Regulatory Alerts2007-01-01
Central Bank Resolution Increasing Authorized Capital to $800 Million
The Central Bank of Trinidad and Tobago issued Legal Notice No. 162 to ratify a Board of Directors resolution increasing its authorized capital from $100 million to $800 million. This legislative action fulfills the statutory requirement under section 34 of the Central Bank Act that such capital increases be approved by the Minister of Finance and ratified by Parliament. The resolution received final approval from the House of Representatives on July 13, 2007, and the Senate on August 21, 2007.
LEGAL NOTICE NO. 162 REPUBLIC OF TRINIDAD AND TOBAGO THE CENTRAL BANK ACT, CHAP. 79:02 RESOLUTION WHEREAS it is provided by section 34 of the Central Bank Act, that the authorized capital of the Central Bank is one hundred million dollars and that the authorized capital may with the approval of the Minister of Finance, be increased by resolution of the Board of Directors of the Central Bank (“the Board”) and that such resolution shall be ratified by Parliament: And whereas at its 601st Meeting held on February 23, 2007, the Board passed a resolution that the authorized capital of the Central Bank be increased from one hundred million dollars ($100 million) to eight hundred million dollars ($800 million): Be it Resolved: That the resolution of the Central Bank of Trinidad and Tobago to increase its authorized capital from one hundred million dollars ($100 million) to eight hundred million dollars ($800 million) is hereby ratified. Approved in the House of Representatives this 13th day of July, 2007. J. SAMPSON Clerk of the House Approved in the Senate this 21st day of August, 2007. N. JAGGASSAR Clerk of the Senate Legal Supplement Part B—Vol. 46, No. 141—23rd August, 2007 1445 PRINTED BY THE GOVERNMENT PRINTER, PORT-OF-SPAIN REPUBLIC OF TRINIDAD AND TOBAGO—2007