Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697647800062.pdf (Belize)
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 pro- vide 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 Short title.

TELECOMMUNICATIONS ACQUISITION (SETTLEMENT) ACT, 2015.

136 Telecommunications Acquisition (Settlement) Act [No.

14 Interpretation.

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 (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.

Act No.

8 of 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.

Commencement.
Commencement.

FIRST SCHEDULE [SECTION 3] BANK SETTLEMENT DEED 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] Telecommunications Acquisition (Settlement) Act 139 140 Telecommunications Acquisition (Settlement) Act [No.
14
British Caribbean Bank Limited and Dean Boyce v The Attorney General of Belize and the Minister of Public
 Utilities
BZCV2011/003 British Caribbean Bank Limited v The Attorney General of Belize & The Minister of Public Utilities and BZCV2014/006 and BZCV2014/2008 British Caribbean Bank Limited v The Attorney General of Belize & The Minister of Public Utilities
No.
14] Telecommunications Acquisition (Settlement) Act 141
142 Telecommunications Acquisition (Settlement) Act [No.
14
No.
14] Telecommunications Acquisition (Settlement) Act 143
144 Telecommunications Acquisition (Settlement) Act [No.
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146 Telecommunications Acquisition (Settlement) Act [No.
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148 Telecommunications Acquisition (Settlement) Act [No.
14 No.

14] Telecommunications Acquisition (Settlement) Act 149 150 Telecommunications Acquisition (Settlement) Act [No.
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No.
14] Telecommunications Acquisition (Settlement) Act 151
British Caribbean Bank Limited.
v The Attorney General of Belize & The Minister of Public Utilities BZCV2014/007
152 Telecommunications Acquisition (Settlement) Act [No.
14 No.
14] Telecommunications Acquisition (Settlement) Act 153 154 Telecommunications Acquisition (Settlement) Act [No.

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14] Telecommunications Acquisition (Settlement) Act 181 Printed in Belize by the Government Printer #1 Power Lane, Belmopan, Belize, C.A.