Statutory reserve fund

(1) Every licensee shall maintain a statutory reserve fund in the amount and manner required by this section. fund. (2) In the case of a local licensee, such local licensee shall out of its net profits for each financial year and before any dividend is declared, transfer to its reserve fund a sum equal to twenty-five per centum of such profits until the amount of the reserve fund is at least equal to the fully paid- up capital of such (3) In the case of a foreign licensee, such foreign licensee shall out of its local net profits for each financial year before any part of such net profits are remitted outside of Belize to its holding body corporate or otherwise, transfer to its reserve fund a sum equal to twenty-five per centum of such profits until the amount of the reserve fund is at least equal to the fully paid-up assigned capital of such foreign licensee. (4) Any licensee which fails to comply with any of the provisions of this section shall, on being called upon in writing by the Central Bank, pay a fine not exceeding ten thousand dollars for each day of such failure to comply.