Method of trusteeing

(1) A trust mentioned in section 26 shall be created by trust deed, the contents and the trustees of which shall be approved by the Supervisor prior to creation. (2) Notwithstanding sub-section (1), the Supervisor may, on such terms and conditions as the Minister may think fit, allow the assets required to be placed in trust in Belize to be placed in trust outside Belize. (3) For the purposes of this section, the Supervisor may allow the assets required to be placed in trust to be held by an acceptable licensed bank or financial institution in Belize to the order of or on behalf of the Supervisor on the strength of a signed letter of undertaking in the form set out in Schedule IV and such assets shall be deemed to be placed in trust and such licensed bank or financial institution shall be deemed to be a trustee therefor. Schedule IV. 64