Revised Laws of Saint Lucia (2021)

157.   Required action of receiver

A receiver or receiver-manager shall—

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    (a)     in the case of a receiver or receiver-manager appointed by the Court or under an instrument, immediately notify the Registrar of his or her appointment or discharge;

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    (b)     take into his or her custody and control the property of the society in accordance with the Court order, order of the Registrar or instrument under which he or she is appointed;

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    (c)     open and maintain a bank account in his or her name as receiver or receiver-manager of the society for the moneys of the society coming under his or her control;

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    (d)     keep detailed accounts of all transactions carried out by him or her as receiver or receiver-manager;

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    (e)     keep accounts of his or her administration that he or she shall cause to be available during usual business hours for inspection by the directors of the society, the Registrar or any person authorised by the Registrar;

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    (f)     prepare at least once in every 6 month period after the date of his or her appointment financial statements of his or her administration, as far as is practicable in the form required in section 124;

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    (g)     on completion of his or her duties, render a final account of his or her administration in the form he or she has adopted for preparation of interim accounts under paragraph (f); and

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    (h)     file with the Registrar a copy of any financial statement mentioned in paragraph (f) and any final account mentioned in paragraph (g) within 15 days of the preparation of the financial statement or rendering of the final account, as the case may be.