Terms & Conditions – CAPITA St. Lucia individual customers only

These Terms and Conditions shall govern customer depositor accounts established with Capita Financial Services Inc.by an individual and by two or more individual joint depositors who are natural persons.

• Definitions and Interpretations

1.1.  In these Terms and Conditions, except to the extent that the context requires otherwise, the following terms shall have the following respective meanings:

“Account” refers to such deposit account(s) which a Depositor may have with Capita whether alone or jointly with any other person(s).

“Capita” refers to Capita Financial Services Inc. a Barbados company registered in Saint Lucia as an external company with registration number 2005/F007. In Saint Lucia, Capita is licensed under the Banking Act Cap.12.01  of the Revised Laws of Saint Lucia as a non-banking financial institution (Part III) and is supervised by the Eastern Caribbean Central Bank Capita is authorized to comply with the provisions of any law, regulation or order now and hereafter in force which purports to impose on Capita a duty to take or refrain from taking any action in respect of the principal or interest. 

“Depositor” means a sole depositor or more than one depositor who is a natural person. 

“Term” refers to the period for which the deposit made by the Depositor will be held as defined in the application made by the Depositor to Capita.

1.2 Unless the context requires otherwise: –

(a) words denoting the singular number shall include the plural and vice versa.

(b) words denoting the masculine gender shall also include the feminine gender and vice versa; and

(c) words importing persons shall include firms, corporations, partnerships, sole proprietors, consortiums, societies, associations, business units and such other organizations set up solely for business purposes.

2. Deposits

2.1 Where the Depositor comprises two or more persons (“Joint Depositors”) and it is indicated in CAPITA’s deposit account application form that the deposit is a joint deposit and it is directed in writing by the Joint Depositors  to CAPITA that a remittance may be made by CAPITA to any one of the Joint Depositors, then the Depositors agree with each other and with CAPITA that each of them singularly shall have the right to instruct CAPITA to make payments in his or her favour alone and that payment by CAPITA in favour of anyone of them shall operate as a complete discharge to CAPITA in respect of the amount so paid.

2.2 If, in the case of Joint Depositors prior to acting on instruction received from one Joint Depositor, Capita received contradictory instructions from another Joint Depositor, Capita may choose to act thereafter only on the mandate of all Joint Depositors notwithstanding that single signing authority had been given prior.

2.3 The deposit is not transferable or assignable. 

2.4 No withdrawal of the whole deposit or any part thereof will be allowed during: 

1. the term; and 

1. in a case where this agreement is renewed in accordance with Section 7 during the renewed term, except at the sole discretion of Capita and subject to a penalty charge for early redemption as follows:

3. Interest

3.1 Capita will not pay interest on the deposit: 

1. For any period beyond the end of the term; or 

1. Where this agreement is renewed in accordance with Section 7 for any period beyond the end of the renewed term.

3.2 In the event of a withdrawal of the whole or any part of the deposit during the term (or where this agreement is renewed in accordance with Section 7 during the renewed term) Capita shall in accordance with Section 2.4, deduct from the deposit: 

1. the amount by which any interest paid up to the date of the withdrawal exceeds the interest due less the penalty charge referred to in Section 2.4; or 
2. the amount by which accrued interest on the deposit which has not yet been paid exceeds the interest due less the penalty charge referred to in Section 2.4.

3.3 Interest is calculated on a daily basis including the day on which the funds are received and up to, but not including the day of withdrawal. 

3.4 Where required by law interest will be paid after deduction of withholding tax at the appropriate rate. 

4. General Terms 

4.1 Capita takes no responsibility for postal delays. 

4.2 Where the deposit bears the name of two or more depositors, the depositors agree with each other and with Capita that any payments to be made by Capita shall be made on the instructions of any one or more of the depositors or such depositor(s) as may be empowered in writing by any one or more of the depositors to effect the withdrawal or other disposal of any such funds- all without the responsibility or liability on Capita’s part for the use and disposition which may be made on any such funds so withdrawn or transferred (without limiting the generality of the foregoing) and such funds as may be paid or transferred to any one or more of the depositors, irrespective of the use or disposition which may thereafter be made of the funds so paid, transferred or deposited. 

4.3 Where a deposit bears the name of two or more depositors, in the event of the death of any one or more of the depositors Capita shall promptly be provided with an official certificate as to such death(s), and the amount on deposit to the credit of the account at the time of such death(s) shall be deemed to belong to the survivor(s) of the depositors (without prejudice to any right Capita may have in respect of such balance) and may be disposed of by Capita as such, subject to any obligations on Capita’s part to comply with any estate or other tax requirement(s) applicable thereto. Further, whether or not the death(s) of any one or more of the depositors shall have intervened, Capita may continue to act from time to time in reliance upon the authority conferred by Section 4.2 hereof until Capita shall have received notice in writing from or on behalf of any one or more of the depositors that the authority has been terminated or revoked by operation of law or otherwise;. 

4.4 CAPITA reserves the right to assert a lien on the balance of the deposit upon giving thirty (30) days’ written notice to any one or more of the depositors and after the issue and delivery of such notice, CAPITA will assert a lien on the balance and apply all or any part thereof to any indebtedness, matured or un-matured, that may be owing to CAPITA by any one or more of the joint depositors, and offset the amount so applied against a corresponding amount of such indebtedness. 

5. Anti-Money Laundering and Terrorist Financing 

5.1 Anti-money laundering legislation requires that Capita verify the source of funds before accepting deposits or processing transactions and report unusual transactions to the relevant authorities. Depositors are deemed at the time of making deposits to Capita disclosing the heretofore mentioned information to any statutory, financial or regulatory bodies for the purpose of ensuring that Capita complies with anti-money laundering and terrorist financing legislation. 

5.2 Depositors agree to indemnify for its out of pocket expenses, including, but not limited to, reasonable legal fees and court costs, for any investigation or potential investigation under applicable anti-money laundering legislation regarding the account, including, but not limited to, seeking direction from a court of competent jurisdiction on Capita’s rights and obligations in such matters. 

6. Applicable Law and Jurisdiction

6.1 These terms and Conditions shall be governed and construed in all respects by the Laws of Saint Lucia in all respects including without limitation – matters of title, construction, validity, performance and discharge and shall not be waived, altered, modified or amended as to any of its terms or provisions except as Capita may consent thereto in writing duly signed for on behalf of Capita. 

7.Term

These terms and Conditions shall apply for the Term as defined above  unless the Depositor sends the Company written instructions terminating this agreement before the expiration of the Term, this agreement shall be deemed to be renewed on the expiration of the term for a one-year period at the rate of interest prevailing at the time of renewal but otherwise on the same terms and conditions set out in this agreement save for this clause for automatic renewal.