(1) Every person into whose hands any bill of exchange or promissory note drawn or made out of Saint Lucia comes into Saint Lucia before it is stamped shall, before he or she presents for payment or indorses, transfers or in any manner negotiates, or pays the bill or note, affix thereto a proper adhesive stamp or proper adhesive stamps of sufficient amount, and cancel every stamp so affixed thereto.
(2) Provided as follows—
(a) if at the time when any such bill or note comes into the hands of any bona fide holder there is affixed thereto an adhesive stamp effectually cancelled, the stamp shall, so far as relates to the holder, be deemed to be duly cancelled, although it may not appear to have been affixed or cancelled by the proper person;
(b) if at the time when any such bill or note comes into the hands of any bona fide holder there is affixed thereto an adhesive stamp not duly cancelled, it shall be competent for the holder to cancel the stamp as if he or she were the person by whom it was affixed, and upon his or her so doing the bill or note shall be deemed duly stamped and as valid and available as if the stamp had been cancelled by the person by whom it was affixed.
(3) But neither of the foregoing provisos is to relieve any person from any fine or penalty incurred by him or her for not cancelling an adhesive stamp.