Exceptions

(1) Subject to section 71, a licensee may enter into a transaction with a related party of the licensee if the transaction consists of a deposit by the licensee with a bank. (2) A licensee may borrow money from, take deposits from, or issue debt obligations to, a related party of the licensee subject to the limits as prescribed in section 69 (Exceptions for (3) A licensee may purchase or otherwise acquire from a related party– (a) securities of, or securities guaranteed by, the (b) assets fully secured by securities of, or securities guaranteed by, the Government of Belize; or (c) goods for use in the ordinary course of (4) A licensee may sell any assets of the licensee to a related party if the consideration for the assets is fully paid in money subject to the requirement as detailed in section 67(1)(a). 122 (5) A licensee may lease assets to a related party and may lease assets from a related party if such assets are for use in the ordinary course of business of the licensee. (6) A licensee may enter into a transaction with a related party if the transaction– (a) consists of a written contract for the purchase by the licensee of services used in the ordinary course of business; (b) involves the provision of services normally offered to the public by the licensee in the ordinary course of business; or (c) consists of a written contract with another licensee or with another bank or financial institution or an entity that is a subsidiary of the licensee; (i) for the networking of any services provided by the licensee, bank, financial institution or subsidiary; (ii) for the referral of any person by the licensee to the other licensee, bank, financial institution or subsidiary, or for the referral by the other licensee, bank, or subsidiary to the licensee; provided always that a licensee is prohibited whether by itself, its subsidiary or affiliates from financing the related party’s participation in the transaction.