Revised Laws of Saint Lucia (2021)

2.   Interpretation

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   (1)   In this Act, except so far as the contrary is expressly provided or the context otherwise requires, the following expressions have the meanings hereby assigned to them, that is to say—

“authorised dealer” means, in relation to gold or any foreign currency, a person authorised by an order of the Governor General to act for the purposes of this Act as an authorised dealer in relation to gold, or, as the case may be, that foreign currency;   Editor's note: By Gazette notice 333/1973 authorised dealers for buying or borrowing any gold or foreign currency or selling or lending any gold or foreign currency are: Bank of Nova Scotia, Barclays Bank International Ltd., Canadian Imperial Bank of Commerce, Chase Manhattan Bank N.A., Royal Bank of Canada. By Gazette notice 318/1977 St. Lucia co-operative Bank is appointed an authorised dealer for buying, borrowing, selling or lending foreign currency.

“authorised depositary” means a person authorised by an order of the Governor General to act as an authorised depositary for the purposes of Part 3;  By Gazette notice 333/1973 the following are appointed authorised depositaries Bank of Nova Scotia, Barclays Bank International Ltd., Canadian Imperial Bank of Commerce, Chase Manhattan Bank N.A., Royal Bank of Canada.

“bearer certificate” means a certificate of title to securities by the delivery of which (with or without endorsement) the title to the securities is transferable;

“certificate of title to securities” means any document of title whereby a person recognizes the title of another to securities issued or to be issued by the first-mentioned person, and in the case of any such document with coupons (whether attached or on separate coupon sheets) includes any coupons which have not been detached;

“coupon” means a coupon representing dividends or interest on a security;

“foreign currency” has the meaning ascribed to it by section 3;

“gold” means gold coin or gold bullion;

“policy of assurance” means any policy securing the payment of a capital sum or annuity on the occurrence of a specified event which is certain to happen and includes—

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   (a)     any policy by which the payment of money is assured on death (except death by accident only) or the happening of any contingency dependent on human life; and

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   (b)     any policy securing the payment of an immediate annuity;

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   and the reference in this definition to the occurrence of a specified event which is certain to happen shall include the occurrence, which is certain to happen, of one of specified events none of which by itself is certain to happen;

“prescribed” means prescribed, for the purposes of the provision in question, by order of the competent authority;

“scheduled territories” has the meaning ascribed to it by section 3;

“secondary securities” has the meaning ascribed to it by section 21;

“securities” means shares, stock, bonds, notes (other than promissory notes) debentures, debenture stock, units under a unit trust scheme and shares in an oil royalty;

“specified currency” has the meaning ascribed to it by section 4 as extended by section 6;

“unit trust scheme” means any arrangements made for the purpose, or having the effect, of providing for persons having funds available for investment, facilities for the participation by them, as beneficiaries under a trust, in profits or income arising from the acquisition, holding, management or disposal of any property whatsoever;

“unit” means, in relation to a unit trust scheme, a right or interest (whether described as a unit, as a sub-unit or otherwise) which may be acquired under the scheme.

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   (2)   Any provision of this Act (however worded) the effect of which is to prohibit the doing of any act where a person to or by whom the act is to be done or who stands in a specified relation to any property possesses any specified attribute as to residence or otherwise shall, where the act is done to or by 2 or more persons or, as the case may be, where 2 or more persons stand jointly in that relation to the property, operate to prohibit the doing of that act if any of those persons possess that attribute; and any provision of this Act imposing an obligation on any person to do an act if he or she possesses any specified attribute as to residence or otherwise shall, in relation to any act which can only be done by 2 or more persons jointly—

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      (a)     where all those persons possess that attribute, operate to impose a joint obligation on all of them to do the act; and

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      (b)     where some only of them possess that attribute, operate to impose a separate obligation on each one of them who possesses that attribute to do all he or she can to secure the doing of the act.

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   (3)   Any power conferred by this Act to prescribe the declarations which are to be furnished on any occasion includes a power to require that the declarations be made by specified persons and shall be verified in a specified manner.

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   (4)   This Act shall not be construed as requiring the Director of Finance and Planning to pay any sum otherwise than in sterling or West Indian dollars or otherwise than in Saint Lucia, and any provision of this Act requiring the Director of Finance and Planning to pay any sum to any person shall, where that sum is in a specified currency, be construed as a provision that the Director of Finance and Planning shall pay to that person the amount in sterling which he or she would have received for the specified currency if he or she had sold it to an authorised dealer under an offer made under section 4 at the time when the said sum is paid.

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   (5)   The obligations and prohibitions imposed by this Act shall, subject to the express limitations contained therein, apply to all persons, although they are not British subjects.