Interpretation

In this Act, unless the context otherwise requires, “Agreement” means the Business Transfer Agreement dated the 8th November 2005 made between The Belize Bank Limited and Belize Bank International Limited setting out the terms for the transfer of the International Undertaking of The Belize Bank Limited in Belize to Belize Bank International Limited; “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, international credit card or other dealing, transaction or management operating within the International Undertaking of the Transferor in the normal course of business; “existing” means in existence or in force (as the case may require) immediately before the close of business on the Appointed Day; The Bank International Undertaking (The Belize Bank Limited International Operations) Vesting 5 “International Undertaking” or “International Undertaking of the Transferor” means the assets, liabilities, rights, obligations, property, files and documentation of the banking business of the international division of The Belize Bank Limited 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; “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 (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 Belize Bank International Limited; “Transferor” means The Belize Bank Limited; “will” includes a codicil and any other testamentary writings.