National Commercial Bank Repays Loans
The National Commercial Bank in Dominica has announced that it will be repaying loans made to borrowers under its loan program. According to the bank, all loans will be repaid according to the terms of the agreement, and until such time as they are disposed of, they will be held by the borrower in trust for the bank.
Disposal of Crops and Produce
The bank has outlined procedures for the disposal of crops and produce obtained from borrowers. Any person who disposes of these goods without the bank’s approval is liable to a fine of $750 or six months’ imprisonment on summary conviction.
- The bank may enter into agreements with borrowers for the disposal of their crops and produce.
- These agreements will provide for the sale of the goods without undue delay, and the immediate payment to the bank of the proceeds from the sale.
Failure to Pay Proceeds
Any person entrusted with the disposal of a borrower’s crops or produce who fails to pay the proceeds to the bank is liable to a fine of $1,500 or six months’ imprisonment on summary conviction.
Mortgages and Charges
The bank has outlined its procedures for preparing mortgages and charges to secure loans. Borrowers are required to pay legal charges in connection with their loan, as well as all necessary disbursements.
Examination of Loans
The bank reserves the right to make examinations of loans at any time to ensure that they are being applied to the purposes for which they were made. The bank may also require borrowers to submit financial statements on a quarterly or shorter basis.
Cancellation and Modification of Approvals
The bank may cancel or modify loan approvals at its discretion, without assigning any reason therefor. Borrowers who contravene any provisions of the law are liable to a fine of $1,500 or six months’ imprisonment on summary conviction.
The bank has emphasized that it is committed to ensuring that loans are used for their intended purposes and that borrowers comply with the terms of their agreements.