Corporation as custodian trustee

(1) Any corporation constituted under the law of Belize and having a place of business there and empowered by its constitution to undertake trust business, and being either– (a) a company registered (whether with or without limited liability) under the 17 Companies Act, having a capital (in stock or shares) for the time being issued of not less than $250,000 of which not less than $100,000 shall have been paid up in cash, or; (b) a company registered without limited liability under the said Act whereof one of the members is a company defined in paragraph (a) of this rule, shall be entitled to act as custodian trustee. (2) Any corporation constituted under the law of Belize and having its business there, and being a company authorised by the Minister to act in relation to any charitable, ecclesiastical, or public trusts as a trust corporation, shall be entitled to act in relation to such business or trusts as a custodian trustee. (3) In this rule– (a) “trust business” means the business of acting as trustee under wills and settlements and as executor and administrator; (b) “share capital” includes stock.