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(i) the business of receiving funds through the acceptance of money deposits payable on demand or after a fixed period or after notice or any similar operation through the frequent sale or placement of bonds, certificates, notes or other securities, and the use of such funds either in whole or in part for loans or investment for the account and at the risk of the person doing such business; and (ii) any other activity recognized by the Bank as customary banking practice which a financial institution engaging in the activities described in (i) hereof may additionally be authorised to do.

“Board” means the Board of Directors of the Bank;

“Council” means the Monetary Council established under Article 7 of this Agreement;

“financial institution’ means any person doing banking business: Provided that for the purpose of this Agreement, unless the context otherwise requires, all offices and branches of a financial institution in the territories of the Participating Governments shall be deemed to be one financial institution;

“person” includes any corporation, either aggregate or sole, and any undertaking, club, society, association or other body of one or more persons.

PART II - ESTABLISHMENT OF BANK

3. (1)

There shall be established a body to be known as the Eastern Caribbean Central Bank to do business in accordance with the provisions of this Agreement. The establishment of the Bank shall take effect in accordance with the provisions of Article 54 paragraph (2) of this Agreement and on the date thereof all the assets and liabilities of the Authority, together with all its rights and obligations that are not inconsistent with the provisions of this Agreement, shall be deemed to have been transferred to and to vest in the Bank. (Am 2015) (2) The Bank shall be a body corporate having perpetual succession and a common seal and shall have power to - (a) enter into contracts and incur obligations;

(b) sue and, subject to Article 50 paragraph 2 of this Agreement, be sued in its own name;

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