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PART I PRELIMINARY

Short title and commencement 1. This Act may be cited as the Banking Act 2015 and shall come into operation on such date as the Minister may, by Order published in the Gazette , appoint.

2. (1)

Interpretation

In this Act -

"Agreement" means the Agreement establishing the Eastern Caribbean Central Bank made on the 5th day of July, 1983, the text of which is set out in the Schedule to [the Eastern Caribbean Central Bank Agreement Act No.[ ] of 1983] and any revisions made thereto;

"affiliate" in relation to a financial institution (“F”) means (a)

a company which is or has at any relevant time been (i). a holding company or subsidiary of F; (ii). a subsidiary of a holding company of F; or (iii).

a holding company of a holding company or a subsidiary of a subsidiary of F;

(b)

any company over which F has control;

(c) any company over which F and any person associated with F has control; (d) any company which has common ownership with F; or (e) any company which has the same beneficial owner and share common management and interlinked businesses with F, and “affiliation” shall be construed accordingly;

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