120. Charging of assets and registration of the charge and mortgage
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(1) An international business company may create a mortgage, charge or other encumbrance over any of its assets situate in any part of the world in accordance with the law of any jurisdiction of the international business company's choice and the mortgage, charge or other encumbrance shall be binding on the company to the extent, and in accordance with, the requirements, of the chosen law.
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(2) An international business company incorporated under this Act shall maintain at its registered office a register of mortgages, charges and other encumbrances in which there shall be entered particulars regarding each mortgage, charge and other encumbrances as specified in regulations made under this Act.
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(3) In the event that an application is made to a Court in Saint Lucia to enforce any mortgage, charge or other encumbrance created by an international business company and there are assets of the international business company which are subject to 2 or more mortgages, charges or other encumbrances, then, despite the provisions of any other law, priorities shall be determined in accordance with the dates of entry in the register of mortgages and charges.
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(4) An international business company may submit to the Registrar for registration—
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(a) any document or copy of a document creating a mortgage, charge or other encumbrances over some or all of its assets;
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(b) any document or copy of a document amending any document referred to in section 119(2); and
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(c) any document releasing or discharging a mortgage, charge or other encumbrance over any or all its assets,
and the Registrar must retain and register the document or, as the case may be, the copy thereof.
(Substituted by Act 14 of 2002)