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73.   Dissolution by award

Revised Laws of Saint Lucia (2021)

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73.   Dissolution by award

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    (1)   Upon the application made in writing under their hands—

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      (a)     of 1/5 of the whole number of members of a society or branch; or

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      (b)     in the case of a society or branch of 1,000 members and not exceeding 10,000, of 100 members,

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    the Registrar may by himself or herself, or by any actuary or auditor whom the Registrar may appoint in writing under his or her hand, investigate the affairs of the society or branch, but shall give not less than one month's previous notice in writing to the society or branch whose affairs are to be investigated.

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    (2)   The application shall—

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      (a)     state that the funds of the society or branch are insufficient to meet the existing claims thereon, or that the rates of contribution fixed in the rules of the society or branch are insufficient to cover the benefits assured;

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      (b)     set out the grounds on which the insufficiency is alleged; and

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      (c)     request an investigation into the affairs of the society or branch with a view to the dissolution thereof.

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    (3)   If upon the investigation it appears that the funds of the society or branch are insufficient to meet the existing claims thereon, or that the rates of contribution fixed in the rules of the society or branch are insufficient to cover the benefits assured to be given by the society or branch, the Registrar may, if he or she considers it expedient so to do, award that the society or branch be dissolved, and its affairs wound up, and shall direct in what manner the assets of the society or branch shall be divided or appropriated. However, the Registrar may suspend his or her award for such period as he or she may consider necessary to enable the society or branch to make such alterations and adjustment of contributions and benefits as will in his or her judgment prevent the necessity of the award of dissolution being made.

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    (4)   The Registrar proceeding under this section shall have all the same powers and authorities, enforceable by the same penalties, as in the case of a dispute referred to him or her under this Act.

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    (5)   Every award under this section, whether for dissolution or distribution of funds, is final and conclusive on the society or branch in respect of which the award is made, and on all members of the society or branch, and on all other persons having any claim on the funds of the society or branch, without appeal, and shall be enforced in the same manner as a decision of a dispute under this Act.

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    (6)   The expenses of every investigation and award, and of publishing every notice of dissolution, shall be paid out of the funds of the society or branch before any other appropriation thereof is made.

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    (7)   Notice of any award for dissolution shall, within 21 days after the same has been made, be advertised by the Registrar in the Gazette and in a newspaper circulating in Saint Lucia and unless, within 3 months from the date of the Gazette in which such advertisement appears, a member or other person interested in or having any claim on the funds of the society commences proceedings to set aside the dissolution of the society consequent upon such award, and such dissolution is set aside accordingly, the society shall be legally dissolved from the date of such advertisement, and the requisite consents to the application to the Registrar shall be considered to have been duly obtained, without proof of the signatures thereto.

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