Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698072413322.pdf (Guyana)
A.b.

i965] BANK OF G_UY ANA N.o.

23) 77 Part V -Currency of British Guiana.

to gold.

19.

Currency 20.

Par value in relation 21.

Use of Guyana dollar.

22.

Issue of notes and coins, 23.

Assets to cover currency 24.

Characteristics 25.

Exchange 26.

Exchange 27.

Bills and of currency.

of Currency Board notes of mutilated notes payable notes and coins.

to bearer on demand.

and coins.

legal tender, and withdrawal.

of external assets.


issue, reserves Part VI - Foreign Excha,nge Transactions foreign exchange 28.

Dealing in gold or silver.

29.

Permitted 30.

'Denns of transactions 31.

Institutions 32.

Exchange 33.

Payments 34.

Fiscal agent for Government's control.

agreements.

in foreign exchange.

transactions.

with which Bank may deal in foreign exchange.

transactions with inter­ national financial institu tions.

35.

Depository.

Part vn-Relations with Banks for credit 36.


Banker to banks.

37.

Rediscounts.

38.

Loans.

39.

Conditions 40.

Reserve 41.

Power to vary liquid 42.

Regulation 43. Credit control 44. Credit controls 45.

Information of interest s over banks.

requirements.

ratio.

assets rates of banks.

transactions.

over specified institutions.

to be furnished financial by banks, etc.

Part VIII - Relations with the Government agent and banker to the Government.

as fiscal agent.

46.

Fiscal 47.

Functions 48.


Direct 49. Credit 50.

Prohibition 51.

Bank as adviser advances operations with Government securities.

of other credit to the Government.

to the Government.

to the Government.

A.D. 1965) BANK OF GUYANA [No.

23 79 Agreement "the Currency of the 12th December, to the Currency the Agreement of 1964" means _ 1964 as set out m the schedule �65.
� 01 "Currency 1965; Ordinance, Board coins" means coins of any series or or issued under the Currency of 1964; denomination provided Agreement Board notes" means currency "Currency series issued, have been issued under the Currency 1964; "Director" or denomination provided.
notes of any or deemed to of Agreement means a member of the Board aprbinted pm­ suant to sections 10 and 14; of the Bank; currencies and claims in to a country other than British means the Government o'f British exchange" means pertai.nini;r "foreign" Guiana; means foreign "foreign and to foreign currencies; "the Government" Guiana; "Governor" "issue" includes "the Minister" "pu blic service" 115 of the Constitution "s·ection" "specified means the G0vem·Jr re-issue; has the means the Minister responsible for finance; to it in article meaning assigned Guiana; of British of this Ordinance; means a credit by the Bank for the purp05es institution" means a section financial not being a bank, specified of this Ordinance; "specified municipality, law in force in British Guiana established other i.nstitution by the Bank for the purposes or any body corporate public entity" means any l.>cal authority established or by any board or specified by the Government, of this Ordinance.
or any agency, institution (2)Where this Ordinance a duty confers a power or imposes and the duty the power may be exercised on any person or authority, shall be performed from time to tin1e as occasion requires.

Paa·t II - Establi'ihment 3.

(1) The�e shall be e�tablished and Obdjcctives a central of the Bank bank to be known Esta,blishment as the Bank of Guyana which shall be an autonomous goveme y e p1tJv1,s1.ons o t 1s r mance.
f h' O d' d b th (2)The Bank may exercise any of the functions entrnsted to .

.

institution and purpose of th< Bank.

it by or in accordance with this Ordinance agroement or by or under anv international binding is a party or which is otherwi,-se incidental do any other banking of its functions.

tial upon the performance business Jll British or ancillary Guiana, to or consequen­ and may or any other Ordinance to which British Guiana.

.,..

A.D. 1965] BANK OF GUY ANA [No.


23 81 > subscribed Government Bank in that regard.
(2)The balance of one and one-half and paid by the Government shall decide after considering million as such time dollm; shall be or times as the the recbmmendations of the 8 (1) The Bank shall establish shall be paid fifty per centum which· Bank during each financial after deductin be paid by the general revenues g any sum paid into reserve Bank to the Acountant of Britiish Guiana: a General of the net profit made by the F��- Fund into w.'?nernl ve Reserve year and the remainder of such proifit under this ,subsectio General and credited n shall to the Provided that whenever the General Reserve of the autlbrised capital of the Bank shall be paid into the General Fund amounts to of the Bank, ten per not les!l than one-third centum of the n et profit Reserve Accountant Guiana.
Fund and the remainder and creditied General shall be paid by the Bank to the to the general revenues of British (2) For Lhe purposes minded by deducting allowance for depreciation funds, provision gencies of assets, for bad and doubtful provisionss and accounting contributions debts, and such other contin­ made by banks.
as ar-e usually of thr-s section, from gross income all expenses net profit shall be deter­ together to staff benefit with (3) If the General Reserve Fund is in any year insufficient to cover any net Accoun!, an am�unt equivalent and �hall be debi,ted to the acco.unt loss of the Bank recorded to the deficiency in its Profit and Loss is hereby appropriated of the Government with the Ban1c.

