Preliminary Licences Transferability of Shares Administration Miscellaneous Particulars in Applications Fees for the Grant of a Licence Fees for the Renewal of a Licence

BRITISH VIRGIN ISLANDS

BANKS AND TRUST COMPANIES ACT, 1990

Arrangement of Sections

1. Short title

PART I - Preliminary

2. Interpretation.

PART II - Licences

3. Requirement for licence.

4. Application for licence.

5. Duration of licence.

6. Exemptions.

7. Existing businesses.

8. Notification of change in particulars of Licensee.

9. Principal office and authorized agent.

10. Types of licences.

11. Limitations on restricted banking licences.

12. Capital requirements.

13. Surrender of licence.

PART III - Transferability of Shares and Beneficial Interests

14. Shares not to be issued or transferred without approval.

PART IV - Administration

15. Inspector of Banks and Trust Companies.

16. Use of word “bank”, etc.

17. Accounts.

18. Certain approvals required.

19. Number and approval of directors.

20. Specific powers of Governor.

21. Attorney General may apply to court.

22. Power of search.

PART V - Miscellaneous

23. Power of Inspector to require insurance.

24. Preservation of secrecy.

25. Offences.

26. Appeals.

27. Immunity.

28. Regulations.

29. Directions.

30. Repeal.

31. Commencement.

FIRST SCHEDULE

SECOND SCHEDULE