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21. Defaults and contraventions
2023 Laws not yet authenticated through a Commencement Order

Revised Laws of Saint Lucia (2023)

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21.   Defaults and contraventions

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    (1)   A company which fails to comply with any provision of regulation 3 or 13 and any officer of the Company who knowingly and wilfully authorises or permits the default commits an offence and is liable on summary conviction in the case of—

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      (a)     an individual to a fine of $100,000;

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      (b)     a company to a fine of $300,000,

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    and in addition the individual or the company is liable to a fine of $500 for every day that the offence continues after the conviction.

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    (2)   A default by a company and any officer of the company who knowingly and wilfully authorises or permits the default in complying with, or a contravention of, any provision of regulation 3 or 13 shall be actionable at the suit of a person who suffers loss as a result of the default, or contravention, or who is otherwise affected by it, subject to the defences and other incidents applying to actions for breach of statutory duty.

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    (3)   A default by a share registry in complying with, or a contravention of, any provision of regulations 3, 4, 7, 8, 9, 10, 16, 17, 18 or 20 shall be actionable at the suit of a person who suffers loss as a result of the default or contravention, or who is otherwise affected by it, subject to the defences and other incidents applying to actions for breach of statutory duty.

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    (4)   Any person who within 3 months of the opening by a share registry of a register of members under regulation 3 or the opening of a register of debt securities under regulation 4 transfers or attempts to transfer a security entered on the relevant register in respect of which there is a valid and subsisting transfer or charge of the security given by him or her commits an offence and is liable on summary conviction to a fine of $100,000.

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