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137.   Power of Commission to Require Production of Records and Documents Concerning Listed Companies

Revised Laws of Saint Lucia (2021)

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137.   Power of Commission to Require Production of Records and Documents Concerning Listed Companies

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    (1)   Where it appears to the Commission that there are circumstances suggesting that—

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      (a)     the business of a company, which is or was at the relevant time listed, has been or is being conducted—

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        (i)     with intent to defraud its creditors, or the creditors of another person,

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        (ii)     for a fraudulent or unlawful purpose, or

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        (iii)     in a manner oppressive to any of its members;

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      (b)     a company was formed for a fraudulent or unlawful purpose;

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      (c)     the persons concerned with the formation of a company or the management of its affairs have in relation to the formation or management been guilty of fraud, misfeasance or other misconduct towards it or its members; or

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      (d)     the members of a company have not been given all the information with respect to its affairs that they might reasonably expect,

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    the Commission may give directions to—

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      (i)     the company,

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      (ii)     a subsidiary of the company,

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      (iii)     a company that is substantially under the control of the same person as is the company,

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    requiring it, at the time and place specified in the directions to produce the records and documents specified in the directions.

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    (2)   The Commission may, when acting under subsection (1), authorise a person, on producing, if required to do so, evidence of his or her authority, to require a company referred to in subsection (1) to produce to him or her records and documents specified by him or her.

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    (3)   Where the Commission or authorised person requires production of records and documents from a company under this section, the Commission or authorised person may also require production of those records and documents from a person who appears to the Commission or authorised person to be in possession of them.

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    (4)   A power under this section to require a company or other person to produce records and documents includes the power—

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      (a)     if the records and documents are produced—

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        (i)     to take copies of them or extracts from them, and

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        (ii)     to require that person, or any other person who is a present or past officer of the company, or is or was at any time employed by the company, to provide an explanation of any of the records or documents; or

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      (b)     if the records and documents are not produced, to require the person who was required to produce them to state, to the best of his or her knowledge and belief, where they are.

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    (5)   If a requirement to produce records or documents or provide an explanation or make a statement which is imposed under this section is not complied with, the company or other person on whom the requirement was so imposed commits an offence.

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