Revised Laws of Saint Lucia (2021)

30.   Sanctions

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    (1)   In the event that the Central Bank, determines that the provisions of this Part have been violated, the Central Bank may take one or more of the following actions —

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      (a)     issue an order requiring the divestment of so much of the offending interest as is necessary to secure compliance with the provisions of section 20;

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      (b)     prohibit the payment of dividends in respect of the shares; or

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      ©     prohibit the issue of 'bonus shares' or 'rights issue' in respect of the shares.

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    (2)   Where the Central Bank has issued an order under paragraph (1)(a), the owner or nominee of the owner of the offending interest shall be prohibited from the exercise of voting rights in respect of the shares.