Telecommunications Acquisition (Settlement) Act
BELIZE:
TELECOMMUNICATIONS ACQUISITION (SETTLEMENT) ACT, 2015
ARRANGEMENT OF SECTIONS
1. Short title.
2. Interpretation.
3. Validation of Government’s authority.
4. Compensations payable from Consolidated Fund.
5. Financial Secretary authorized to pay compensations.
6. Exemptions conferred.
7. Extent of exemptions.
8. Commencement.
FIRST SCHEDULE
SECOND SCHEDULE
No. 14]
Telecommunications Acquisition (Settlement) Act
135
No. 14 of 2015
I assent,
(SIR COLVILLE N. YOUNG)
Governor-General
17th September, 2015
AN ACT to facilitate the implementation of the terms of a deed
of settlement and compromise between the Government,
Dunkeld International Investment Ltd, British Caribbean
Bank Limited and The Trustees of the BTL Employees
Trust arising from the acquisition by the Government, in
the public interest, of shares in Belize Telemedia Limited
and rights under certain loans and security arrangements
made by The British Caribbean Bank Limited; and to provide for matters connected therewith or incidental thereto
(Gazetted 18th September, 2015.)
BE IT ENACTED, by and with the advice and consent of
the House of Representatives and Senate of Belize anq
by the authority of the same, as follows:
1. This Act may be cited as the
TELECOMMUNICATIONS ACQUISITION
(SETTLEMENT) ACT, 2015.
Short title.
136
Interpretation.
Telecommunications Acquisition (Settlement) Act
[No. 14
2. In this Act, unless the context otherwise requires “Bank Settlement Deed” means the Settlement Deed entered
into between the British Caribbean Bank Limited and the
Government dated 11th September 2015;
“Bank” means British Caribbean Bank Limited;
“BTL Employees Trust” means The Trustees of the BTL
Employees Trust;
“Dunkeld” means Dunkeld International Investment Ltd;
“Dunkeld and Trust Settlement Deed” means the Settlement Deed
entered into between Dunkeld and the BTL Employees Trust
and the Government dated 11th September 2015;
“Final Dunkeld Compensation” means the payment to be made
by the Government to Dunkeld pursuant to clause 4.1(b) of the
Dunkeld and Trust Settlement Deed;
“Final Trust Compensation” means the payment to be made by
the Government to Dunkeld pursuant to clause 5.1 (b) of the
Dunkeld and Trust Settlement Deed;
Validation of
Government’s
authority.
3. For greater certainty, it is hereby declared that the
Government (a) has with full lawful authority entered into the Bank
Settlement Deed and the Dunkeld and Trust Settlement
Deed; and
Act No. 8 of
2011 .
(b) is lawfully authorized to carry out its obligations as
provided under the Bank Settlement Deed and the
Dunkeld and Trust Settlement Deed notwithstanding
the provisions of the Belize Telecommunications
(Amendment) Act, 2011.
No. 14]
Telecommunications Acquisition (Settlement) Act
137
4. All amounts which may become payable by the Government
as the Final Dunk:eld Compensation and the Final Trust
Compensation as provided for in clauses 4.1 and 5.1 respectively
of the Dunkeld and Trust Settlement Deed shall be a charge on
the Consolidated Revenue Fund.
Compensations
payable from
Consolidated
Fund.
5. Subject to this Act and the Dunkeld and Trust Settlement
Deed the Financial Secretary is authorised to pay the Final
Dunkeld Compensation and the Final Trust Compensation at
the times and on the terms as provided for in the said Dunkeld
Settlement Deed.
Financial
Secretary
authorized to
pay
compensations.
6. The Bank, Dunkeld and the BTL Employees Trust shall be
exempt from all taxes, charges, fees and imposts imposed on
compensation paid to the Bank pursuant to the Bank Settlement
Deed, on compensation paid to Dunkeld and the BTL
Employees Trust respectively pursuant to the Dunkeld and
the Trust Settlement Deed that would, but for this provision,
be payable to the Government (including exemption from
withholding of tax as required by section 22 of the Income
and Business Tax Act, as amended from time to time).
Exemptions
conferred.
7. The BTL Employees Trust shall be exempt from the
provisions of the Exchange Control Regulations Act and
Regulations made thereunder from time to time that would,
but for this provision, apply in respect of the compensation
paid to the BTL Employees Trust pursuant to the Dunkeld
Settlement Deed.
Extent of
exemptions.
8. This Act shall be deemed to have come into operation on
the 18th day of September, 2015.
FIRST SCHEDULE
[SECTION 3]
BANK SETTLEMENT DEED
Commencement.
138
Telecommunications Acquisition (Settlement) Act
[No. 14
SECOND SCHEDULE
[SECTION 3]
DUNKELD AND THE TRUST SETTLEMENT DEED
FIRST SCHEDULE
[SECTION 3]
BANK SETTLEMENT DEED
No. 14]
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