Interpretation

In this Act, unless the context otherwise requires“advertisement” means any form of advertising whether notified, published, mailed or electronically transmitted by any means or device– (a) in a newspaper, magazine, journal or other publication; (b) by the display of cinematographic notices; (c) by means of circulars, brochures, pamphlets or handbills; (d) by an exhibition of photographs or cinematographic films; (e) by way of sound broadcasting or television; 7 (f) by way of computer networks, satellite and telephone; or (g) by way of solicitation in any form; “affiliate”, in relation to another person, means any person which controls, is controlled by or is under common control with, the first person, and includes any or all of the following– (a) a holding company, parent company or subsidiary company of that person; (b) a subsidiary of a holding company, or parent company of that person; or (c) a controlling shareholder of that person (if a company) which, either alone or in association with any person or persons, is entitled to exercise or control the exercise of ten per centum or more of the voting power at a general or special meeting of that person; “capital” means the net worth of a person, determined in accordance with generally accepted accounting principles as the excess of assets over liabilities; “Central Bank” means the Central Bank of Belize, established by the Central Bank of Belize Act; CAP. 262. “control” means the power, directly or indirectly, to appoint or remove a majority of the Board of Directors or trustees of a company or to exercise ten per centum or more of the voting power at a general or special meeting of such company; “demand deposit” means any deposit payable to a depositor upon the demand of such person, or with a maturity or withdrawable by the depositor upon advance notice of less than seven days; by cheque, draft or other similar means; 8 “deposit” means– (a) the unpaid balance of money received or held by a company in the usual course of business and for which it has given or is obligated to give credit to a demand, passbook savings or time account or which is evidenced by its certificate of certificate of indebtedness or other similar obligation; (b) money received or held by a company or the credit given for money or its equivalent received or held by a company, in the usual course of business for a special or specific purpose regardless of the legal relationship thereby established, including but not limited to escrow funds, funds held as security for an obligation due to the company or others, funds deposited by a debtor to meet maturing obligations, funds held to meet its acceptance of letters of credit but does not include funds which are received by the company for immediate application to the satisfaction or reduction of indebtedness to the receiving company; or (c) an outstanding draft (including advice or authorisation to charge the company’s balance at another company), cashier’s cheque, money order, or other officer’s cheque received by a company and which has been issued by another company in the usual course of business for any purpose, including but not limited to those issued in payment for services, dividends or purchases; “deposit liabilities” means those liabilities of a bank represented by deposits held by that bank; 9 “director” means an individual occupying the position of director or alternate director of a company by whatever name he may be called and includes a member of a local board of a company whose head office is situated outside Belize or which is incorporated outside Belize; “dollar” means a unit of currency of the United States of America; CAP. 263. “domestic bank” means a bank holding a valid banking licence under the Domestic Banks and Financial Institutions Act; “foreign bank” means a foreign company holding a valid banking licence under the laws of a country other than Belize; “foreign company” means a company incorporated in a country other than Belize; “foreign licensee” means a foreign bank holding a valid licence to carry on International banking business from within Belize, issued under this Act; “foreign money” means a currency other than the Belize dollar; “holding company” means any company which has control over any bank that is or becomes a licensee by virtue of this Act. A company has control over a bank if– (a) the company directly or indirectly or acting through one or more other persons owns, controls, or has power to vote ten per centum or more of any class of voting shares of the bank; or (b) the company controls in any manner the election of a majority of the directors of the bank; 10 “international bank” means a company licensed under this Act to carry on the business of international banking; “international banking” or “international banking business” shall have the meaning assigned to it in section 3; “licence” means a licence granted under this Act, and “licensed” shall be construed accordingly; “licensee” means a company holding a valid licence under the provisions of this Act to carry on international banking business from within Belize; CAP. 250. CAP. 270. “local company” means a company incorporated in Belize under the Companies Act or the International Business Companies Act; “local licensee” means a local company holding a valid licence granted under this Act to carry on international banking business from within Belize; CAP. 4. “Minister” means the Minister for the time being responsible for banks and banking who has been assigned such responsibility under section 41 of the Belize Constitution; “non-resident” means a person who is not a resident of Belize within the meaning of “resident” as hereinafter defined; “officer” means the Chairperson or Deputy Chairperson of the board of directors, president, vice president, managing director, manager, financial controller, secretary or treasurer of a company, or any other individual who holds the title or performs any function similar to that of the holder of those offices; “person” means an individual, sole proprietor, partnership, company, incorporated or unincorporated association, trust, estate, joint venture or any similar entity, organisation, company or other body of persons including a political sub-division of Government such as a City Council or a Town Board; 11 “resident” means– (a) a person ordinarily resident in Belize, irrespective of nationality, or a person who engages in a trade or business in Belize, Provided that a Designated Processing Area Developer or a Designated Processing Zone established under the Designated Processing Areas Act, or a Commercial Free Zone Developer or a Commercial Free Zone Business established under the Free Zone Act, may conduct banking business with a licensee subject to the condition that all such transactions shall be reported to the Central Bank in such manner as the Central Bank may prescribe; or CAP. 280. CAP. 278. (b) any incorporated or other body, wherever incorporated, formed or organised, that is controlled by a person described in paragraph (a) of this interpretation; or (c) any company incorporated under the International Business Companies Act, (other than a Public Investment Company) that holds or owns shares, debt obligations or other securities in a company incorporated under the Companies Act, or has any of its shares, debt obligations or other securities beneficially owned or held by any person or company resident in Belize. CAP. 270. CAP. 250. “subsidiary”, in relation to another company, means a company in which that other company is entitled to exercise or control the exercise of more than fifty per centum of the voting power at a general or special meeting; 12 “unsecured loans, advances and extensions of credit” means loans, advances and extensions of credit made without tangible security or realisable collateral or in respect of any advances and extensions of credit made with tangible security or realisable collateral, any part of which exceeds the fair or market value, as determined in a manner acceptable to the Central Bank, of the assets comprising the security given.