Registered agent

(1) Every international foundation shall, at all times, have a registered agent in Belize. (2) The registered agent must be a regulated person. (3) The first registered agent of every foundation shall be as specified in the foundation charter of that foundation. (4) A foundation may change its registered agent by filing a notice for that purpose in the prescribed form with the Registrar. (5) The change of registered agent takes effect upon the notice being registered with the Registrar. (6) If the registered agent ceases to be a regulated person, the foundation shall, within 14 days of becoming aware of that fact, change its registered agent to a person who is a regulated (7) If, pursuant to a notice given under section 34, a person ceases to act as the registered agent of a foundation, the foundation shall appoint a new registered agent immediately upon the effective date of the first mentioned registered agent ceasing to so act. (8) If a person ceases to act as the registered agent of a foundation for any other reason, the foundation shall, within 14 days of becoming aware that the person concerned has ceased to act as its registered agent, change that registered agent to another person who is a regulated person. 42 (9) A foundation that contravenes sub-sections (6) (7) or (8) commits an offence and is liable to such penalty as may be prescribed by regulations. (10) Subject to sub-section (11), a person who, not being a regulated person, acts as the registered agent of a foundation, commits an offence and is liable to such penalty as may be prescribed by regulations. (11) If a person who acts as the registered agent of a foundation ceases to hold a relevant licence, he does not commit an offence under sub-section (10) if, upon ceasing to hold such licence, he forthwith notifies the foundation that he is no longer a regulated person and that the foundation must change its registered agent in accordance with sub-section (6). ceasing to act for