(1) Subject to this Part, where a plan establishes a fund under trusts which are subject to the laws of Saint Lucia, in connection with an undertaking or a combination of undertakings carried on wholly or partly in Saint Lucia, and the main purpose of that fund is—
(a) the provision of superannuation allowances on retirement to persons employed in the undertaking or in the combination of undertakings in connection with which the fund is established;
(b) the provision of pensions to the spouses of persons who are or have been so employed and of periodical allowances to or in respect of the children of such persons; or
(c) the assurance of capital sums on the death of persons who were so employed,
such a plan shall be qualified for registration under this Part if the rules of the plan comply with the requirements set out in Part 1 of Schedule 5.
(2) Where a plan establishing a fund for any of the purposes set out in subsection (1)(a), (1)(b) and (1)(c) is in operation before the coming into force of this Act that plan shall, subject to such directions as to the amendment of its rules as the Registrar may give, be treated as qualified for registration under this Part although—
(a) the fund created under the plan is not established under trusts or under trusts which are subject to the laws of Saint Lucia; or
(b) the plan does not comply with the requirements set out in Part 1 of Schedule 5.