(1) Where there is served on any person resident in Saint Lucia a notice in writing that the Director of Finance and Planning wishes any such requirements as are hereinafter mentioned to be complied with by any such body corporate as is specified in Schedule 2 (hereafter in this subsection referred to as a “foreign company”), and that person can, by doing or refraining from doing any act—
(a) cause the foreign company to comply with any of the requirements; and
(b) remove any obstacle to the foreign company complying with any of the requirements; or
(c) render it in any respect more probable that the foreign company will comply with any of the requirements,
then, except so far as permission to the contrary may be given by the Director of Finance and Planning, that person shall do, or, as the case may be, refrain from doing, that act.
The requirements with respect to which such a notice may be given are as follows, that is to say, that the foreign company shall—
(i) furnish to the Director of Finance and Planning, such particulars as to its assets and business as may be mentioned in the notice,
(ii) sell or procure the sale to an authorised dealer of any gold or specified currency mentioned in the notice, being gold or specified currency which it is entitled to sell or of which it is entitled to procure the sale,
(iii) declare and pay such dividend as may be mentioned in the notice,
(iv) realise any of its assets mentioned in the notice in such manner as may be so mentioned,
(v) refrain from selling, transferring, or doing anything which affects its rights or powers in relation to, any such securities as may be mentioned in the notice.
(2) Except with the permission of the Director of Finance and Planning, a person resident in Saint Lucia shall not do any act whereby a body corporate which is by any means controlled (whether directly or indirectly) by persons resident in Saint Lucia ceases to be controlled by persons resident in Saint Lucia.
However, this subsection shall not prohibit any person from selling any securities authorised to be dealt in on any recognized stock exchange in Saint Lucia if the sale takes place in pursuance of an agreement entered into in the ordinary course of business on that exchange.
A person resident in the scheduled territories shall not in Saint Lucia do any act which involves, is in association with or is preparatory to any such transaction outside Saint Lucia as is referred to in this subsection.
(3) Except with the permission of the Director of Finance and Planning, a person resident in Saint Lucia shall not lend any money or securities to any body corporate resident in the scheduled territories which is by any means controlled (whether directly or indirectly) by persons resident outside the scheduled territories.
However, this subsection shall not apply where the lender after making such inquiries as are reasonable in the circumstances of the case does not know and has no reason to suspect that the body corporate is controlled as aforesaid.
(4) For the purposes of this section and of Schedule 2, persons resident in Saint Lucia or outside the scheduled territories are considered to control a body corporate although other persons are associated with them in the control thereof if they can together override those other persons.
(5) In this section the expression “security” includes a secondary security.