Revised Laws of Saint Lucia (2021)

28.   Revenue of Commission

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    (1)   The Revenue of the Commission shall comprise any or all of the following —

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      (a)     sums allocated to the Commission by Parliament;

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      (b)     any levies payable to the Commission under any Regulatory Act;

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      (c)     fees payable to the Commission under this Act or a Regulatory Act; and

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      (d)     revenue raised by the Commission in the form of loans, grants, investments or other lawful means; and

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      (e)     all other sums that may become payable to or vested in the Commission in respect of matters incidental to its powers and duties.

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    (2)   The revenue of the Commission in any financial year shall be applied in payment of the following charges —

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      (a)     the interest and other charges on, and the repayment of, any loan payable by the Commission;

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      (b)     the remuneration and fees payable under this Act, a Regulatory Act or the Regulations; and

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      (c)     expenses incurred by the Commission in the discharge of its functions under this Act.

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    (3)   The Commission shall establish a reserve fund into which maybe paid any surplus funds of the Commission.

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    (4)   The Commission may withdraw any funds from the Reserve Fund in cases of a shortfall for purpose of exercising its functions or discharging its duties pursuant to this Act.

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    (5)   Subject to any general or specific direction of Cabinet, the funds in the Reserve Fund may be invested in securities by the Commission on such terms and conditions determined by the Commission except that the Commission shall not invest its funds in securities offered by any person under its supervision.