Revised Laws of Saint Lucia (2021)

PART 4
TRUST IN FAVOUR OF ALIENS

9.   Restriction on trusts

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   (1)   In this section, “trust” includes an arrangement, whether written or oral, express or implied, legally enforceable or not, whereby land, shares or debentures, an interest or right on land, shares or debenture is held, for the benefit of, to the order, or at the disposal of, an alien; but does not include—

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      (a)     the duties incidental to a mortgage;

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      (b)     the duties of a satisfied mortgagee to the mortgagor, if within 3 months after satisfaction of the mortgage the mortgaged property is revested in the mortgagor or the mortgagor's interest in the mortgage is extinguished;

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      (c)     duties of a vendor to the purchaser pending payment of the purchase money, or after payment of the purchase money, if within 3 months after the payment the property sold is vested in the purchaser or the purchaser's interest in the property is extinguished;

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      (d)     the duties of a trustee in bankruptcy to the bankrupt or the bankrupt's creditor's; or

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      (e)     the duties of a trustee for the purposes of any composition or scheme of arrangement for the payment of debts to the debtor or the debtor's creditors.

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   (2)   A person shall not, except as otherwise provided for in this Act, hold land in trust for an alien.

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   (3)   A person may apply to Cabinet for a licence to hold land on behalf of an alien.

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   (4)   Cabinet may if it thinks fit issue a licence applied for under subsection (3).

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   (5)   Where land is held contrary to subsection (2), the land shall be forfeited to the Government.

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   (6)   A person who contravenes any provision of this section commits an offence and is liable on summary conviction to a fine of $5,000 or to imprisonment for a term of one year.