Part IV -Administration 9.


There shall be a Board of Directors of the Bank, con-Boa-rd of as provided in section 10, which shall be the poHcy making Directors.

stituted organ bf the Banlc.

10.

(1) Subject Dire.clots shall consist to subsection persons - of the following (1) of section 14, the Board of composition nf the Board.
(a)the Governor who shall serve as Chairman of the Board; (b)the .Banking Chairman; and Manager who shall serve as Deputy (c)1,bt less than two nor more than three other Di.rectors of the Board.

(2)The Governor shall be appointed by the Governor of British Guiana by instrument Manager and the th� Minister, other Directors under the Public Seal and the Bank by of the Bank shall be appo;i,nted 82 [No.
23 THE LAWS OF BRITISH GUIANA [A.D. 1965 (3)The term of office of every Director referred (1) of this section to in para­ shall be graphs (a), (b) and (c) of subsection specified in the instrument appointing him and - (a)for the Governor and the Banking five years; not exceed and Manager, shall but any subject Director to ,section (b)for the other Directors, on the expiration retiring shall not exceed four years, of lus term of office shall, J 5. be eligible for reappointment.
(4)If a Director of the Board referred suffers the Minister, may, (1) of this section of subsection to be prolonged, person any person so appointed .shall until such time as the Minister ceased.

to act for such Director subject determines during the period to in paragraph an incapacity, which 15, appoint a (c) i.s li.kiely to section of incapacity and have the full powers of that Director has that the incapacity Meetings the Board.

of 11.
of 11.

(1) addition, he considers The Board shall meet at least once in every month.

In the Governor that the of the Bank fo requires.
may convene meetings business of the Board whenever (2)The Governor shall summon a special of the meeting Board within to him by any two of the Directors subsection seven days of a requisition referred (1) oI section 10. for that purpose addressed to i.n paragraph (c) of (3)The Secretary to the Treasury, to act for him in his absence, d designate or an alternate and parti­ may attend of the Board, blt shall not have the right to by the Minister cipate vote at such meetings.
in all meetings (4)A quorum for any meeting of he Board shall be three Directors.

the votes, Chairman (5)Decisions provided presiding at which the voting have a second of by a majority the is equal, vote.

or casting of the Board shall be adopted the meeting shall that in any case in Governor 12.

(1) The Governor shall be the chief executive officer of the of the Board, shall to the.
general policy decisions Bank and, subject be responsible tion, appointment gerreral for the management and dismissal of the Bank induding the organisa­ with the of the staff in accordance by the Board.
�tablished terms and conditions of service (2)The Governor of the shall be the priniipal representative Bank and shall, in that capacity, have the authority: (a)to represent the Bank in i.ts relations with other institutions and with the Government; (b)to sign individually or jointly with other persons con­ d by the Bank, notes Oi' securities by the Bank, reports, balance sheets, and otrher docu­ and other statements, correspondence tracts conclude issued financial ments of the Bank; A.D. 1965] BANK OF GUY ANA A.D. 1965] 83 (c)to delegate his powers provided for m paragraphs (a)and (b) of this subsection to the Bank.
other officers of 13.

'The Banking Manager shall perform as f.t11lking such funcitons :magcr.

and, sub- to him from time to time by the Governor may be assigned je.ct to the provi,sions whe.ll.ever the Governor office whether of section is unable to perform 14, shall act for the Go,vemor of his the functions by reason of illness or any other cause whatsoever.

14.

(1) If the Minister thinks fit he may appoint so appointed a Depllty Gover-��Z or.
shall replace Manager on the Board and serve as Deputy Chairman nor of the Bank and a Deputy Governor the Banking of the Board.

The Deputy Governor may be assigned act for the Governor the functions cause whatsoever.
to him from of his office whenever whether shall perform time to time by the Governor such functions a{s and shaJl the Governor is unable to perform by reason oT illnel/,s or any other (2)The term of office of the Deputy Governor shall be him and shall not exceed five appointing imbject to of his term of office he shall, in the instrument but on the expiration reappoi 15, be eligible for specified years, section ntment.
(3)The Banking Manager shall act for the Deputy Governor whenever his office whether by the Deputy Governor is unable to.

perform the functions of reason of illnel,s ror any other cause whatsoever.

