Interpretation

In this Act, unless the context otherwise requires, “Agreement” means the Business Transfer Agreement dated the 5th day of June 2003 and made between the Bank of Nova Scotia, Scotia Bank (Belize) Ltd., and The Bank of Nova Scotia International Ltd., setting out the terms for the transfer of the banking business of The Bank of Nova Scotia in Belize to Scotiabank (Belize) Ltd.; “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 The Bank of Nova Scotia 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; The Bank Undertaking (The Bank of Nova Scotia Belize Operations) [CAP. 263:03 5 “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 of discharge of a debt or liability or obligation in Belize (whether present or future, actual or contingent); “Undertaking” or “Undertaking of the Transfer” means the assets, liabilities, obligations, property and documentation of the banking business of The Bank of Nova Scotia carried on in Belize and which has been agreed to be transferred pursuant to the terms of 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.