86. Records
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(1) An international partnership formed under this Act shall keep and maintain records to show the financial position of the international partnership.
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(2) An international partnership shall keep records for a period of 6 years from the date —
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(a) of completing a transaction to which the records relate; or
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(b) on which the international partnership terminates the business relationship to which the records relate.
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(3) Records kept pursuant to subsection (1) must —
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(a) show and correctly explain a transaction;
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(b) enable the preparation of financial statements;
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(c) enable the financial position of the international partnership to be determined, with reasonable accuracy, at any point in time.
(Substituted by Act 15 of 2016)
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(4) The underlying documentation shall provide details of—
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(a) the sums of money received and expended and the matters in respect of which the expenditure takes place;
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(b) the sales, purchases and other transactions by the international partnership; or (Amended by Act 15 of 2016)
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(c) the assets and liabilities of the international partnership.
(Amended by Act 15 of 2016)
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(5) An international partnership shall, within 21 days, submit the records or any other documents to its registered agent upon a request lawfully required under the provisions of any law in force in Saint Lucia, an agreement for tax purposes or an agreement for mutual legal assistance. (Substituted by Act 9 of 2015 and by Act 15 of 2016 and amended by Act 24 of 2016)
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(6) An international partnership that fails to comply with subsection (5) is liable to pay a penalty of US$1,000 for every month or part of a month that the records are not submitted. (Inserted by Act 15 of 2016)
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(7) Where the international partnership fails to submit the records under subsection (5), the registered agent shall notify the person making the request under subsection (5) of the failure to submit the records within 7 days of such failure. (Inserted by Act 15 of 2016)
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(8) By December 31st of each year, a person making a request under subsection (5) shall, in the prescribed form, notify the Registrar of the failure of an international partnership to submit the records. (Inserted by Act 15 of 2016)
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(9) By March 31st of each year, the Registrar shall by notice published in the Gazette state —
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(a) the name of the international partnership to be struck off the register;
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(b) the penalty for failing to submit records under subsection (6).
(Inserted by Act 15 of 2016)
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(10) An international partnership shall submit unaudited financial statements, at the office of its registered agent, within 3 months of the end of the financial year of the international partnership and the financial statements must be accompanied by the prescribed declaration made by the international partnership. (Inserted by Act 15 of 2016)
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(11) An international partnership that fails to submit the unaudited financial statements and the declaration under subsection (10) is liable to pay a penalty of US$100 for every month or part of the month that the international partnership fails to submit the unaudited financial statements and declaration. (Inserted by Act 15 of 2016)
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(12) A registered agent shall submit to the Registrar by the 31st day of March of each year, for all submissions due for the previous year, a list containing the name and registration number of all international partnerships that have not complied with subsection (10) with a declaration in the prescribed form. (Inserted by Act 15 of 2016 and amended by Act 24 of 2016)
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(13) In addition to paying the penalty under subsection (11), a registered agent of an international partnership shall submit to the Registrar a declaration, in the prescribed form, that the unaudited financial statements and declaration have been received by the registered agent. (Inserted by Act 15 of 2016)
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(14) A registered agent who fails to provide information as required in subsections (12) and (13) commits an offence and is liable to a fine not exceeding US$3,000. (Inserted by Act 15 of 2016)