Interpretation

In this Act“Board” means the Board of the Corporation established under section 6; CAP. 262. “Central Bank” means the Central Bank of Belize established by section 4 of the Central Bank of Belize Act; “conflict of interest” means a situation in which a person’s personal interest, including a financial or non-financial benefit to the person, a family member, business associate, friend or close acquaintance, may influence or appear to influence or affect a decision or the impartial and objective performance of a duty by that person; “Corporation” means the Deposit Insurance Corporation established under section 4; “credit union” has the meaning assigned to it in section 2 of the Credit Unions Act; CAP. 314. 7 “domestic bank” means a bank that is licensed under the Domestic Banks and Financial Institutions Act; “effective date” means the date which the Minister, on the advice of the Corporation, declares by Order as the date for the commencement of the Fund under section 48(2); CAP. 263. “financial entity” has the meaning assigned to it in section 2 of the Domestic Banks and Financial Institutions Act; CAP. 263. “financial institution” has the meaning assigned to it in section 2 of the Domestic Banks and Financial Institutions Act; “Fund member” means a domestic bank or credit union which is a member of the Fund under section 12; “Fund” means the Deposit Insurance Fund established by the Corporation under section 11; “insurable deposit”, means an amount held by a person which is included in the insurable deposits of a Fund member under section 27; “insured deposit” means the portion of an insurable deposit that is within the insured limit; “insured depositor” means a person described in section 26; “insured limit” means the maximum sum that is payable as compensation under sections 28 and 29 in respect of an insured “international financial entity” means a financial entity that is licensed or registered outside of Belize; and “Minister” means the Minister responsible for finance. 8