Revised Laws of Saint Lucia (2021)

11.   Transfer of securities and coupons

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   (1)   Except with the permission of the Director of Finance and Planning, a security registered in Saint Lucia shall not be transferred, and a security not so registered shall not be transferred in Saint Lucia, unless, in either case, the following requirements are fulfilled, that is to say—

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      (a)     neither the transferor nor the person, if any, for whom he or she is a nominee is resident outside the scheduled territories;

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      (b)     the transferor delivers to the transferee at or before the time of the transfer the prescribed declarations as to his or her residence and that of the person, if any, for whom he or she is a nominee;

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      (c)     neither the transferee nor the person, if any, for whom he or she is to be a nominee is resident outside the scheduled territories; and

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      (d)     except where the security is registered in Saint Lucia otherwise than in a subsidiary register, the Director of Finance and Planning is satisfied that the requirements of paragraph (c) of this subsection are fulfilled.

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   However—

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      (i)     neither the transferee nor his or her agent shall be deemed to have committed an offence by reason only that the requirements of paragraph (a) of this subsection were not fulfilled unless the transferee or, as the case may be, his or her agent, knew or had reason to believe that those requirements were not fulfilled, and

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      (ii)     neither the transferor nor his or her agent shall be deemed to have committed an offence by reason only that any of the requirements of paragraphs (c) and (d) of this subsection have not been fulfilled unless, in the case of a non-fulfillment of the requirements of the said paragraph (c), the transferor or, as the case may be, his or her agent, knew or had reason to believe that those requirements were not fulfilled.

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   (2)   Except with the permission of the Director of Finance and Planning, a security not registered in Saint Lucia shall not be transferred outside Saint Lucia if either the transferor or the transferee, or the person, if any, for whom the transferor or transferee is or is to be nominee, is resident in Saint Lucia.

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   (3)   Except with the permission of the Director of Finance and Planning—

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      (a)     a coupon shall not be transferred in Saint Lucia if either the transferee or the person, if any, for whom he or she is to be a nominee is resident outside the scheduled territories;

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      (b)     a person shall not in Saint Lucia do any act which involves, is in association with or is preparatory to the transfer of any coupon outside Saint Lucia if either the transferor or transferee, or the person, if any, for whom the transferor or transferee is or is to be a nominee, is resident in Saint Lucia.