15.

(1) No person shall be appointed a Director (a) is a member of the House of Assembly (b)is an oihcer (c) is a director, in the public sercice officer or other employee who - ; or of a bank.

dis­ General qt1 alifications f.or members of the :Bord of Directors.
appointment appointment (2)The Governor of British of the Governor of any otheii· Directo,r and the Minister may Guiana may terminate terminate if the Governor or such Director- the the (a) by \'triting the person under his hand addressed to who appointed (b)becomes subject him resigns his office; to any o'f the disqualifications specified in subsection ( l) of this section; (c)becomes bankrupt debtors, or insolvent, applies for any or compounds with bis creditors under the law for the relief insolvent benefits makes any assignment income from the Bank for creditors; in whole or in part of his the benefit of such of bankrupt or (d)is convicted of an offence involving dishonesty, fraud or moral turpitude; 84 [No.
23 THE LAWS OF BRITISH GUIANA [A.D. 1965 (e)becomes totally fonning his duties; or or permanently incapable of per­ (f)is guilty of gross misconduct.

(3)The Minister may terminate to in paragraph the appointment (c) of subs:ection of a Director (1) o'f sectibn from three consecutive meetings of the Board of the Board referred himself 10 who absents leave from the Board.

without 16.

(1) The Governor, _shall owe their duty entirely !

"fanager 1Il any paid employment, duties.


of their r¢,pective (2)of this section.
the Deputy Governor and the Banking to the Bank and shall not engage outside the activity under subsection or professional offices, except as permitted or business (2)Notwithstanding the provisions of subsection Goveruor, section, the may, with the approval of the Minister - the Deputy Governor and the Banking (1) of this Manager (a)serve on any committee the Government currency ancial matters or banking, relating appointed or commission matter affecting into any or into any economic or fin­ Guiana; to British to inquire by (b)serve on any international Guiana is or becomes which British financial (c)serve on the Board of any company, other body in which the Government holds stock or shares or otherwise the Deputy Governor (3)lf the Go,ernor, or the Banking participates.
institution of a member; corporation or or the Bank engages in any paid employment, of his office contrary the Governor or professional or business to the provisions of Guiana in the of British.

outside Manager activi.ty subsection case of the Governor Gove.rnor the duties (1) o1: this section, and the Banking and the Minister in the Manager may terminate case of the Deputy his appointment.

Remune ti ra on.

17.


(1) The Governor, the Deputy Governor shall be paid by the Bank such sala'ies from time to time by the Mmister, and the Banking and allowances a� may but the salary and during to any such Director may not be reduced Manager be determined payable allowances bis term of office.
(2)The Di.rectors (1) of section of subsection under subsection Director such fees as may be de,termined of the Board referred 10 and any pe1!son (4) of section appointed 10 shall be y_aid by the Bank to in paragraph (c) to act for any from time to time by the Minister.

n 18.

(1) Except for the purpose Preservatio 0r s=ec:;.

the •exercise of his functions or when lawfully any court or under the provisi.ons other employee information or the exercise of his functions.

which he.
which he.

has acquired of the Bank, shall not disclose of the performance required of his duties to d!o so by officer, or vf any law, a Director, to any person any of his duties in the performance or .. .. A.O.

1965] !JANK OF GVY ANA (No.


23 8S (2)Any person shall be guilty who contravenes of an offence of subsection the provisions on or to and shall be liable five hundred dollars to a fine not exceieding for a term not exceeding six months or to both such (I)of this section summary conviction imprisonment fine and imprisonment.

Part V -Currency 19.

(1) The unit of currency to be known as the Guyana dollar cents.

of British Guiana shall be a dollar r�ency of cu _ British into l 00 Guiana.
which shall be divided (2)The symbol "0$" may be used as the abbrevia ted referenc e to the Guyana dollar.

:w. The Government shall, · · after consultatio n with the Bank, .Par .

value in .

m terms of gold m go1c1.

.

relauun Lo the par value of the Guyana dollar determrne accordan party or which are otherwise value so determined ce with international binding shall be published agreements to which British Guiana is a Guiana.

'The par on British in the Gazette.

21.


All monetary obligations or transactions imposed (whether to be expressed unless and recorded, otherwise provided or authorised by a law or otherwise) and shall be settled for by law or agreed in Guyana dollars the parties.

between in British Guiana use ot shall be deemed ��r::,a 22.
(1) Subject to the provisions of subsections section, British issued the Bank shall have the sole right Guiana and subject by the Bank shall be legal tender as aforesaid, in British (5) and (6) of this Issue of note., to issue notes and coins in :.

:'s�l c��;der, only such notes and coins and with- Guiana.

drawal.
drawal.

