Article 3 Interpretation

In this Order—

• “the European Savings Directive” means Council Directive 2003/48/EC of 3rd June 2003 on taxation of savings income in the form of interest payments^f1;

• “the European Securities Directive” means Directive 2001/34/EC of 28th May 2001 on the admission of securities to official stock exchange listing and on information to be published on those securities as amended^f2;

• “the European UCITS Directive” means Council Directive 85/611/EEC of 20th December 1985 on the co-ordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities as amended^f3.

In this Order—

• “agent” means paying agent or receiving agent as appropriate;

• “Governor” means the person for the time being lawfully administering the government of Montserrat;

• “money debt” is a debt arising from a transaction for the lending of money and which falls to be, or may be, settled—

  1. (a)

     by the payment of money; or

  2. (b)

     by the transfer of a right to settlement under a debt which is itself a money debt,

  subject to the qualification in article 17;

• “paying agent” has the meaning given in article 4;

• “receiving agent” has the meaning given in article 6;

• “relevant payee” has the meaning given in article 7;

• “resident” and “residence” shall be construed in accordance with article 9;

• “residual entity” has the meaning given in article 5;

• “savings income” has the meaning given in article 8;

• “UCITS” means an undertaking for collective investment in transferable securities within the European UCITS Directive.

For the purposes of this Order a person makes savings income payments to another person if the person—

In this Order “economic operator” shall be construed in accordance with Article 4 of the European Savings Directive.

In this Order a reference (without more) to an article is a reference to the article of this Order bearing that number.