Approval of licence applications

(1) The Central Bank shall act upon any application under section 16 within one hundred twenty days of its acceptance. The time limit provided in this section may be extended by the Central Bank for an additional period of up to ninety days upon written notice to the applicant requesting further information or stating that further information is needed to review the (2) Within the time provided under sub-section (1), the Central Bank shall review the application submitted under section 16 to determine whether the issuance of a licence satisfies the requirements of this Act. The Central Bank shall, if it is satisfied that the granting of a licence is consistent with the requirements of this Act and will not be against the public interest, grant a licence upon payment of the prescribed fee and 45 subject to such terms and conditions as the Central Bank may specify authorizing the applicant to conduct banking business or financial business as the case may be. (3) No licence shall be issued to any applicant unless the applicant’s capital satisfies all applicable capital requirements under section 36 of this Act, and the Central Bank is satisfied that the granting of a licence is consistent with the requirements of this Act and will not be against the public interest. (4) The Central Bank shall issue a licence, subject to such terms and conditions as it may specify, authorizing the applicant to conduct banking business or financial business, and publish notice of the issuance of such licence in the Gazette and a newspaper of general circulation in Belize. Such licence shall specify the types of banking business or financial business in which the applicant is authorized to engage. (5) Without prejudice to any other remedy available to the Central Bank under this Act, a licensee shall be subject to a fine not exceeding one hundred thousand dollars for any breach of the terms or conditions of its licence, and a fine not exceeding ten thousand dollars for every day that the breach continues unremedied after being notified thereof in writing by the Central Bank. (6) Upon the issuance of a licence to an applicant, the Central Bank shall immediately transmit one certified copy of such licence to the Registrar of Companies, in the case of a local licensee, and one certified copy of such licence to the head office and each branch thereof of the licensee. (7) No licence will be issued under this Act until the fee specified herein is paid, and no licence shall remain in effect if the annual fee is not paid, as provided in section 26 of this Act. 46 (8) Every licensed bank shall, as part of its description or title, use the word “bank” or one or more of its derivatives, either in English or in any other language. (9) The Central Bank may refuse to grant approval of the issuance of a licence to an applicant, if in its opinion such applicant is carrying on or is intending to carry on banking business or financial business, as the case may be, under a name which– (a) is identical with that of any body corporate, firm or business house, whether within Belize or not, or which resembles that name in such a manner as to lead a reasonable person to believe that the entities are related or associated with each other; or (b) would deceive persons into believing that such bank or financial institution has a special status in relation to or derived from the Government, has the official backing or acts on behalf of the Government, any department, branch, agency or organ of the Government, or any officer thereof, or is recognized in Belize as a Central Bank. (10) Every licence issued under this Act shall be in full force and effect until– (a) it is revoked by the Central Bank, with the approval of the Minister, by order under this Act or as provided in section 19; or (b) another licence is granted to the licensee upon approval or notification of any changes specified in section 27 (1), whereupon such previous licence thereafter shall cease to have