(1) An external company shall not begin or carry on business in Saint Lucia until it is registered under this Act.
(2) Every external company that was carrying on business in Saint Lucia immediately before the commencement date shall before 1 July 1999 apply to the Registrar for registration under this Act.
(3) An external company which fails to apply for registration under this Act before the date specified in subsection (2) shall be struck off the Register of Companies unless that company pays a penalty of $1,000 and applies to the Registrar for registration under this Act before 1 January 2001.
(4) Subject to section 339 where an external company fails to apply for registration before 1 January 2001 its name shall be struck off the Register of Companies and may only be restored upon application for registration as a new company.
(5) Until 1 January 2001, subsection (1) shall not apply to an external company which was carrying on business in Saint Lucia prior to 31 December 1999.
(Substituted by Act 33 of 1999)