(1) For the purposes of section 10 of the Act, a person
(a) who wishes to apply to a person issuing securities to purchase such securities; or
(b) who is a nominee of a person described in subparagraph (1)(a),
is to be resident in Saint Lucia for a period of 3 consecutive years prior to the date of such application.
(2) For the purposes of section 11(1)(a) and 11(1)(a)(c) of the Act—
(a) a transferor or transferee of securities; or
(b) a nominee of such a transferor or transferee,
is to be resident in Saint Lucia for a period of 3 consecutive years prior to the date on which he or she intends to transfer or purchase, as the case may be, securities to which section 11 of the Act applies.
(3) Subject to subparagraph (4), a person resident in any of the States specified in the Schedule for a continuous period of 3 years, on proof thereof, is considered to have the residence requirements for the purposes of subparagraphs (1) and (2).
(4) Despite subparagraphs (1) and (2), the Director—
(a) may approve the purchase or transfer of securities by a person to whom subparagraph (3) applies; and
(b) may, having regard to all the circumstances of a particular case, approve the purchase or transfer of securities by a person who is without the residence requirements specified in subparagraphs (1) to (3),
subject to such conditions as may be imposed by the Director.