Eligibility for grant of a licence

(1) No licence may be issued under this Act to any person other than– (a) a company incorporated in Belize under the Companies Act; or CAP 250. (b) a foreign bank proposing to carry on a banking business in Belize on a branch basis, that complies with the provisions of sub-section (2). (2) No licence may be issued under this Act to a company incorporated in Belize under the Companies Act or a foreign bank unlessCAP 250. (a) its shares are in registered form and not in bearer form; (b) it is owned and or controlled by a person who is a fit and proper person as defined in section (c) its memorandum and articles of association are acceptable to the Central Bank; (d) its authorized and paid up capital complies with the requirements of sections 36 and 37 of this Act; and 40 (e) at least its two most senior executive officers, who are directly responsible for the licensee’s management and day-to-day operations in Belize, reside in Belize. (2A) No licence may be issued under this Act to a shell bank. (3) Notwithstanding anything contained in the Companies Act, no company may be incorporated under that Act, whose objects include the carrying on of banking or financial business within Belize unless its incorporation has been consented to by