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493.   Disposal of moneys

Revised Laws of Saint Lucia (2022)

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493.   Disposal of moneys

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    (1)   Upon proof to the satisfaction of the Official Receiver that there is vested in the Official Receiver by operation of section 492 or of an enactment of a proclaimed State containing provisions similar to the provisions of section 499, any estate or interest in property, whether solely or together with any other person, of a beneficial nature and not merely held in trust, the Official Receiver may get in, sell or otherwise dispose of or deal with the estate or interest or any part thereof as he or she sees fit.

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    (2)   The Official Receiver may sell or otherwise dispose of or deal with any such property either solely or in concurrence with any other person in such manner for such consideration, by public auction, public tender or private contract upon such terms and conditions as the Official Receiver thinks fit, with power to rescind any contract and resell or otherwise dispose of or deal with any such property as he or she thinks expedient, and may make, execute and give such contracts, instruments and documents as he or she thinks necessary.

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    (3)   The Official Receiver shall be remunerated by such commission, whether by way of percentage or otherwise as is prescribed in respect of the exercise of powers conferred by subsection (1).

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    (4)   The moneys received by the Official Receiver in the exercise of any of the powers conferred on him or her by this section shall be applied in defraying all costs, expenses, commission and fees incidental thereto and thereafter to any payment authorised by section 492 or this section and the surplus, if any, shall be paid into such account as is prescribed, and the same shall, subject to the rules made under section 494, be dealt with according to orders of the court.

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    (5)   Any claim, suit, or action for or in respect of any moneys paid into the prescribed account shall be presented, made, or instituted within 20 years next after the dissolution of the company, after the expiration of which period of time all moneys then or at any time thereafter standing to the credit of the prescribed account shall, if there be no such claim, suit, or action pending, or any order of the court to the contrary, be paid into the Consolidated Fund.

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