Revised Laws of Saint Lucia (2021)

129.   Taking control of the licensed financial institution

  1.  

    (1)   Immediately upon appointment, the official administrator shall secure the properties, offices, assets, books and records of the licensed financial institution or licensed financial holding company, and may take all necessary or appropriate steps aimed at such purpose, including without limitation —

    1.  

      (a)     cancelling authorisations of persons to engage the financial responsibility of the licensed financial institution or licensed financial holding company and issuing new authorisations, as appropriate, and notifying third parties;

    1.  

      (b)     informing correspondent financial institutions, registrars and transfer agents of securities, and external asset managers of the licensed financial institution's or licensed financial holding company's assets that persons who previously had authorization to give instructions on behalf of the licensed financial institution or licensed financial holding company with respect to dealing in the licensed financial institution's or licensed financial holding company's assets or assets held in trust by the licensed financial institution or licensed financial holding company are no longer so authorised and that only the official administrator, and persons authorised by the official administrator have such authority.

  1.  

    (2)   In the course of the official administration, the official administrator shall have unrestricted access to, and control over, the properties, offices, assets and the books of account and other records of the licensed financial institution or licensed financial holding company.

  1.  

    (3)   The official administrator may request the assistance of law enforcement officials, who shall, if necessary, use force to assist the official administrator to gain access to any premises of the licensed financial institution or licensed financial holding company, to gain control over and to secure such properties, offices, assets, books and records of the licensed financial institution or licensed financial holding company.

  1.  

    (4)   The licensed financial institution or licensed financial holding company, its affiliated institutions and their directors, officers and agents other than its auditors shall give every assistance to the official administrator including the supply of information or explanation in any form as may be required, the production of books, documents, minutes, cash, securities and vouchers, and generally the provision of all necessary facilities required for the performance of any function of the official administrator save that in the case of its auditors they shall only be required to supply any information which is in their possession or knowledge other than their internally generated working papers.

  1.  

    (5)   A person who does not comply with subsection (4) or otherwise obstructs the Central Bank or an official administrator in the performance of functions under this section commits an offence and is liable on summary conviction to a fine of $15,000 or to a term of imprisonment not exceeding 2 years.