(2)The Bank may determine that any issue or denomination by the Bank shall cease to be legal tender of notes or coins issued with effect mination give holders within their face value for other from any date.

The Bank shall cause notice of such deter­ to be published and any such notice in the Gazette of the notes and coins to be withdrawn shall a reasonable time by the Bank at which such notes or coins shall be exchanged which is legal tender.
currency (3)Legal tender no�es shall be accepted Guiana without or private debt or monetary limitation British as to amount in settlement of any public obligation.

throughout (4)Legal tender coins shall be accepted of any public Guiana in settlement ation up to a limit of ten dollars five cents and above and up to a limit of two dollars denominations.
British throughout oblig­ of twenty­ for coins of denominations for coins of lower debt or monetary or private of any series or denomination Board notes and the Currency Board coins to be legal tender in shall continue (5)The Currency 86 No.

231 THE LAWS OP BRIT!Sli GV!ANA (AD.

1965 Gui�a for such time as the Minister British recommendat10n it tie shall so ciecide, and shall publish in other media of public may determine on the and.
in the Gazette informatio� of the Bank, (6)Nothing shall affect any rights which concunently in this siection Bank D.C.O.

may have to issue bank notes in British Guiana Barc!aYis so long as section of.

�he Un!ted Kingdom continues Bnt1sh Guiana.

19 of tile Barclays Bank D.C.O.

Act 1925 and 1957 to apply as part of the law of �::;' c!i�.

23.

(1) The Bank re�cy issue, value st:fficient .

.

reserves of d • f th .

b .

.

external assets.

an <;oms or e tune emg m crrculat1on.


shall at all times hold assets to cbv:er fully the value of the total amount of iJts notes of an amount in the .

(2) The Bank shall maintain of not less than fifty per centurn of the total amount of its notes at aU times a re-serve of external assets and coins for the time being (3)The reserve in circulation.
of external assets shall consist of all or any of the following - (a)gold in any form; �b) foreign exchange in the form of - (iJ demand or time deposits banks or with the Bank's agents dents abroad; with foreign central or correspon­ (ii)documents and instruments for the making of payments international transactions; used customarily or transfers in (iii)notes or coins; securities governments (c) of, or securities giaranteed by, foreign or internat onal financial institutions.
national nal assets tranche (4)Whenever British Monetary British Fund, the Bank may include drawing Guiana's a ;member of the Inter­ in its reserve equivale facility Fund.

of exter­ nt to its gold position in the International Guiana becomes Monetary Ch .

.

24 (1) The denominations, 01 ourre ncy araotetIStics .

characteristics of the notes and coins shall be determmed inscriptions, form, material by the Bank • and other with the approval of the Minister.
and other charact (2)The Bank shall pubhsh in the Gazette by it.

of notes and coins issued eristics the denominations of Exchange Currency Board notes and eoins.

tender in British 25.


For so long as :the Currency tinue to be legal 22, such notes and coins ·shall be exchanged sectioo notes and coins Bank'1s shall continue such further S'hall determine Board notes and coins con- (5) of at par for the the Bank Thereafter, Board notl',S �d coins at par for as :the Bank, with the approval Guiana under subsection at all offices of the Bank.

in the Gaz.ette.

to exchange and publish Currency periods of the Minister, A.D. 1965] BANK OF GUY ANA [No.

2.3 87 26.
2.3 87 26.

The Bank may prescribe or otherwise defective the conditions 11nder notes or coins may be ex- no!es which ��l�;; o1.

and co�.

defaced mutilated ' at the Bank.

changed d by subsection (2) of this section, no !�:S ani!yabt, of putting such instrument into circulatio 27.
(1) Except as provide shall for the purpose penson draw, exchange, or other instrument demand; or borrow, bill of exchange, of money payable promissory only to bearer f.or the payment owe or take up any sum or sums of ;money of money payable note or other instrument for the payment n �� ':i:d. note to bearer on on any make or issue any bill of exchange, promissory on demand.

(2)Cheques or drafts of commercial by other banks or their customers.
the usual cour.se agents practice payable to bearer oo demand, be drawn on banks or their may, in (3)Subsection before the commencement ( 1) of this section not apply to bank notes by banks duly of this Ordinance shall issued authorised to issue such notes.

anything (4)Notwithstanding to the contr-ary in any other law, contravening any person of an offence and shall be liable five hundred dollars note or other instr1.1;ment whichever is the greater.
teh provisions on summary shall be guilty to a fine of conviction of this section or to a fine equal to twice the amount of the bill, in respect of which the offence is committed, to the provisions (5)Subject Guiana, by the Bank in by the Bank or by any agent duly authorised of article under this section a prosecution Constituti on of shall not be instituted 45 of the British excep·t writing.

