Application for recognition

(1) A private or professional fund that is constituted under the laws of Belize is entitled to be recognised under this Act if it provides, (a) proof satisfactory to the Minister that it, (i) is a private or professional fund within the meaning of this Act; and (ii) is lawfully constituted under the laws of Belize; and (b) the notices required under section 26 of this Act, and pays the application fee set out in Part II of the Second Schedule or such other amount as may be prescribed by (2) A private or professional fund that is constituted outside of Belize may apply for recognition under this Act by sending to the Minister a letter setting out the nature and scope of its business which shall be accompanied by, (a) the application fee set out in Part II of the Second Schedule or such other amount as may be prescribed by regulations; (b) the notices required under section 26 of this Act; 26 (c) proof satisfactory to the Minister that the applicant is, (i) a private or professional fund within the meaning of this Act; and (ii) lawfully constituted under the laws of another country or jurisdiction. (3) In the case of a professional fund, the matters required by subsections (1) and (2) of this section, shall be provided within fourteen days of the fund becoming a professional fund.