Banking & Trusts
NOTE: Several of the Acts outlined in this site are available for download in PDF format from the Bahamas Compliance Commission. To visit their website click here. The link will be open a new browser window. To return to the BFSB site, simply close the new window.
AN ACT RELATING TO BANKS AND BANKING
The Banks Act - 23 August, 1909
Section 1 Short Title
Section 2 Interpretation
Section 3 Application of Act
Section 4 Recording of Copies of Act, Charter or Certification
of
Incorporation
Section 5 Trusts
Section 6 Holding of Real Property
Section 7 Dividends
Section 8 Yearly Statements
Section 9 Special Returns & Further Information Required by the
Minister
Section 10 Failure to comply with Sections 8 & 9
Section 11 Injunction to restrain those acting contrary to the Act
Section 12 Service of Process
Section 13 Notices
Section 14 By-Laws
Section 15 Suspension of Specie Payments
Section 16 Recovery of Penalties
Section 17 Deposits to credit of deceased persons
Section 18 Issuing of False Certificates, etc.
Section 19 Preservation of Secrecy
AN ACT TO REGULATE BANKING BUSINESS AND TRUST COMPANIES WITHIN THE
BAHAMAS AND OTHER MATTERS RELATED THERETO
The Banks & Trust Companies Regulation Act 1965 - 28 October, 1965
Section 1 Short Title
Section 2 Interpretation
Section 3 Licence
Section 4 Application for Licence
Section 5 Issuance of Shares
Section 6 Use of the word "Bank", etc.
Section 7 Financial Statements, etc.
Section 8 Powers and Duties of the Inspector
Section 9 Powers of the Minister
Section 10 Preservation of Secrecy
Section 11 Suspension of Licence
Section 12 Power of Search
Section 13 Attorney General's Fiat
Section 14 Regulations
Section 15 Savings
Section 16 Appeal
Section 17 Fees
AN ACT TO AMEND THE BANKS AND TRUST COMPANIES REGULATION ACT
The Banks & Trust Companies Regulation (Amendment) Act - 1989
Section 1 Title
Section 2 Principal Act Amended
AN ACT TO MAKE FRESH PROVISIONS TO REGULATE BANKS AND TRUST
COMPANIES WITHIN THE BAHAMAS, AND FOR CONNECTED PURPOSES
The Banks and Trust Companies Regulation Act, 2000 - 29 December,
2000
Section 1 Short Title and Commencement
Section 2 Interpretation
Section 3 Licence Required
Section 4 Application
Section 5 Approval of Governor
Section 6 Shares - Issuance and Transfer
Section 7 Use of the Word "Bank"
Section 8A Governor May Call For Further Information
Section 8B Failure to Comply with Section 8
Section 8C The Governor May Require Financial Statement, etc.
Section 8D Appointment of Auditor
Section 9 Powers and Duties of the Inspector
Section 10 Inspection by Foreign Supervisory Authority
Section 11 Appointed Body to Conduct Inspection
Section 12 Confidentiality of Reports of Inspector and
Supervisory Authority
Section 13 Rules for Inspection and Supervision of Banks
Section 14 Powers of the Governor
Section 15 Preservation of Confidentiality
Section 16 Transfer to Bank of Unclaimed Balances
Section 17 Charges for Account
Section 18 Power of Search
Section 19 Attorney General's Fiat
Section 20 Regulations
Section 21 No Derogation
Section 22 Appeal
Section 23 Fees
Section 24 Repeal
Section 25 Savings
First Schedule - Rules for Inspection and Supervision of Banks
Second Schedule - Domestic Regulatory Authorities
Third Schedule - Fees
AN ACT TO REPEAL THE CENTRAL BANK OF THE BAHAMAS ACT AND TO
MAKE FRESH PROVISIONS FOR THE ESTABLISHMENT OF A CENTRAL BANK, ITS
FUNCTIONS AND DUTIES; AND FOR CONNECTED PURPOSES
The Central Bank of the Bahamas Act, 2000 - 29 December, 2000
Part I - Preliminary
Section 1 Short Title and Commencement
Section 2 Interpretation
Part II - Establishment and Functions of the Bank
Section 3 The Central Bank of The Bahamas
Section 4 Places of Business, etc.
Section 5 The Bank's functions
Part III - Capital and Reserves
Section 6 Capital of the Bank
Section 7 General Reserve
Part IV - Currency
Section 8 Currency of The Bahamas
Section 9 Parity of the Dollar
Section 10 Contracts, etc.
Section 11 Sole Right of Bank to Issue Notes and Coins
Section 12 Issue, etc. of Notes and Coins
Section 13 Denominations and Forms of Notes and Coins
Section 14 Legal Tender
Section 15 Damaged Currency, etc.
Section 16 Exemption from Stamp Duty
Part V - Gold, Foreign Exchange, External Reserve, etc.
Section 17 Powers of Bank in Relation to Foreign Exchange, etc.
