Century National Merchant Bank Limited and Others v Davies and Others

This appeal to the Privy Council from the Court of Appeal of Jamaica concerned the lawfulness of action taken by the Minister of Finance on 10th July, 1996 under statutory powers to assume temporary management of three financial institutions, and the remedies available to aggrieved parties in the event that such action were indeed unlawful. Three financial institutions were concerned (1) Century National Bank Limited, a bank licensed under the Banking Act 1987; (2) Century National Merchant Bank and Trust Company Limited, a merchant bank licensed under the Financial Institutions Act; (3) Century National Building Society, a building society licensed under the Building Societies Act 1986.