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110.   Declaration and registration of related interest and conflict of interest by director

Revised Laws of Saint Lucia (2021)

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110.   Declaration and registration of related interest and conflict of interest by director

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    (1)   Every director of a licensed financial institution or licensed financial holding company who is in any manner, directly or indirectly interested in loans, advances, contracts or transactions from the licensed financial institution or licensed financial holding company shall as soon as possible declare the nature of his interest to the board or other body responsible for the management of the licensed financial institution or licensed financial holding company and shall cause the declaration to be circulated immediately to all of the members of the board.

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    (2)   For the purpose of subsection (1) a declaration by a director of a licensed financial institution or licensed financial holding company to the effect that the director is to be regarded as interested in any loan, advance, contract or other transaction, which may, after the date of the notice, be made by the licensed financial institution or licensed financial holding company shall be deemed to be a sufficient declaration of interest in relation to any loan, advance, contract or other transaction so made if —

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      (a)     it specifies the nature and extent of the interest of the director; and

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      (b)     the interest of the director is not different in nature from, or greater in extent than, the nature and extent so specified in the notice at the time any advance is made.

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    (3)   Every director of a licensed financial institution or licensed financial holding company who holds any office or possesses any property where directly or indirectly, duties or interests might be created in conflict with his duties or interests as a director in the Currency Union shall declare the fact, nature, character and extent of the conflict at the first meeting of the board held —

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      (a)     after assuming office as a director of the licensed financial institution or licensed financial holding company; or

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      (b)     if already a director, after the date of commencement in office or possession of the property.

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    (4)   Every director of a licensed financial institution or licensed financial holding company who qualifies as an interested director under the provisions of this section shall cause to be brought up and read any declaration made under subsections (1) or (3) at the next meeting of the board after it is given, and shall cause to be recorded any declaration made under this section in the minutes of the meeting at which it was made or at which it was brought up or read.

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    (5)   A director who contravenes subsection (1) or subsection (3) commits an offence and is liable on summary conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding one year or to both such fine and imprisonment.

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