(6) For the avoidance by the Bank under this Ordinance that a of doubt, it is hereby declared the meaning Cop.
14. note issued of the expression, ( Offeoces) Jurisdiction Law (Offences) Ordinance.

"currency note" in section is within 201 of the Summary Qi 10 P'- • Ordinance and in section 24 t of the Criminal '7) Nothing 19 of the Barclays .Kh\gdom so long as that section of British Guiana.

in this section shall affect Bank D.C.O.

Act, 1925 and 1957 of the United the operation of section continues to apply as part of the law Part VI - Foreign Exchange Transaction-s .

Id i1 28.
Id i1 28.

The Bank may import, export, buy, sell, .

.

.

Dealing in e m go or s •Ver m any orm under such terms and conditions d al it may determine, provided in 1Such transactions to which British Guiana British f that the buying and selling rates involved agreements is a party or which are otheTWise binding with intennational shall be in accordance hold or otherwise Guiana.

on as gold or silver.

29.

(1) The Bank may buy, sell, or otherwise deal in foreign ex-Permit1ed change in any form.
foreign exchani:e transactiom.

88 No.

23] THE LAWS OF BRITISH GUIANA [A.D. 1965 (2)The Bank may hold balances with foreign cur­ , denominated or with the Bank's agents or rencies, correspondents in marketable foreign central banks abroad and, in its discretion, may invest securities.
in foreign such balances (3)The Bank may act as agent for and accept deposits from - (a)foreign instituti central ons; governments (b)foreign ments; banks, or foreign banking or financial or agencies of foreign govern­ (c)international financial institutions.
(4)The Bank may make arrangements or enter into agreements with any foreign central to borrow in such manner, at such rates of interest and conditions currenc may think it expedient as it may think fit, any foreign or financial and upon such terms y which the Bank bank or foreign to acquire.

banking institution ions in which it will engage in transactions Terms of 30.
The Bank may determine transact lorcign exctwn�•-t 1at t e uymg and s•ellin l h b • in accordance is a party or which are otherwise the terms and conditions in foreign under exchange, provided in such transactions shall be to which British Guiana Guiana.

agreements binding g rates involved with international on British 31.

The Bank may engage in transactions in foreign exchange only with - Institutions with which Hank may deal in foreign exclrnnge.
(a) banks; (b) (c) the Government; public entity; any specified foreign central stitutions; (d) banks or foreign banking financial in­ (e)foreign ments; governments or agencies of foreign govern­ (0 international .

financial institutions Exchange control.

No.

28 of 1958.

32.

The Bank may exercise upon or entrusted nance, 1958, or any other law for the time being in force relating exchange to the Bank by or under the Exchange any powers or functions conferred Ordi­ Control to control.
Payments agreements.

33.

The Bank may administer into by or on behalf of British Guiana.

entered any payments agreement 34.

The Bank shall be the fiscal agent for all the transactions of the Government British Guiana is or becomes a member.

with international financial institutions of which Fiscal agent !or Govern­ ment's trans .. actions with internatlonJl financial institutions.

AD .. 1965] .

.

:_ .

BANK OF .GUY ANA JNo:.23 89 .. : 35.


· The Bank shall act as depository .for the Guyana dollar of international financial institutions of which British Guiana Depository.

holdings -is or:becomes.

a member.

Part vn -Reiations with Bauks· 36.

(1) The Bank shall open accounts money and other ,monetary from, _collect of banks, and generally claims act as banker to banks.

for and accept deposits Banker to banks.


for and on account (2)The Bank may provide ng in British .operati provision Guiana, including facilities.

of safe deposit additional services to banks clearings and the interbank 37.
1'he Bank may purohase of banks, bills of exchange, behalf in\'ltruments, in one hundred sition· by the Bank and issued and eighty bearing promissory at least the e111dorsement with- of a bank, maturing days from the date of rediscount or acqui- of financing notes and other credit - from, sell to and rediscount on Rectiscounts.
or made for the purpose or exportation of goods and products (a)the importation (b)the trading Guiana; (c)the storage of goods· and products; within British og goods and products and which are duly insured perishable under conditions houses approved for -the purposes or in other places Ordinance assuring their preservation Cap.
309· of the Customs or deposited in ware- which are not approved by the Bank; that if provided of the national production, the Bank may from time to time declare e for t)w purposes of or agricultural the Ba!Ilk finds it to be in the interest economy, acceptabl , relating ing within vided further instruments secured the related products or crops .

that the Bank may require accepted by a pledge, by it under this section to be of hypothec ation or assignment .

or agricultural and seventy production matur-.


days; and pro­ two -hundred to industrial the "credit ( d)industrial this section instruments .

