Revised Laws of Saint Lucia (2021)

38.   Powers of the Authority in respect of licensees

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   (1)   Whenever the Authority is of the opinion that—

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      (a)     a licensee is or appears likely to become unable to meet the licensee's obligations as the obligation's become due;

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      (b)     a licensee is carrying on business in a manner detrimental to the public interest or the interest of customers or creditors;

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      (c)     a licensee has contravened this Act;

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      (d)     a licensee has failed to comply with a condition of a licence;

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      (e)     there has been or is, on the part of a licensee or its directors, a failure to satisfy any one or more of the criteria of prudent management set out in section 41;

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      (f)     a licensee, director, manager, secretary or other officer concerned in the management of a licensee refuses to cooperate with the Authority in the performance of the Authority's functions under section 40;

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      (g)     a licensee is carrying on business in an unlawful manner;

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      (h)     a licensee has failed to maintain the prescribed capital; or

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      (i)     is violating any law, regulation or guideline to which the licensee or person is subject,

the Authority may take one or more of the measures set out in subsection (2).

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   (2)   Without prejudice to sections 33 and 34, the measures that the Authority may take in pursuance of subsection (1) are as follows—

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      (a)     impose conditions, or further conditions, as the case may be, upon the licence and may amend any of the conditions;

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      (b)     require the suspension or removal of a director or officer of the licensee;

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      (c)     at the expense of the licensee, appoint a person to advise the licensee on the proper conduct of the affairs of the licensee and to report to the Authority within 3 months of the date of his appointment, or any extension of appointment and at such intervals as the Authority may require;

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      (d)     at the expense of the licensee, appoint a person to assume control of the licensee's affairs who shall have all the powers of a person appointed as a receiver under the Commercial Code of the Revised Edition of the Laws of Saint Lucia 1957 who shall report to the Authority within 3 months of the date of the appointment, or any extension of appointment and at such intervals as the Authority may require;

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      (e)     require a licensee, to take, refrain from or discontinue any action as the Authority considers necessary;

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      (f)     revoke the licence.

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   (3)   The Authority may, on receipt of a report under subsection (2)—

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      (a)     revoke the appointment of the person appointed under subsection (2)(c) or (d);

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      (b)     extend the period of appointment of a person appointed under subsection (2)(c) or (d);

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      (c)     subject to any conditions that the Authority may impose, allow the licensee to reorganise the affairs of the licensee in a manner approved by the Authority; or (Amended by Act 1 of 2016)

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      (d)     revoke the licence.

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   (4)   The Authority shall comply with the procedures established in section 33(3), (4), (5) and (6) if it decides to revoke a licence under subsections 2(f) and 3(d).

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   (5)   If any licensee is aggrieved by any decision made under subsection (2), that licensee may appeal to the High Court within 14 days of such decision, setting out the grounds of such appeal, and the High Court may revoke or confirm the decision.