(1) Where on perusal of any information furnished to the Registrar under this Act it appears—
(a) that the value placed by the company on any real property owned by it in Saint Lucia is too great; or
(b) that the property is not adequate security for any loan secured by mortgage on such property and the interest thereon,
the Registrar may request the company to have the real property appraised by a valuer approved by him or her, and failing compliance with such request, the Registrar may cause an appraisal of the real property to be done at the expense of the company.
(2) Where the appraised value of the real property of a company is substantially less than the value disclosed in the information furnished under section 36(1), the Registrar may, in order to ascertain the ability of the company to meet its obligations, substitute the appraised value for the value disclosed.
(3) Where the appraised value of the real property of a company is not adequate security for a loan secured by mortgage on such property and the interest thereon, the Registrar may write off from the loan and the interest a sum sufficient to reduce them to such amount as may be fairly realisable from the sale of the real property; but the reduced sum shall in no case exceed the appraised value of such property.