing
thereafter, the Central Bank shall apportion one
hundred per cent (100%) of the supervisory costs.

20. The supervisory fee payable by a pension fund plan
under regulation 13 shall be applied on a phased basis as follows:
(a) in respect of the first year, the Central Bank

shall apply sixty per cent (60%) of the

Deductions
from Reserve
Account.

Ch. 79:09.

Unpaid fees to
be recovered as
civil debt.

Supervisory
costs to be
introduced on a
phased basis.

Payments from
pension funds.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Central Bank (Payment of Supervisory Fees and Charges) Regulations [Subsidiary]
Central Bank Chap. 79:02 75

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

applicable supervisory fee specified in the Table
in Schedule II for the relevant asset range;

(b) in respect of the second year, the Central Bank
shall apply seventy per cent (70%) of the
applicable supervisory fee specified in the Table
in Schedule II for the relevant asset range;

(c) in respect of the third year, the Central Bank
shall apply eighty per cent (80%) of the
applicable supervisory fee specified in the Table
in Schedule II for the relevant asset range; and

(d) in respect of the fourth year and continuing
thereafter, the Central Bank shall apportion one
hundred per cent (100%) of the supervisory fee.

Schedule II.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

[Subsidiary] Central Bank (Payment of Supervisory Fees and Charges) Regulations
76 Chap. 79:02 Central Bank

LAWS OF TRINIDAD AND TOBAGO

SCHEDULE I

SCHEDULE OF SERVICE CHARGES PAYABLE UNDER
THE FEE FOR SERVICE COMPONENT

PART I
Service Charges for Institutions under the Financial Institutions Act, Ch. 79:09

Section 4(2)—Approval for a person, other than a bank,
to carry on any business under any name or title of
which the word “Bank” or any variation of the word
forms part.
Section 16(3)—Application by a licensee to carry on the
business of banking.
Section 17(3)—Application by a licensee to carry on the
business of a financial nature of any of the classes
specified in the First Schedule.
Section 17(4)—Application for persons other than
licensees to issue electronic money.
Section 18(1)—Application by a foreign financial
institution to carry on banking business or business of a
financial nature in Trinidad and Tobago, through a
single branch.
Section 21(7)—Application to vary a type and class of
business for which the licensee is licensed or to carry on a
new type and class of business.
Section 41(3)(f)—Application to establish a subsidiary
for the provision of necessary services in support of the
activities of the group.
Section 46(1)—Application by a licensee to—

(a) directly or indirectly establish or acquire a
subsidiary in or outside of Trinidad and
Tobago; or

(b) enter into an agreement for sale or other
transfer of—

(i) a subsidiary of the licensee; or
(ii) a controlling or significant

interest of the licensee in a
financial entity.

$5,000

$10,000

$10,000

$10,000

$10,000

$5,000

$5,000

$5,000

DESCRIPTION FEE

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Central Bank (Payment of Supervisory Fees and Charges) Regulations [Subsidiary]
Central Bank Chap. 79:02 77

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Section 46(2)—Application by a licensee to—
(a) enter into an agreement for sale or other transfer

of ten per cent or more of the assets of—
(i) the licensee;
(ii) a subsidiary of the licensee; or
(iii) a company or unincorporated body in

which the licensee has a controlling
or significant interest; or

(b) undertake any other restructuring that would
result in a reduction in the capital of the licensee.

Section 50(3)—Application by a licensee to—
(a) establish, acquire or open a branch or

representative office outside Trinidad and
Tobago; or

(b) close or relocate a branch outside Trinidad and
Tobago.

Section 50(5)—Application for a foreign financial
institution to—

(a) establish, acquire or open a representative office
or an additional branch in Trinidad and Tobago;

(b) close or relocate a branch in Trinidad and
Tobago; or

(c) close or relocate a representative office in
Trinidad and Tobago.

Section 51(1)—Notification of a new product or service.
Section 66(1)—Application to commence a voluntary
winding-up.
Section 70(1)—Application for a permit to establish a
financial holding company.
Section 71(1)—Application for a controlling
shareholder permit.
Section 72(1)—Application to become a significant
shareholder.
Section 73(1)—Application by a licensee or financial
holding company of a licensee to merge with another
company.

$5,000

$10,000

$10,000

$1,000
$5,000

$10,000

$5,000

$5,000

Actual time spent
by personnel x
(average hourly
salary + benefits
of personnel)

DESCRIPTION FEE

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

[Subsidiary] Central Bank (Payment of Supervisory Fees and Charges) Regulations
78 Chap. 79:02 Central Bank

LAWS OF TRINIDAD AND TOBAGO

PART I—Continued

Section 74(1)—Application for a permit for a financial
entity or a significant or controlling shareholder of a
financial entity to become an acquirer of a licensee or of
the financial holding company of a licensee.

