Prohibition on the use of the words “bank”, etc

(1) Except with the prior written approval of the Central Bank, no person other than the holder of a valid licence granted under this Act or under the Domestic Banks and Financial Institutions Act, shall– (a) use the word “bank”, “savings”, “savings and loan” or any of their derivatives in any language, or any other word indicating the on of or international banking business, in or from within Belize, in the description or title under which such person is incorporated or carrying on business in or from within Belize; or (b) make, or continue to make, any representation in any billhead, printed form, letter, paper, 33 notice, advertisement, solicitation, computer network, satellite or telephone transmission, or in any other manner whatsoever, that such person is carrying on banking business or international banking business in or from within Belize. (2) A licensee shall not– (a) in the conduct of his international banking business, use or operate under a name other than the name under which he is licensed under this Act; (b) use, or operate under, a name which so closely resembles or is identical to the name of any company, firm, business house, or other financial entity or institution whether within or outside Belize as is likely to mislead or deceive; or (c) use, or operate under, a name which is calculated to suggest falsely that such licensee has a special status in relation to, or derived from, the Government of Belize, or has the official backing of or acts on behalf of, the said Government or of any department or official thereof or is recognised in Belize as a national or Central Bank. (3) No licensee shall engage in advertising practices that are likely to mislead or deceive concerning- (a) the relationship of the licensee with the Government of Belize, the Central Bank or any department or office thereof; (b) the true interest rate paid on deposits or charged on credit; 34 (c) the true returns on the management of investments; (d) the insured or guaranteed status of deposits or other liabilities or of investments managed by it; or (e) the financial condition of the institution. (4) Every person who contravenes this section commits an offence and is liable on summary conviction to a fine not exceeding twenty-five thousand dollars or to imprisonment for a term not exceeding five years, or to both such fine and term of imprisonment. (5) In this section, the term “printed form” includes a form of which copies are produced by photocopying or by any duplicating or reproduction process, including but not limited to letterpress, photographic, lithographic or stencilling, or any other similar process.