Section 18 External Reserve
Part VI - Relations with the Commercial Banks
Section 19 Statutory Reserve
Section 20 Liquid Assets
Section 21 Power of Governor to Fine
Section 22 Credit Controls
Section 23 Bank as Banker to Commercial Banks
Section 24 Transfer of Money
Section 25 Clearing House
Part VII - Relations with the Government
Section 26 Bank as Banker to Government
Section 27 Bank as Agent for Government
Section 28 Advances to the Government
Part VIII - General Powers of the Bank
Section 29 Powers of the Bank
Section 30 Prohibited Activities
Part IX - Accounts, Statements and Audit
Section 31 Financial Year
Section 32 Publications of Accounts
Section 33 Publication of Statements
Section 34 Audit
Part X - Miscellaneous
Section 35 Information from Financial Institutions
Section 36 Assistance in Obtaining Information
Section 37 Supplying False Statement
Section 38 Confidentiality
Section 39 Offences
Section 40 Offences by Corporations
Section 41 Exemption
Part XI - Repeal, Transitional Provisions, etc.
Section 42 Repeal
Section 43 Transitional Provisions
Section 44 Savings
Schedule - The Bank (Board of Directors, Staff, Authentication
of Documents)
AN ACTION TO AMEND THE LAW RELATING TO DISPOSITIONS MADE WITH
AN INTENT TO DEFRAUD
The Fraudulent Dispositions Act - Date of Assent: 5th March, 1991
Section 1 Short Title and Commencement
Section 2 Interpretation
Section 3 Application
Section 4 Avoidance of Fraudulent Disposition
Section 5 Saving of Certain Rights
Section 6 Extent of Avoidance of Relevant Dispositions
Section 7 Non validation of Certain Dispositions
Section 8 Relationship With Trusts (Choice of Governing Law) Act
AN ACT TO MODIFY THE LAW RELATING TO THE AVOIDANCE OF FUTURE
INTERESTS IN PROPERTY ON GROUNDS OF REMOTENESS
The Perpetuities Act - Date of Assent: 14th February, 1995
Section 1 Short Title
Section 2 Interpretation
Section 3 Validity Dependent Upon Actual Events
Section 4 When The Perpetuity Period Begins to Run
Section 5 Powers of Appointment
Section 6 The Perpetuity Period
Section 7 The Measuring Lives
Section 8 Regulation of Age
Section 9 Exclusion From a Class
Section 10 Condition Relating to Death of Surviving Spouse
Section 11 Ulterior and Dependent Limitations
Section 12 Presumption and Evidence as to the Age of Procreation
Section 13 Conclusion of Perpetuity Period
Section 14 Administrative Powers of Trustees
Section 15 Options Relating to Land
Section 16 Avoidance of Contractual and Other Rights in Cases
of Remoteness
Section 17 Possibilities of Reverter, Conditions Subsequent,
Exceptions and Reservations
Section 18 Non-Charitable Purpose Trusts
Section 19 Application to the Court for Directions
Section 20 Application of Act
AN ACT TO MAKE BETTER PROVISIONS RELATING TO THE LAW OF TRUSTEES
AND FOR CONNECTED PURPOSES
The Trustee Act - Date of Assent: 22nd July, 1998
Part I - Preliminary
Section 1 Short Title and Commencement
Section 2 Interpretation
Section 3 Retention, Possession or Acquisition of Powers by Settlor
Part II - Investments
Section 4 Powers of Investment
Section 5 Exercise of Powers of Investment
Section 6 Investment Advice
Section 7 Power to Retain Investments
Section 8 Loans and Investments by Trustees not Chargeable
as
Breaches of Trust
Section 9 Liability for Loss by Reason of Improper Investment
Section 10 Powers Supplementary to Powers of Investment
Section 11 Power to Pay Calls on Shares
Section 12 Power to Deposit Money in Bank
Section 13 Application of Sections 10-12
Part III - General Powers of Trustees and Personal Representatives
Section 14 Powers Regarding Land
Section 15 Powers of Trustees for Sale to Sell by Auction
or Private Contract
Section 16 Power to Sell Subject to Depreciatory Conditions
Section 17 Power to Postpone Sale
Section 18 Trust for Sale of Mortgaged Property Where Right
of Redemption is Barred
Section 19 Power of Trustees to Give Receipts
Section 20 Power to Compound Liabilities
Section 21 Power to Raise Money by Sale, Mortgage or Otherwise
Section 22 Protection of Purchasers and Mortgages
Section 23 Devolution of Powers of Trustees
Section 24 Power to Insure
Section 25 Application of Insurance Money Where Policy Kept
Under Trust, Power or Obligation
Section 26 Deposit of Documents and Chattels for Sale Custody
Section 27 Reversionary Interests, Valuations and Audit
Section 28 Power to Concur with Others
Section 29 Application of Sections 20, 24, 26, 27 (1), (3) and (4)
and 28.
