Revised Laws of Saint Lucia (2022)

Schedule 3

(Section 34)

BLOCKED ACCOUNTS

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   1.   In this Schedule, the expression, “a blocked account” means an account open as a blocked account at an office or branch in Saint Lucia in favour of any person by a banker authorised by the Director of Finance and Planning to open blocked accounts, and the expression “the banker” means, in relation to any person, a banker who opens a blocked account in favour of that person.

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   2.   Where a direction is given that a payment is to be made to a blocked account only, then, subject to the next following paragraph—

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      (a)     the manner in which the payment may be made shall be either—

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         (i)     to the banker, with a direction that it is to be credited to a blocked account of that person (which direction may, in the case of a payment by means of a cheque or warrant, be made by marking the cheque or warrant with the words “blocked account of” (naming the person in question) or words to the same effect), or

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         (ii)     by a crossed cheque or warrant drawn in favour of that person, marked with the words “payable only to blocked account of payee” or words to the same effect; and

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      (b)     the sum collected shall be credited by the banker to a blocked account of that person.

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   3.   Where a direction is given that a sum is to be paid or credited to a blocked account only, then, despite the direction, the sum may, with the consent of the person to whom it is to be paid or credited, and subject to the requirements of Part 3, be invested instead in the purchase for that person of any such investments as may be prescribed for the purposes of paragraph 4(a).

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   4.   Any sum standing to the credit of a blocked account shall not be dealt with except with the permission of the Director of Finance and Planning.

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   However, subject to compliance with the requirements of Part 3—

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      (a)     the whole or any part of any such sum may, at the request of the person in whose name the account stands, be invested through the banker in such investments as may be prescribed; and

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      (b)     this Schedule shall not be construed as restricting the manner in which the investments acquired may be dealt with.

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   5.   Where a person in whose name a blocked account is standing becomes bankrupt in Saint Lucia or dies, the banker may, despite anything in paragraph 4 of this Schedule, transfer the account to the name of the trustee in bankruptcy or personal representative, but, save as aforesaid, no change shall, except with the permission of the Director of Finance and Planning, be made in the name in which the account stands; and where any such change is made (whether or not the permission of the Director of Finance and Planning is necessary therefor) the account shall remain a blocked account despite the change, and the provisions of this Schedule shall apply accordingly.

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   6   Where—

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      (a)     a sum is due from any person to any other person but the Director of Finance and Planning directs that it shall be paid or credited to a blocked account only; and

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      (b)     the person to whom the sum is due nominates such an account to the person from whom the sum is due, the last mentioned person is under a duty to the person to whom the sum is due to cause the sum to be paid or credited to that blocked account, and the crediting of any sum to a blocked account in pursuance of a direction of the Director of Finance and Planning shall, to the extent of the sum credited, be a good discharge to the person from whom the sum is due.

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   However, in the case of a sum due under a contract this paragraph shall not apply in so far as it is shown to be inconsistent with the intention of the parties that it should apply.