Voluntary winding-up and surrender of licence

(1) When a licensee receives the approval of the Central Bank to its voluntary winding-up, the licensee shall– (a) immediately surrender its licence and all copies thereof to the Central Bank which shall, upon the approval of the Minister, revoke such (b) cease to do business, retain only such staff as is necessary for an orderly winding-up, and thereafter exercise its powers only to the extent necessary to effect its orderly (c) repay in full its depositors and other creditors; 167 (d) wind-up– (i) all operations which were commenced or undertaken prior to the receipt of the approval to wind-up in the case of a local licensee; or (ii) all operations in Belize which were commenced or undertaken prior to the approval to wind-up, in the case of a foreign licensee; and (e) provide to the Central Bank confirmation from the external auditor that the winding-up process has been completed.