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2023 Laws not yet authenticated through a Commencement Order

Revised Laws of Saint Lucia (2023)

Back to Revised Laws of Saint Lucia (2023)

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42. Shareholders' rights on remaining assets

Any asset remaining after all claims have been paid shall be distributed among all the shareholders in proportion to their respective rights.

42. Shareholders' rights on remaining assets

2. Interpretation

3. Requirement for licence

4. Application and grant of licence

5. Registered office and registered agent

6. Notification of change of particulars

7. Categories of licences

9. Refusal to grant licence

10. Limitation on activities

(Substituted by Act 14 of 2022)

12. Surrender of licence

13. Limitation on transfer issue or disposal

14. Use of word “bank”

15. Audited accounts for licensee

16. Certain prohibitions on licensee

17. Number of directors

18. Duties of Director

20. Powers of Minister

21. Order for winding-up

22. Voluntary liquidation

23. Cessation of business operations

24. Notices to depositors of voluntary liquidation

25. Rights of depositors and creditors in voluntary liquidation

26. Distribution of assets

27. Insufficiency of assets in discharge of obligations in voluntary liquidation

28. Appointment of receiver

29. Notice of appointment of receiver

30. Proceedings to revoke receiver's appointment

31. Period of obligation to commence proceedings

32. Compulsory liquidation or reorganisation proceedings

33. Powers of the Court

34. Powers of receiver or liquidator

35. Term extensions, attachments and voidable transfer of assets

36. Execution against assets of a licensee

37. Reorganisation proceedings

38. Reorganisation provisions

39. Petition for modification of reorganisation

40. Preferential and other claims

41. Unclaimed funds

43. Safe deposits and unclaimed property

44. Conclusion of liquidation

45. Abandoned property

46. Report, publication and disposal of abandoned property

47. Sale and handling of proceeds of abandoned property

48. Claims on abandoned property

54. Non-application of Banking Act and Exchange Control ACT

55. Consolidated Fund

56. Regulations

International Banks Regulations – Section 44