General penalty, savings and transitional provisions

(1) Where a duty is imposed by this Act on any company incorporated under this Act, or on any director, secretary or officer thereof, then any such company, director, secretary or officer who commits a breach of such obligation commits an offence and shall, unless some other penalty is specifically provided, be liable on summary conviction to a fine not exceeding five thousand dollars, and if it is a continuing offence, to an additional fine of fifty dollars for every day such breach continues. International Business Companies[CAP. 270 131 (2) Where at the commencement of this section a company incorporated under this Act other than an existing public investment company holds 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 by any person or company resident in Belize, it may after such commencement continue to hold such shares, debt obligations or other securities or continue to allow its shares, debt obligations or other securities to be beneficially owned by persons or companies resident in Belize, but subject to the following conditionsCAP. 250. Cap. 250. (a) it shall not acquire any more shares, debt obligations or other securities in a company incorporated under the Companies Act; (b) it shall not issue any further of its shares, debt obligations or other securities to any person or company resident in Belize except to a registered agent in a nominee capacity; and (c) it shall not enjoy any exemption from taxes or duties under section 130.