(1) If a manager knows or has reason to believe that an international public mutual fund licensee for which it is providing international public mutual fund management services—
(a) is or is likely to become unable to meet its obligations as they fall due;
(b) is carrying on business otherwise than in accordance with this Act or any other law in force in Saint Lucia; or
(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,
the manager shall immediately give the Director written notice of its knowledge or belief giving its reason for that knowledge or belief.
(2) A manager who contravenes subsection (1) commits an offence and is liable on conviction to a fine not exceeding two hundred and $50,000 or to imprisonment for a term not exceeding 5 years or to both.