Unrestricted “A” Class International banking licence

(1) No company shall apply for, or obtain, or be eligible to hold, an “A” Class international banking licence under this Act unless it has at all times capital equivalent to not less than three million dollars or, in the case of a foreign bank, not less than twenty-five million dollars. The capital shall be expressed in dollars or in any other foreign currency as the Central Bank may approve in writing. Class (2) The holder of an “A” Class international banking licence shall– (a) establish, maintain and operate a business office in Belize; (b) transact through its business office in Belize without restriction on that business. 22 (3) For the purposes of this section and section 17 of this Act, a “business office” shall be a local physical presence in which the bank’s business is carried on. Class