Domestic Banks And Financial

Cap. 263 · Revised Edition 2020 · 147 sections

s. 1Short title
s. 2Interpretation
s. 3Control
s. 4Substantial Investment
s. 5Fit and proper person
s. 6Objectives of supervision
s. 7Regulations
s. 8Removal of the statutory administrator
s. 9Practice directions
s. 10Contravention of practice directions
s. 11Amendment to schedules
s. 12Prohibition on carrying on banking business without a licence
s. 13Prohibition on carrying on financial business without a licence
s. 14Eligibility for grant of a licence
s. 15Licensing of existing banks and financial institutions
s. 16Application for a licence
s. 17Assessment of application
s. 18Approval of licence applications
s. 19Revocation of licence
s. 20Restriction of licence
s. 21Notice of restriction
s. 22Restriction or variation
s. 23Directives on notice of intention to revoke and revocation
s. 24Notification and confirmation of directives
s. 25Mandatory revocation and restriction in cases of urgency
s. 26Display of licence and payment of fees
s. 27Fundamental changes
s. 28False statements as to licensed status
s. 29Acquisition and holding of shares in a licensee
s. 30Requirements for financial holding company
s. 31Exception
s. 32Restriction on activities of financial holding companies
s. 33Application for a permit for a financial holding company
s. 34Control by local international bank
s. 35Local licensee to limit risk
s. 36Capital requirements
s. 37Additional capital requirements
s. 38Statutory reserve fund
s. 39Deposit and other liability reserves
s. 40Liquid asset reserves
s. 41Capital and liquidity requirements on a consolidated basis
s. 42Limits on directors and officers
s. 43Minimum number of directors
s. 44Committees
s. 45Audit committee
s. 46Minimum number of meetings and quorum
s. 47Duties of directors and officers
s. 48Conflict of interest
s. 49Policies and procedures for transactions with related parties
s. 50Information systems for credit exposure
s. 51Internal controls
s. 52Risk management
s. 53False statements and obstruction
s. 54Prohibitions
s. 55Restriction on payments of dividends
s. 56Revaluation of fixed assets
s. 57Single borrower limits of banks
s. 58Limits on acquisition of shares or ownership interest
s. 59Acquisition of shares in another local licensee
s. 60Regulation of financial business
s. 61Limitations on business of trust corporations
s. 62Regulations and practice directions governing operations of financial institutions
s. 63Prohibition relating to insurance matters
s. 64Penalty
s. 65Definitions
s. 66Prohibition
s. 67Market terms and conditions and approval of board
s. 68Exceptions
s. 69Exceptions for certain transactions
s. 70Concessionary loans to employees and officers
s. 71Limitations by Central Bank
s. 72Penalties and enforceability of transactions
s. 73Financial statements, reports and accounts
s. 74Audited financial statements
s. 75Appointment and qualifications of auditors
s. 76Duties of auditors
s. 77Removal and resignation of auditors
s. 78Auditor’s protection from liability
s. 79Central Bank’s responsibility for supervision
s. 80Central Bank’s authority to examine and to appoint examiners
s. 81Central Bank’s authority to obtain names of shareholders
s. 82Special examinations
s. 83Central Bank to meet with board of directors
s. 84Disclosure of information
s. 85Removal of director or officer
s. 86Appointment of statutory administrator
s. 87Expenses of the statutory administration and indemnity
s. 88—
s. 89Effect and objective of appointment of statutory administrator
s. 90Powers and duties of the statutory administrator
s. 91Moratorium and effect of official administration on proceedings and contracts
s. 92Taking control of the bank
s. 93Capital increase by existing shareholders
s. 94Recapitalization by new shareholders
s. 95Mergers, sales and other restructurings
s. 96Court sanction for mergers, sales and other restructurings
s. 97Creditor safeguards
s. 98Termination of statutory administration
s. 99Foreign bank licensee
s. 100Voluntary winding-up and approval of Central Bank
s. 101Voluntary winding-up and surrender of licence
s. 102Voluntary winding-up and notice to depositors and creditors
s. 103Voluntary winding-up and depositor and creditor rights
s. 104Voluntary winding-up and distributions
s. 105Voluntary winding-up and insufficient assets
s. 106Compulsory winding-up and appointment of liquidator
s. 107Notice of liquidation
s. 108Prohibition against accepting deposits while insolvent
s. 109Powers and duties of liquidator
s. 110Termination of certain contracts
s. 111Safe-deposit boxes
s. 112Notice of claims
s. 113Objections
s. 114Distributions
s. 115Avoidance of pre-liquidation transfers
s. 116Priority of claims
s. 117Unclaimed funds
s. 118Final reporting
s. 119Miscellaneous liquidation provisions
s. 120Abandoned property in general
s. 121Reports and payment to Central Bank
s. 122Public sale
s. 123Transfer by Central Bank
s. 124Fees to be charged by a licensee
s. 125Claims
s. 126No further claims and transfer of abandoned property to Government of Belize
s. 127Offences
s. 128Appointment of Domestic Banks and Financial Institutions Appeal Board
s. 129Appeals against Central Bank’s decision
s. 130Procedure for hearing appeals
s. 131Quorum
s. 132Decisions by majority
s. 133Powers of the Appeal Board
s. 134Effect of appeal
s. 135Appeals to the Court of Appeal
s. 136Transitional
s. 137General penalty for offences
s. 138Fines, etc. to be placed to the credit of the Central Bank
s. 139No liability for certain acts
s. 140Unlawful advertising practices and solicitation of business
s. 141Applicability of this Act to certain persons and precedence
s. 142Central Bank to be a public authority
s. 143Procedure where none is laid down
s. 144Authority for and limitation of proceedings
s. 145Option to pay a fixed penalty in lieu of criminal proceedings
s. 146Civil remedies not affected
s. 147English to be the authentic text