Section 12(1)(c)—Application by an insurer for the
approval of the Central Bank to carry on insurance
business outside of Trinidad and Tobago.
Section 14(1)—Application by a company to the
Central Bank for a registration under this Act to carry on
insurance business.
Section 20(1)—Notification to become a Controller of
an insurance company.
Section 23—Notification of amendment to any particulars
specified in the company’s application for registration.
Section 24(1)—Notification of issue of a new form of
policy, standard form of endorsement or form of application.
Section 25(1)—Notification of cancellation of registration
for a company.
Section 39(1)—Application to create a trust deed relating
to assets placed in trust for statutory fund purposes.
Section 84(1)—Application for the confirmation of a
scheme made by or on behalf of any company engaged
in the transfer or amalgamation with another company.

Section 86(3)—All expenses incurred by the Central Bank
in obtaining the report of any actuary on the scheme shall
be defrayed by the companies engaged in the transfer or
amalgamation, and any sum due in respect of those
expenses may be recovered summarily as a civil debt by
the Bank from the companies either jointly or severally.

$10,000

$10,000

$10,000

$10,000

$1,000

$2,500

$7,500

$1,000

Actual time spent
by personnel x
(average hourly
salary + benefits
of personnel)
All expenses

incurred by the
Bank

PART II
Service Charges for Institutions under the Insurance Act, Chap. 84:01

DESCRIPTION FEE

DESCRIPTION FEE

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Central Bank (Payment of Supervisory Fees and Charges) Regulations [Subsidiary]
Central Bank Chap. 79:02 79

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Section 89(1)—Application to be registered as a
Salesman.
Section 89(1)—Application to be registered as an Agent
(Individual).

Section 89(1)—Application to be registered as an Agent
(Corporate Bodies or Partnership).

Section 89(1)—Application to be registered as a Broker
(individual and Corporate Bodies or Partnership).

Section 89(1)—Application to be registered as an Adjuster
(individual and Corporate Bodies or Partnership).

Section 95(c)—Application for cancellation of
registration for Salesman or Agent.

Section 95(c)—Application for cancellation of
registration for Broker or Adjuster.

Section 108(3)—Application by an Agent to act on
behalf of more than one insurer in respect of different
classes of business.

Section 119—Application to issue a standard form of
proposal or policy.

Section 135—Application to suspend or vary the
obligation of the company to pay surrender values.

Section 155—Application for the approval to establish
and implement a plan.

Section 160—All expenses incurred by the Central
Bank in connection with an application for approval to
establish and implement a plan shall be defrayed by the
company, and any sum due in respect of those expenses
may be recovered from the company by the Bank
summarily as a civil debt.

Section 176(1)—Application for the registration of a
Pension Fund Plan.

$100

$500

$1,000

$2,500

$2,500

$100

$500

$1,000

$2,500

$1,000

$10,000

Actual time spent
by personnel x
(average hourly
salary + benefits
of personnel)+
third party costs

$50

DESCRIPTION FEE

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

[Subsidiary] Central Bank (Payment of Supervisory Fees and Charges) Regulations
80 Chap. 79:02 Central Bank

LAWS OF TRINIDAD AND TOBAGO

SCHEDULE II
APPLICATION OF FLAT FEE TO PENSION PLAN ASSET RANGES

RANGE FLAT FEE
Less than $2,500,000 $5,000
$2,500,000–$10,000,000 $7,500
$10,000,000–$25,000,000 $10,000
$25,000,000–$50,000,000 $15,000
$50,000,000–$100,000,000 $20,000
$100,000,000–$250,000,000 $25,000
$250,000,000–$500,000,000 $30,000
$500,000,000–$1,000,000.000 $45,000
$1,000,000,000–$1,500,000.000 $60,000
$1,500,000,000–$2,500,000.000 $75,000
$2,500,000,000–$3,500,000.000 $100,000
$3,500,000,000 and above $150,000

Section 176(5)—Application for an amendment or for
the correction of the register in respect of a change.
Section 188(3)—Application to be registered as an
association of underwriters.
Section 196(1)—Approval to publish a prospectus, notice,
circular, or other invitation offering to the public for
subscription any shares in a company or proposed company.

$10

$10,000

$500

DESCRIPTION FEE
PART II—Continued

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
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