Other special conditions

(1) It is a condition of every licence granted under this Act that– (a) a local licensee shall not change his name without the prior approval of the Central Bank; 19 (b) a licensee shall not knowingly in the course of his business accept any deposit for the account of a beneficial owner who is a resident of Belize; (c) a local licensee shall not open outside of Belize a subsidiary, branch, agency or representative office without the prior written approval of the Central Bank; (d) the prior written approval of the Central Bank is required for the appointment of directors of a local licensee; (e) the Central Bank is notified as soon as a person ceases to be a director of a local licensee; (f) a licensee shall not amend its memorandum or articles of association without the prior approval of the Central Bank; (g) a licensee shall not merge or consolidate with any other licensee under this Act or the Domestic Banks and Financial Institutions Act or either directly or indirectly acquire any material portion of the assets of, or assume any material portion of the liabilities of, another licensee under this Act or the Domestic Banks and Financial Institutions Act or any other institution without the prior consent of the CAP. 263. (2) No person, either alone or with any associate or associates, shall, without the prior written consent of the Central Bank, acquire control over any voting shares of a local licensee where such acquisition would result in that person exercising control equivalent to, or in excess of ten per cent, twenty per cent, fifty per cent or seventy-five per cent of the total voting shares issued. 20 (3) Before giving an approval to any matter mentioned in sub-section (2), the Central Bank may carry out such investigations and examinations as it deems necessary or proper. (4) Where the Central Bank is of the opinion that the interests of a group of two or more persons are so interrelated that they should be considered as a single unit, the total holdings of that group shall be combined and deemed to be the holdings of a single person for the purposes of this section. (5) In every case where the provisions of sub-section (2) have been violated, the Central Bank may issue an order requiring divestment of so much of the offending interest as is necessary to secure compliance with the provisions of sub- section (2). (6) The Central Bank may by notice in writing require any licensee to submit within such period and in such form as may be specified by the Central Bank, a list of all shareholders on its register. The Central Bank may also require the licensee to provide the names of the ultimate beneficial owners of such shares. (7) Every licensee or other person who acts in contravention of this section commits an offence and is liable on summary conviction to a fine not exceeding one thousand dollars for each day during which the offence continues.