Revised Laws of Saint Lucia (2021)

17.   Deposit of certificates of title

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   (1)   This and the next following section apply to any security except—

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      (a)     a security which is registered in Saint Lucia otherwise than in a subsidiary register, and on which none of the dividends or interest is payable on presentment of a coupon; and

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      (b)     any such other securities as may be prescribed, and in the following provisions of this section and in the next following section the expressions “security” “certificate of title” and “coupon” mean respectively a security to which the said sections apply, a certificate of title to such a security, and a coupon representing dividends or interest on such a security.

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   (2)   It is the duty of every person by whom or to whose order (whether directly or indirectly) a certificate of title is held in Saint Lucia, and of every person resident in Saint Lucia by whom or to whose order (whether directly or indirectly) a certificate of title is held outside Saint Lucia, to cause the certificate of title to be kept at all times, except with the permission of the Director of Finance and Planning, in the custody of an authorised depositary, and this Part shall not prohibit the doing of anything for the purpose of complying with the requirements of this subsection.

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   (3)   Except with the permission of the Director of Finance and Planning, an authorised depositary shall not part with any certificate of title or coupon required under this section to be in the custody of an authorised depositary.

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   However, this subsection does not prohibit an authorised depositary—

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      (a)     from parting with a certificate of title or coupon to or to the order of another authorised depositary, where the person from whom the other authorised depositary is to receive instructions in relation thereto is to be the same as the person from whom he or she receives instructions;

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      (b)     from parting with a certificate of title for the purpose of obtaining payment of capital monies payable on the security, to the person entrusted with payment;

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      (c)     from parting with a coupon in the ordinary course for collection.

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   (4)   Except with the permission of the Director of Finance and Planning, capital monies, interest or dividends shall not be paid in Saint Lucia on any security except to or to the order of an authorised depositary having the custody of the certificate of title to that security, so, however, that this subsection shall not be taken as restricting the manner in which any sums lawfully paid on account of the capital monies, interest or dividends may be dealt with by the person receiving them.

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   (5)   Except with the permission of the Director of Finance and Planning, an authorised depositary shall not do any act whereby he or she recognises or gives effect to the substitution of one person for another as the person from whom he or she receives instructions in relation to a certificate of title or coupon, unless there is produced to him or her the prescribed evidence that he or she is not by so doing giving effect to any transaction which is prohibited by this Act.

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   (6)   Where a certificate of title which under this section should be in the custody of an authorised depositary is not in the custody of an authorised depositary, then, except with the permission of the Director of Finance and Planning, a person shall not in Saint Lucia, buy, sell, transfer, or do anything which affects his or her rights or powers in relation to, the security, or do any act which involves, is in association with or is preparatory to any such transaction outside Saint Lucia.

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   (7)   Except with the permission of the Director of Finance and Planning, no person in or resident in Saint Lucia shall, in the case of a certificate of title with coupons (whether attached or on separate coupon sheets), detach any of the coupons otherwise than in the ordinary course for collection.