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Revised Laws of Saint Lucia (2021)

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

(1) Except as expressly provided therein, the Banking Act shall not apply to any company carrying on international banking business, and this Act shall have no application to companies licensed to carry on a banking business under the Banking Act.

(2) A company licensed under this Act, or the dividends, royalties, interest, foreign securities, funds, gains or assets generated or managed by a licensee in the course of its international banking business, shall not be subject to the provisions of the Exchange Control Act, or to any other exchange or currency control legislation in force in Saint Lucia.

(3) The law in force in Saint Lucia, regulating the charging of interest on loans by financial institutions or banks, shall not apply to a licensee in relation to its international banking business.

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

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

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

42. Shareholders' rights on remaining assets

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

55. Consolidated Fund

56. Regulations

International Banks Regulations – Section 44