Revised Laws of Saint Lucia (2021)

18.   Notice

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    (1)   If an administrator knows or has reason to believe that an international public mutual fund licensee for which it is providing international public mutual fund administration services—

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      (a)     is or is likely to become unable to meet its obligations as they fall due;

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      (b)     is carrying on business otherwise than in accordance with this Act or any other law in force in Saint Lucia; or

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      (c)     is carrying on business in a manner that is or is likely to be prejudicial to investors of the international public mutual fund or creditors of the international public mutual fund licensee,

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    the administrator shall immediately give the Director written notice of its knowledge or belief giving its reason for that knowledge or belief.

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    (2)   An administrator who contravenes subsection (1) commits an offence and is liable on conviction to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 3 years or to both.