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195.   Transferring of shares

Revised Laws of Saint Lucia (2021)

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195.   Transferring of shares

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    (1)   The shares or debentures of a company may be transferred by a written instrument of transfer signed by the transferor and naming the transferee.

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    (2)   Where an instrument of transfer is prescribed in the bye-laws of a company, that instrument shall be used to transfer the shares or debentures of the company.

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    (3)   Subject to subsection (2) and to any enactment, no particular form of words are necessary to transfer shares or debentures, if words are used that show with reasonable certainty that the person signing the transfer intends to vest the title to the shares or debentures in the transferee.

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    (4)   Subject to subsection (5) and to any enactment, the beneficial ownership of the shares or debentures of a company passes to the transferee—

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      (a)     on the delivery to him or her of the instrument of transfer signed by the transferor and of the transferor's share certificate or debenture, as the case may be; or

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      (b)     on the delivery to him or her of an instrument of transfer signed by the transferor that has been certified by or on behalf of the company, or by or on behalf of a recognised Stock Exchange.

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    (5)   If the transferor concerned is not registered with the company in respect of the shares, or, as the case may be, the debentures, subsection (4) has effect as if references to the transfer signed by the transferor included a reference to transfers signed by the person so registered and all holders of the shares or debentures intermediate between the person so registered and the transferor.

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    (6)   Despite subsection (4) or (5), a company, and, in the case of debentures, the trustee of the covering trust deed, is not bound or entitled to treat the transferee of shares or debentures as the owner of them until the transfer to him or her has been registered or until the court orders the registration of the transfer to him or her; and until the transfer is presented to the company for registration, the company is not to be treated as having notice of the transferee's interest thereunder or of the fact that the transfer has been made.

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    (7)   This section applies despite anything contained in the articles or bye-laws of a company, and despite anything contained in any trust deed or debentures or any contract or instrument.

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