38.

The Bank may grant loans or advances , Loans.

to banks which pledge the following for fixed periods as not exceeding collateral security six months, for such loans or advances - (a)·:the credit (b)negotiable instruments securiti referred to in section 37; es of the Governm�nt of British . '

39.

Sub_iect.to .

Guiana.


,the provi,sions of sections terms and conditions .37 and 38, the Bank Conditions for under which it exten'ds ��f��.� ra­ the gener-al may determine credit.

to banks.

In particular, the rates of interest under section 37, al!ld granting section 38. the Bank shall detennine and announce cligt"ble paper it will charge for r�discounting loans or advances to biutlcs under 90 No.

23] THE LAWS OF BRITISH GUIANA [A.D. 1965 iRcscrve quirement::,.

re­ 40.
re­ 40.

(1) The Bank may require banks to maintain on deposit balances and other liabilities, per centum of tlle twenty (2)Subject with the Bank as reserves provided that such balances of each total liabilities bank.

in subsection specified ratios different to the limit against (1) of this sec­ types of for different shall not exceed minimum their deposit tion, _the Bank may prescribe prescri liabilities and may further reserves.
amount of the required ( 3)Any prescription be the method of computing the of, or change in, the minimum reserve under subsection requirements effect only after the expiration intention of the Bank (1) or (2) of this section, notice of thirty days' shall take to the banks of the to take such action.

(4)The Bank may impose on any bank which fails a penalty required minimum balances sufficient this section interest charge per ccntum per day on the amount of the deficiency.
(2) of this section, to subsection determine published in the Gazette not exceeding 41.

(1) Subject under subsection the Bank may by notice which banks are required of the Banking not be Jess than fifteen liabilities time liabilities.
Ordinance, as liquid to maintain 1965 so however nor more than thirty and :not less than ten nor more than twenty per centum for per centum for demand to maintain (1) or (2) o'f of one one-thirtieth the percentage of liabilitie s under section 17 that such percentage shall assets l'owcr 10 vaiy liquid a<sels ratio.
(2)Where any such percentage is to be increased - shall be so effected (a)the increase points percentage as not to exceed five days; and of thirty (b) it shall be the duty of the Bank to give all banks at of the date on which the in any one period of Rogulation inlcrest rates over banks.

least thirty days' notice effect.

-take shall increase 42.


The Bank may, having regard and announce business, interest determine and ot11er charges the maximum to the viability or minimum rates of of ban.king which ban.ks may - (a)impose for specified types of loans, advances or other and credits; (b)pay on deposits.

Crcilit controls of banb.

43.


(I) The Bank may, after consultation with the banks, issue prescribing in respect of the loans, advances or investments of orders banks - (a)the purposes for which they may or may not be granted; (b)the maximum maturities the type and which shall be required or, in the case of loans maximum amount of , and in the oase of the miQimum amount and advances, security IetteTS of credit, or deposit; of margin A.b.

1965] !JANK OF GUY ANA [No.


23 91 .. (c)the limits advances outstanding.

for any particu lar categor ies of loans, or investments or for their total amount (2)For the avoidance (1)of this section apply to all ban ks engaging orders Gazette.

together and shall, orders of doubt, issued shall not be retroactive, in the credit with their effective and all such orders transactions covered by the in the be published under subsection dates, shall 44.

(1) The Bank may, after consultation · fin.


Credit con(rob issue or ers to contro t e vo ume, terms an con 1-1inanc1a1 loans, 1 h l d d. over specllled through with the specified instalment Institutions.

extended by such institutions.


credit, · · · · d ancia mstitut1ons, I tions of credit, advances including or investments (2) For the avoidance of doubt, such orders shall not be re­ and all such orders troactive, tutions shall, together engaging shall apply to all specified covered transactions be published insti­ and by the orders in the Gazette.

financial dates, with their effective in the credit institution shall furnish rn1ornrnt!on 45.
(1) Every bank and specified d , h to t 1e an , at sue time an 10 sue manner as t 1e an may by bnnks h .

I B k such information prescribe, proper and data as the Bank may require financial for the I B k be furnished to etc.

, discharge of its functions (2)The Bank may publish and responsibilities.
in whole or in part at such times or data furnished that no information shall be published under subsection the information as it may decide, (1)of this section, which would disclose sent of that person provided the financial has been obtained affairs of any person unless the con­ in writing.

Part VIII - Relations with the Government 46.

(1) The Bank may act as fiscal agent and trustee an 'er o · e overnmen b k t th G .
t (2)The Bank may also perform and trustee with, and within the maJe between of, and banker to any specified scope determined the Bank and the specified the functions of fiscal agent public entity in e accordanc by, any special arrangements public entity concerned.

