(1) Subject to subsection (2), a person shall not issue any form of application for shares or debentures unless—
(a) a prospectus, as required by this Division, has been registered with the Registrar; and
(b) a copy of the prospectus is issued with the form of application or the form specifies a place in Saint Lucia where a copy of the prospectus can be obtained.
(2) Subsection (1) does not apply if the form of application referred to is issued in connection with shares or debentures that are not offered to the public or intended for the public.