Grounds for revocation of licence and voluntary surrender

(1) The Minister may, on recommendation from the Central Bank, revoke a licence if the licensee so requests or if– (a) the licensee does not within six months after the grant of the licence, or such longer period as the Central Bank may approve in writing, commence international banking business; (b) the licensee fails to comply with any term or condition of his licence; (c) the licensee is in breach of any duty or obligation imposed upon him by this Act or commits an offence under this Act or any regulations made thereunder; (d) the licensee fails to comply with any provision of this Act, or any directive or Order issued by the Minister or the Central Bank under this Act; 39 (e) the licensee ceases to carry on international (f) the licensee goes into liquidation or is wound- up or otherwise dissolved; (g) the licensee fails to pay the prescribed annual licence fee as provided for under section 10; or (h) the circumstances specified in section 27(1) exist. (2) A licensee shall not be allowed to surrender his licence voluntarily and request subsequent revocation unless he produces evidence satisfactory to the Central Bank that he has repaid all of the deposits and other liabilities and has transferred all his assets held or administered by him and that he has ceased carrying on all other forms of international banking business from within Belize.