(1) A person in public life may place his or her assets or part thereof in a blind trust for the purposes of this Act and file a copy of the trust deed with the Commission.
(2) Where the assets of a person in public life are placed in a blind trust, he or she need not in his or her declaration give more particulars of those assets than the amount and description of the assets placed in that trust and the date of so doing.
(3) A blind trust is created when a person in public life enters into an agreement with a qualified trust company whereby—
(a) all or part of his or her assets are conveyed to the trust company for its management, administration and control, in its absolute discretion without recourse or report to the persons beneficially entitled to those assets;
(b) income derived from the management of the assets is to be distributed to him or her as agreed;
(c) should the assets be converted into other assets, that fact is not to be communicated to him or her, until he or she ceases to be a person in public life; and
(d) after he or she ceases to be a person in public life, proper and full accounting is to be made to him or her, as the circumstances of the management of the trust require.
(4) A trust company is a qualified trust company where—
(a) it is incorporated in Saint Lucia and is carrying on business in Saint Lucia;
(b) no more than 5% of the issued shares in the trust company or its affiliate is held by the person in public life entering into an agreement with it, or by any other person associated with him or her; and
(c) the person in public life holds no directorship or office in the trust company or its affiliate.
(5) A company is the affiliate of another where it holds more than 5% of the issued shares in that other or where that other holds more than 5% of the issued shares in it.
(6) For the purposes of this section, a person is associated with another where that other is—
(a) the spouse, child, brother or sister of the person; or
(b) the partner of the person in a professional, trade, or commercial undertaking; or
(c) a corporation, and any person specified in paragraph (a) or (b) controls the corporation, its holding corporation or a corporation affiliated with either.
(7) In subsection (6)—
(a) “child” means a son or daughter of a person including a stepchild, illegitimate child, a child held out by a person as a child of that person or a child adopted under the Adoption Act;
(b) “control” shall be construed within the meaning of “controlled company” under section 40(3) of the Income Tax Act.