Concessionary loans to employees and officers

(1) Notwithstanding section 67 and subject to section 71, a licensee may make a loan to a related party who is an employee or officer of the licensee, on terms and conditions more favourable to the employee or officer than those offered to the public by the bank if those terms and conditions have been approved by the board of directors, provided that the amount of such loans to an individual shall not exceed the equivalent of one hundred per cent of the annual remuneration of such person and it does not cause the aggregate amount of such loans disbursed to all persons to exceed ten percent of the paid-up capital and reserves in the case of a local licensee and assigned capital and reserves in the case of a foreign licensee. (2) The percentage limits mentioned in sub-section (1) shall not apply to any loan that is secured by a mortgage on property for a local primary residence whose appraised value, or whose expected value at the date of completion if the loan is to be used to finance a new construction, exceeds the principal amount of the credit by not less than one-third of that principal amount. 126 (3) This section does not apply to the employees and officers outside Belize of a foreign licensee.