(1) This section applies to any document of a kind intended to enable the person to whom the document is issued to obtain foreign currency from some other person on the credit of the person issuing it, and in particular to any traveller's cheque or other draft letter of credit so intended.
(2) For the purposes of this Act, the person issuing a document to which this section applies, and the person to whom it is issued, are considered respectively to sell and buy foreign currency and where foreign currency is obtained by means of the document to sell and buy that foreign currency.
(3) Any such document not expressed in terms of sterling or West Indian dollars shall, if it is of a kind intended to enable the person to whom it is issued to obtain any specified currency, be treated also for the purposes of this Act as itself being specified currency.
(4) Every person in Saint Lucia who holds or to whose order there is held any document to which this section applies, being a document expressed in terms of sterling or West Indian dollars shall encash it or cause it to be encashed in the scheduled territories with the person issuing it or with a banker, unless the Director of Finance and Planning consents to his or her retention and use thereof and, where in his or her application for that consent he or she has stated that he or she requires it for a particular purpose, unless also he or she still requires it for that purpose.
(5) A person who acquires any document to which the last preceding subsection applies from an authorised dealer shall be treated for the purposes of that subsection as if the Director of Finance and Planning had consented to the retention and use by him or her of that document (subject, however, to any conditions notified to him or her in accordance with section 3(3), and as if any statement made by him or her in an application for that document as to the purpose for which he or she requires it had been made by him or her in an application for the Director of Finance and Planning's consent to his or her retention and use thereof.