Section 30 Power to Employ Agents
Section 31 Power to Delegate Trusts
(Indemnities)
Section 32 Protection Against Liability in Respect of Rents
and Covenants
Section 33 Protection by Means of Advertisement
Section 34 Protection in Regard to Notice
Section 35 Exoneration of Trustees in Respect of Certain Powers
of Attorney
Section 36 Implied Indemnity of Trustee
(Maintenance, Advancement and Protective Trusts)
Section 37 Power to Apply Income to Maintenance and to
Accumulate Surplus Income During a Minority
Section 38 Power to Apply Capital Money for Advancement or Benefit
Section 39 Protective Trusts
Section 40 Restriction Against Alienation
Part IV - Appointment and Discharge of Trustees
Section 41 Limitation of the Number of Trustees
Section 42 Appointing New Trustees
Section 43 Power to Appoint Trustees of Property Belonging to
Minors or to Persons Out of The Bahamas
Section 44 Supplemental Provisions as to Appointment of Trustees
Section 45 Evidence of a Matter Stated
Section 46 Retirement of Trustee Without a New Appointment
Section 47 Vesting of Trust Property in New or Continuing Trustees
Part V - Powers of the Court
(Appointment of New Trustees)
Section 48 Power of Court to Appoint New Trustees
Section 49 Powers of New Trustees Appointed by the Court
(Remuneration of Trustees)
Section 50 Power to Authorise Remuneration
(Vesting Orders)
Section 51 Vesting Orders of Land
Section 52 Orders as to Contingent Rights of Unborn Persons
Section 53 Vesting Order in Place of Conveyance by Minor Mortgagee
Section 54 Vesting Order Consequential on Order for Sale or
Mortgage of Land
Section 55 Vesting Order Consequential on Judgement for Specific
Performance, etc.
Section 56 Effect of Vesting Order
Section 57 Power to Appoint Person to Convey
Section 58 Vesting Orders as to Stock and Things in Action
Section 59 Vesting Orders of Charity Property
Section 60 Vesting Orders in Relation to Minor's Beneficial Interest
Section 61 Orders Made Upon Certain Allegations to be Conclusive
Evidence
Section 62 Orders of Court to be Registered
Section 63 Persons Entitled to Apply for Orders
Section 64 Power to Apply to the Court
Section 65 Hearing of Application
Section 66 Powers Concerning Costs
Section 67 Power to Make an Order in a Cause
Section 68 Medical Evidence Concerning Person's State of Mind
Section 69 Action May Be Directed
Section 70 Jurisdiction of Court to Vary Trusts
Section 71 Power of Court to Authorise Dealings With Trust Property
Section 72 Power to Give Judgement in Absence of a Trustee
Section 73 Power to Relieve Trustee from Personal Liability
Section 74 Power to Make Beneficiary Indemnify for Breach of Trust
Section 75 Payment into Court by Trustees
Section 76 On Summons The Court May Order The Application of
Trust Monies
Section 77 Trustee May Apply to Court for Advice or Direction
Section 78 Application for Advice or Direction to be Signed by
Counsel and Attorney
Section 79 Court May Make Orders
Part VI - Special Provisions
Section 80 Trustees to Act by Majority
Section 81 Protector of Trusts
Section 82 Managing Trustee
Section 83 Disclosure
Section 84 Validation of Appointments Where Objects Are Excluded
or Take Illusory Shares
Section 85 Validity of Powers and Discretionary Trusts
Section 86 Power to Continue to Accumulate Income
Section 87 Termination and Modification by Beneficiaries
Section 88 Distribution of Shares
Section 89 Apportionment Between Capital and Income
Section 90 Incorporation by Reference (First Schedule)
Section 91 Memorandum of Trust Property
Part VII - Fiscal and Regulatory Provisions
Section 92 Trust Duty
Section 93 Exemptions From Tax
Section 94 Exemption From Registration
Section 95 Exemption From Exchange Control Regulations
Section 96 Application of Act
Section 97 Savings
Section 98 Indemnity
Section 99 Repeals (Acts Specified in Second Schedule)
First Schedule - Trust Provisions
Section 1 Trust for Sale
Section 2 Powers of Investment
Section 3 Power With Regard to Mode of Application of Capital
and Income
Section 4 Additional Powers
Section 5 Dividends and Other Income
Section 6 Protection of Third Parties in Dealings with Trustees
Section 7 Power in Relation to Underlying Company
Section 8 Trustee Not Bound to Interfere with Entity's Management
Section 9 Determination of Rights to Capital and Income
Section 10 Incapacitation of Settlor or Beneficiary
Section 11 Accountability of Trustees
Section 12 Liability of Trustees for Loss
Section 13 Liability of Trustees to Third Party
Section 14 Trustees Right to Indemnity
Section 15 Powers and Discretions
Section 16 No Bond Required
Second Schedule - Repeals
Trustee Act, 1893, Ch. 164
Variation of Trusts Act, Ch. 166
AN ACT TO PROVIDE FOR A CHOICE OF GOVERNING LAW IN THE CREATION
OF TRUSTS AND FOR MATTERS CONNECTED THEREWITH
The Trusts (Choice of Governing Law) Act - Date of Assent: 29th
December, 1989
Section 1 Short title and Commencement
Section 2 Interpretation
Section 3 Application
Section 4 Declaration of Governing Law
Section 5 Provision for Change of Governing Law
Section 6 Determination of Governing Law
Section 7 Matters Determined by Governing Law
Section 8 Imitations in Foreign Law
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