Interpretation

In this Act, unless the context otherwise requires, “Agreement” means the Business Transfer Agreement dated the 21st day of August, 2002 and made between Barclays Bank PLC, CIBC West Indies Holdings Limited and CIBC Caribbean Limited setting out the terms for the transfer of the banking business of Barclays Bank PLC in Belize; “Appointed Day” means the day to be appointed by the Minister by Order published in the Gazette; “customer” includes any person having a banking account, loan, deposit, or other dealing, transaction or arrangement in Belize with Barclays Bank PLC in the course of normal business; “existing” means in existence or in force (as the case may require) immediately before the close of business on the Appointed Day; “Minister” means the Minister for the time being responsible for banks and banking; “security” includes any mortgage or charge (whether legal or equitable), debenture, guarantee, bill of sale, lien, pledge Bank Undertaking (Barclays Bank Plc Belize Operations) Vesting 5 (whether actual or constructive), hypothecation, indemnity, undertaking or other means of securing the payment or discharge of a debt or liability or obligation in Belize (whether present or future, actual or contingent); “Transferee” means CIBC Caribbean Limited; “Transferor” means Barclays Bank PLC; “Undertaking” or “Undertaking of the Transferor” means the assets, liabilities, rights, obligations, property, files and documentation of the banking business of Barclays Bank PLC carried on in Belize and which has been agreed to be transferred pursuant to the terms of the Agreement, including (but not limited to) the property, rights, liabilities and obligations specified in the Schedule to this Act, but not including those assets and liabilities which are expressly excluded by the terms of the Agreement and specifically excluding any security issued by persons resident in Belize in respect of loans made to persons resident in Belize by the Transferor which are recorded in the books of the Transferor outside of Belize; “will” includes a codicil and any other testamentary writings. PLC.