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414.   Constitution and proceedings of committee of inspection

Revised Laws of Saint Lucia (2022)

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414.   Constitution and proceedings of committee of inspection

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    (1)   A committee of inspection appointed under this Act shall consist of creditors and contributories of the company or persons holding general powers of attorney from creditors or contributories in such proportions as is agreed on by the meetings of the creditors and contributories, or as, in the case of a difference, may be determined by the court.

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    (2)   The committee shall meet at such time as they appoint, and, failing such appointment, at least once a month and the liquidator or any member of the committee may also call a meeting of the committee as and when he or she thinks necessary.

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    (3)   The committee may act by a majority of their members present at a meeting, but shall not act unless a majority of the committee is present.

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    (4)   A member of the committee may resign by notice in writing signed by him or her and delivered to the liquidator.

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    (5)   If a member of the committee becomes bankrupt, or compounds or arranges with his or her creditors, or is absent from 5 consecutive meetings of the committee without the leave of those members who together with himself or herself represent the creditors or contributories, as the case may be, his or her office shall thereupon become vacant.

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    (6)   A member of the committee may be removed by an ordinary resolution at a meeting of creditors, if he or she represents creditors, or of contributories, if he or she represents contributories of which 7 days' notice has been given, stating the object of the meeting.

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    (7)   On a vacancy occurring in the committee the liquidator shall summon a meeting of creditors or of contributories, as the case may require, to fill the vacancy, and the meeting may, by resolution, re-appoint the same or appoint another creditor or contributory to fill the vacancy; but if the liquidator, having regard to the position in the winding-up, is of the opinion that it is unnecessary for the vacancy to be filled he or she may apply to the court and the court may make an order that the vacancy shall not be filled, or shall not be filled except in such circumstances as may be specified in the order.

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    (8)   The continuing members of the committee, if not less than 2, may act despite any vacancy in the committee.

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