(1) The Minister may refuse to grant an international public mutual fund licence where the proposed name of the international public mutual fund—
(a) is identical with that of any company, partnership, business or other entity, or which so nearly resembles the name of the company, partnership, business or entity as to be likely to deceive;
(b) is likely to falsely suggest the patronage of or connection with some person, or authority, whether in Saint Lucia or elsewhere; or
(c) is likely to falsely suggest that the international public mutual fund has a special status in relation to or derived from the Government or the Crown.
(2) If in the Minister's opinion a person is carrying on or attempting to carry on international public mutual fund business from Saint Lucia using a name that the Minister would have refused by virtue of subsection (1), the Minister may direct—
(a) the administrator or manager of the international public mutual fund; and
(b) the person carrying on the international public mutual fund business,
to change the name of the international public mutual fund to a same approved by the Minister.
(3) The administrator or manager of an international public mutual fund shall ensure compliance with a direction given to it in accordance with subsection (2).
(4) The administrator or manager of an international public mutual fund who contravenes subsection (3) commits an offence and is liable on conviction to a fine of $10,000.
(5) A person mentioned in subsection (2)(b) who contravenes a direction given pursuant to subsection (2) 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.