Revised Laws of Saint Lucia (2021)

98.   Criteria for determining whether a person is fit and proper to be a significant shareholder

In determining whether a company or person is a fit and proper person to be a significant shareholder, regard shall be had to, but not limited by, the following criteria —

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    (a)     whether the directors of the company or person have satisfied the fit and proper criteria set out in this Part;

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    (b)     whether the company or person has been found guilty of insider trading or fraud involving trading in securities by local or foreign authorities;

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    ©     whether the company or person has been convicted of an offence under this Act;

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    (d)     whether in the opinion of the Central Bank the company or person has failed to carry on its business or business affairs in a prudent manner;

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    ©     whether in the opinion of the Central Bank the company is insolvent or is likely to become insolvent;

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    (f)     whether the company or person has suspended or is about to suspend payment in respect of, or is unable to meet their obligations, as they fall due;

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    (g)     whether in the opinion of the Central Bank the affairs of the company or person are being conducted in a manner prejudicial to the soundness of the licensed financial institution in question or the financial system of the Currency Union;

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    (h)     any other matter which the Central Bank may determine.