01', and as Fiscal agent and banker to u,e Govem- ment.

47.

The Bank in its capacity as fiscal agent and trustee of, Functions •• and banker to the Government or any specified (a)be, the offici'al depository a may - fisc entity l agent.
or of the Government public deposits for any funds public entity held in British concerned Guiana or elsewhere for the account specified whether accept of the Government vided that the Bank may, after consulta the Government any other bank to act in its name and for its of the Government as the depository and effect payments or specified entity, pro­ tion with or the specified public and account or the specified public entity, select 92 No: 231: THE LAWS OF BRITISH GUIANA [A.D. 1965 public entity ··office or branch; in places where_ the Bank maintains no (b)maintain and operate accounts, trustee ma111de between the specified public entity concerned; special in accordance accounts, with arrangement� the· Bank and the Government or with including (c) service the public ment of interest other securities of the Government; ti¢ issuing of, pay­ debt, including on, and redemption of, bonds and (d).
pay, remit, collect funds in British Guiana or elsewhere; or accept for deposit or custody for custody bills (f) collect (e)purcha_se, sell, transfer or accept ; and iSecurities of exchange principal or interest, whether for, or accruing or a specified public the proceeds, from the s,ale to the interest entity of resulting of ,the Government securities or other property; cheques, (g)purchas silver e, sell, transfer or foreign exchange.

or accept for custody gold, Direct advmices to the Govern­ mlfnt.

4�.
4�.

With a view to offsettin g fluctuations receipts and between of the Govemfl}ent, the_ :aank �ay make.

direct to advances shall not exceed that at any one time the total outstanding fifteen and accounted financial year.
Such per centum of for by advances ordinary payments the Government, provided amount of suob direct the, average annual collected the Govemment three preceding direct any financial g for a total of more than three hundred outstandin advances shall bear interest Bank in agreement with the Minister, be-less than vhree per centum per annum.

during shall not, during revenues it-s last advances at such rate as rnay be determined but in no event shall such rate years of the Bank, be and fifty days.
The by th� Oredit opera­ l>'Ons with - Government securi\1ies.

by the Government.

49.

(1) The Bank may purchaise or sell negotiable securities issued __ .

· · '· (2) At no time shall the amount of the negotiable secunttes owned by the Bank under the authority of subsection exceed lected preceding tl:�irty per centum of the average and accounted financial (1) of this sectiolll revenues during the last three for by the Government annual ordinary , col­ years.
P:-ohibitio � of 50 Except as provided other credit d the Govern- s· not exten any ere 1t irect ment.

- or any specified d" ct· I · d" I entity.

y or m irect public hall to in section 47, 48, and 49, the Bank y to u1e overnment .. i. G Bank as ��!��he on any matter 51.

(1) It shall be the duty of the Bank which in its opinion is likely objectives of the Bank as defined in section 5. to advise the Government to affect the achievement of the principal A:D.: 1_9651 !JANK OF (;t;y ANA .

.

[No.
.

[No.

23 93 (21 The Bank may advise the Government the Bank whenever necessary advise on any matter and the Government situa­ measures, within or on monetary, on particular and credit banking, the · jurisdiction of may request tions or transactions, in British the Bank to render Guiana.
conditions furnish request discharge (3)The Government and the specified the Bank at such time and in such manner as the Banlc may information may require for the as the Banlc with such ,s. and responsibilitie Provisions or losses from any revaluat10n Part IX - Miscellaneous of its functions 52.

Profits .

.

public entities shall proper of the Bank's net ,profits.
exchange es in gold, foreign assets or liabiliti result of any change in the par• value of the Guyana dollar, in the change be excluded the Bank.
All such pro.fits or losses account par value· of the currency from the co,mputation "Revaluation of the annual profits shall be carried Account": or foreign called unit of any other couotry shall and losses of in a special isecurities as a or of any Revaluation Provided that no profits Fund or paid to the Government tion Account account shows a net loss; in .an amount sufficient shall be credited under section Reperve to the General 8 whenever the Revalua­ sucn profits shall be credited to the same to cover the loss.
.

53.

The Bank ��y make loans to its officers and employees on such -terms as may be approved and conditions by the Board.

���yiis.

54.

The Bank shall be exempt from the provision of any law Exemption relating to income tax and from the payment of stamp duty.

��:::ion.

55.

The Board may make By-laws for the good order and management o the Bank.

f under the seal of the Hank Power to 56.

The Bank shall not - make By-Jm1-s.

Prohibited operations.

