Revised Laws of Saint Lucia (2021)

52.   Power of Minister over administrator or manager

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   (1)   Where the Minister is of the opinion that an administrator or a manager—

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

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      (b)     is carrying on business in a manner detrimental to its investors;

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      (c)     is winding up its business voluntarily or in a manner that is prejudicial to its investors or creditors;

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      (d)     has contravened this Act or the Regulations;

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      (e)     has failed to comply with a condition of its licence;

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      (f)     is declared bankrupt;

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      (g)     has been convicted of an offence pursuant to this Act or of a criminal offence in any country or jurisdiction; or

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      (h)     has knowingly or willfully supplied false, misleading or inaccurate information or failed to disclose information required for the purpose of this Act or the Regulations,

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   the Minister may do any of the things listed in subsection (2).

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   (2)   The things referred to in subsection (1) which the Minister may do are as follows—

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      (a)     impose conditions or further conditions upon the administrator or the manager and may amend or revoke any such conditions;

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      (b)     revoke the international public mutual fund administrator licence or the international public mutual fund manager licence;

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      (c)     require the substitution of any director or officer of the administrator or manager;

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      (d)     at the expense of the administrator or manager appoint a person to advise the administrator or manager on the proper conduct of the administrator's or manager's affairs as the case may be and to report to the Minister within 3 months of the date of the person's appointment;

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      (e)     at the expense of the administrator or manager appoint a person to assume control of the administrator's or manager affairs as the case may be who shall with the necessary changes have all the powers of a person appointed as receiver of a business appointed under the International Business Companies Act; or

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      (f)     require such action to be taken by the administrator or manager as the Minister considers necessary.

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   (3)   An administrator or manager may within 7 days receipt of notice of the Minister's decision pursuant to subsections (1) and (2) apply to the Minister for a reconsideration of the Minister's decision.

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   (4)   A person appointed pursuant to paragraph (d) or (e) of subsection (1) or whose appointment has been extended pursuant to paragraph (b) of subsection (5) shall from time to time at that person's discretion and in any case within 3 months of the date of that person's appointment or of the extension of the person's appointment, prepare and furnish a report to the Minister of the affairs of the administrator or manager and of the person's recommendations.

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   (5)   On receipt of a report pursuant to subsection (3) the Minister may—

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      (a)     revoke the appointment of the person appointed pursuant to paragraph (d) or (e) of subsection (1);

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      (b)     extend the period of that person's appointment;

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      (c)     subject to such conditions as the Minister may impose allow the administrator or manager to reorganize its affairs in a manner approved by the Minister; or

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      (d)     revoke the international public mutual fund administrator licence or international public mutual fund manager licence and apply to the Court for an order that the administrator or manager be wound-up immediately by that Court in which case the provisions of the International Business Companies Act relating to the winding-up of a company by that Court shall with the necessary changes apply.

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   (5)   Notwithstanding any provisions in this Act, the Minister may revoke an international mutual fund administrator licence or an international public mutual fund manager licence if an administrator or manager—

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      (a)     has ceased to carry on the business of international public mutual fund administration or the business of international public mutual fund management; or

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      (b)     goes into liquidation or is wound up or otherwise dissolved.

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   (6)   Where the Minister revokes an international public mutual fund administrator licence or an international public mutual fund manager licence pursuant to this section, the Minister shall cause notice of such revocation to be published in the Gazette and may cause the notice to be published, whether in Saint Lucia or elsewhere, in such newspaper or other publication as the Minister may consider necessary in the circumstances.

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   (7)   In any case in which an administrator or manager is being wound up voluntarily the Minister may apply to the Court if the Minister considers that the winding up is not being conducted in the best interest of the administrator's or manager's creditors, and the Court shall make such order as it shall consider appropriate.