Eligibility for the grant of a licence

(1) No licence may be issued under this Act to any person other than an eligible company. (2) A body corporate or proposed to be incorporated is an eligible company if– (a) it is incorporated or registered under the Companies Act or the International Business Companies Act as a company limited by shares, or it is a foreign bank; CAP. 250. CAP. 270. (b) its shares are in registered form and not in bearer form; (c) its memorandum and articles of association are acceptable to the Central Bank; and (d) its authorised and paid up capital accords with the requirements of sections 16 or 17, as the case may be, and section 18. (3) Notwithstanding anything contained in the Companies Act or the International Business Companies Act, no company may be incorporated or registered under those Acts, whose objects include the carrying on of offshore banking business CAP. 250. CAP. 270. 14 from within Belize unless its incorporation or registration has been consented to by the Central Bank.