Revised Laws of Saint Lucia (2021)

54.   Permitted loans

Despite section 53, a company may give financial assistance to any person by means of a loan, guarantee or otherwise—

  1.  

    (a)     in the ordinary course of business, if the lending of money is part of the ordinary business of the company;

  1.  

    (b)     on account of expenditures incurred or to be incurred on behalf of the company;

  1.  

    (c)     to a holding body corporate if the company is a wholly-owned subsidiary of the holding body corporate;

  1.  

    (d)     to a subsidiary body corporate of the company;

  1.  

    (e)     to employees of the company or any of its affiliates; and

  1.  

    (f)     to shareholders of the company—

    1.  

      (i)     to enable or assist them to purchase or erect living accommodation for their own occupation,

    1.  

      (ii)     in accordance with a plan for the purchase of shares of the company or any of its affiliates to be held by a trustee, or

    1.  

      (iii)     to enable or assist them to improve their education or skills, or to meet reasonable medical expenses.