Revised Laws of Saint Lucia (2021)

82.   Delegation of powers

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    (1)   Directors of a company may appoint from their number a managing director or a committee of directors and delegate to the managing director or committee any of the powers of the directors.

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    (2)   Despite subsection (1), a managing director or a committee of directors of a company shall not—

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      (a)     submit to the shareholders any question or matter requiring the approval of the shareholders;

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      (b)     fill a vacancy among the directors or in the office of auditor;

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      (c)     issue shares except in the manner and on the terms authorised by the directors;

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      (d)     declare dividends;

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      (e)     purchase, redeem or otherwise acquire shares issued by the company;

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      (f)     pay a commission referred to in section 50;

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      (g)     approve a management proxy circular referred to in Division F;

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      (h)     approve any financial statements referred to in section 149; or

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      (i)     adopt, amend or repeal bye-laws.