Revised Laws of Saint Lucia (2021)

National Savings and Development Bonds Regulations – Section 11

(Statutory Instruments 2/1983 and 53/1985)

Statutory Instrument 2/1983 .. in force 29 January 1983

Amended by S.I. 53/1985 .. in force 17 August 1985

ARRANGEMENT OF REGULATIONS

NATIONAL SAVINGS AND DEVELOPMENT BONDS REGULATIONS – SECTION 11

Commencement [29 January 1983]

1.   Citation

These Regulations may be cited as the National Savings and Development Bonds Regulations.

2.   Interpretation

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   In these Regulations—

“bank” means any domestic or foreign company licensed under the Banking Act to carry on banking business;

“Minister” means the Minister to whom the responsibility for the subject of finance is assigned;

“minor” has the meaning assigned to it by article 213 of the Civil Code;

“Register” means the National Savings and Development Bonds Register referred to in regulation 5(1).

3.   Denominations of bond

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   (1)   The Accountant General or his or her authorised agent may issue Bonds in denominations of $50, $100, $500, $1,000, $5,000, $10,000, $25,000, $50,000 and $100,000 in value.

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   (2)   Despite paragraph (1), bonds inherited from a deceased person may be held in addition to, and in excess of, the value specified in that paragraph.

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   (Substituted by Act 53 of 1985)

4.   Minor's bond

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   (1)   A bond may be issued to a parent or guardian on behalf of a minor or to a person who satisfies the Accountant General or the Accountant General's authorised agent that he or she is the proper person to act on behalf of the minor.

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   (2)   A bond that is issued in accordance with subregulation (1) shall be construed as being held by the person on whose behalf it is issued.

5.   Register of bonds

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   (1)   All bonds issued by the Accountant General shall be registered in a register to be known as the “National Savings and Development Bonds Register”.

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   (2)   The Register must contain in respect of a bond—

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      (a)     the name and address of the holder;

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      (b)     the denomination of the bond;

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      (c)     the serial number;

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      (d)     the date of issue; and

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      (e)     any other information the Minister thinks necessary.

6.   Manner and consequence of registration

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   (1)   A Bond may be registered in—

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      (a)     the name of a person or the joint names of 2 persons; or

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      (b)     the name of a registered “body of persons” within the meaning of section 2 of the Income Tax Act, a friendly society, credit union, or any other non-profit organization.

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   (2)   Subject to regulation 4, bonds may not be registered in the name of a person as a nominee.

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   (3)   Where, in accordance with these Regulations, an entry in respect of a bond is made in the Register in the name of a person or an organisation, that entry is conclusive evidence that that person or organisation is the holder of that bond.

7.   Jointly held bonds

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   (1)   Where the names of 2 persons are to be entered in the Register as holders of a bond, one address only given by the holders must be entered in the Register for all purposes relating to the bond.

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   (2)   Where a bond is registered in the joint names of 2 persons, it may be encashed on the signature of either or both of those persons.

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   (3)   Where a bond is registered in the joint names of 2 persons and one of them dies the full interest in the bond passes to the surviving holder; and the Register must reflect that transfer.

8.   Manner and consequence of entry of name on bond

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   (1)   Where the name of a person or an organisation is entered in the Register by the Accountant General as the holder of a bond, the Accountant General must enter that name on the bond.

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   (2)   An entry made by a person other than the Accountant General or his or her authorised agent of the name of any person on a bond as the holder of that bond is not effective to confer any right to or interest in the bond.

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   (3)   Where a bond is issued by the Accountant General to a person before that person's name is entered on it, the bond is deemed to have been validly issued and that person may subsequently apply to the Accountant General to have his or her name entered on the bond.

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   (4)   No alteration or erasure of the name of any person entered on a bond by the Accountant General or by his or her authorised agent is effective to deprive the owner of any right to or interest in that right or interest.

9.   Interest rate to be published

The Accountant General shall cause the rate of interest on each issue of bonds to be published in the Gazette.

10.   Applicable rate of interest

Interest on bonds accrue at the rate applicable at the time of issue, and payment of the interest shall be made in accordance with the terms of the bond.

11.   Encashment

A bond is encashable on maturity upon surrender to the Accountant General or his or her authorised agent.

12.   Bond is transferrable

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   (1)   A bond is a registered security and on registration is proof of ownership by the person so registered; the ownership thereof may be legally transferred to another person or body of persons.

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   (2)   A personal representative of a deceased holder of a bond may request that such a bond be transferred in the name of the beneficiary legally entitled to that bond.

13.   Bank as agent of minister

The Minister may in writing authorise any bank that agrees to act as his or her agent for the purposes of these regulations, to so act; and the appropriate officers and employees of such a bank shall be deemed to be authorised accordingly.

14.   Cancellation of bond

The Accountant General may cancel any bond that is not issued in accordance with these Regulations and shall, where he or she does so, refund the money advanced in respect of the bond.