(a) ·.


by this Ordinance, own or acquire .any direct intcrc authorised except as expressly engage in trade, in any co,mmercial, agricutural, in the course except undertakings, of debts due the Bank, provided shall be disposed tunity; purchase, its own business employees; of at the eariest acquire or lease real property premiJSes for except or for the use of its that any sucJ:i. interest oppor­ suit.able industrial or similar of the satisfaction (b) (c)· draw .
or accept bills · payable otherwise than on ·· ·demand ... · 57.

The Bank shall promote the trammg o persons m training.

, • f • Economic monetary matters, banking, statistics, finance and other subjects, and, 94 No.

23J THE LAWS OF BRITISH GUIANA (A.b.

1965 with that object, the cost of training torious aforesaid.

or promising may bear, or contribute in British towards Guiana or elsewher the payment of, e) of meri­ (whether employees of the Bank in any of the subjects Fin:.mctal year.

58.
58.

The financial year of the Bank shall be the same as Lhe and the accounts of the Bank shall financial be closed year of the Government year.

at the end of each financial Ha If-yearly reports.

59.

The Bank shall submit on the state of the national developments, to the Minister half-yearly reports to financial with special and on the policies being fo!Jowed reference by the Bank.

economy, Annual reports.

year 60.


Within three months after the end of each financial on its operations through­ and loss in accordance sheet and the profit appointed the Bank shall submit out that year, together account with section by the external with the balance to the Minister as certified auditors a report 62.

P11blicatlon reports.

of etc.

61.
( 1) After submission the annual report 60. referred loss account together to in section with the balance to the Minister, the Bank shall publish sheet and the profit and business Wednesday as soon as practicable (2)The Bank shall, on the second and fourth (a)transmit a statement ies at the close of business a copy of the said statement (3)The Bank may also issue such other publications after the close of - in every month its assets showing on that day; and in the Gazette to the Minister (b)publish and liabilit .
as it considers to be in the public interest.

Audit.

62.

The Minister audit the accounts and the profit shall be determined by the Minister and loss account shaJl appoint of the Bank and certify annually auditors to sheet the annual balance of the Bank.

The fees for such audit external and paid by the Bank.

ltciiulations.

93.

The Minister, after consultatiou with the Bank, may from time to time for carrying make regulations into effect the provisions as may be required of this Ordinance.

Repeal.
Repeal.

No.

8 of 1965. are hereby repealed.

64.

Sections 5, 7, 8 and 9 of the Currency Ordinance, 1965 Part X -Transitional Provisions and 65.

The Bank shall assume all liabilities, obligations 0�e�ur-responsibilities in respect of the currency Ban� to ����:c rency Board remaining t0;;::!c notes.
Territory outstanding etn1of books of the Board o'f Commissioners hereinafter of Currency, referred in the Caribbean to as "the Currency at the commencement of (Eastern British Group), notes of the Government this Ordinance, A.D. 1965] BANK OF GUY ANA [No.

23 95 Board", " in sterling under Article and shall in return receive securities or sterling 12 of the Currency transferred Agreement of 1964. to it by the Currency Board from the Government any sums .

of or ouaranteed 66.


Any securities by the Bank m redemption by the Government t_o ?e f[��s ll not be _deem ed ncy Board sha urre by it to the C f 1 h h f or t e purposes to the Government t e units 47, 48 and 49. in sections specified ceived coin� presented credits on credit Board notes and fiduciary issue 1!!

of the Currency o computing Government credit.

previous .

o re-Excl_usion °1 any act done l'relimin 67.

Upon the commencement ' acts an .

.

t 111 connec 10n expenses.


mcurre y t e overoment expenses of notes and the printing of the Bank, including of this Ordinance, d b h G ary d .

.

I and pre 1m111ary with· the formation of coins, minting may direct, validly 13ank may continue at the commencement by the Bank.
have the same effect done and such expenses to be issued by the Bank, shall, and validity validly incurred as if such acts had been by the Bank; and the as the Government any act so commenced of this Ordinance but remaining unfinished as if such act had been initiated 68.
(l) The Bank shall, • • • • 111 operation, equivalent re eem I s notes anc corns ·or ster mg or immediate London, 36 may not be issue its notes and coms to banks m exchange for immediate in London and f amount in sterling ( · f }' for such time as section delivery for an ht1nks not opened arcounts with in the nnnk.

.

delivery and may - d 't have • • .


Provisions to apply where (a)from time to time fix an exchange not exceeding charge in respect one per centum of issue or redemption of the sum exchanged; (b)fix a minimum amount that may be tendered for issue or redemption.

(2)The exchange charge and the minimum amount fixed under (I) of th is section shall be published as soon as practicable subsection in the Gazette.

Passed by the House of Assembly on the 12th of October, 1965.

(Dill No.

31 /1965).

E.V.


VIAPREE, Clerk af the Legislature.