Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1694879631979.pdf (Belize)
Belize International Services Limited (Settlement) BELIZE: BELIZE INTERNATIONAL SERVICES LIMITED (SETTLEMENT) ACT, 2022 ARRANGEMENT OF SECTIONS 1.

Short title.

2.

Interpretation.

3.

Validation of Government’s authority.

4.

Payments payable from the Consolidated Revenue Fund.

5.

Financial Secretary authorized to make payments.

6.

No deductions in payments.

7.

Extent of exemptions.

SCHEDULE No.

18] Belize International Services Limited (Settlement) 411 No.

18 of 2022 I assent, (H.E.


MS. FROYLA TZALAM) Governor-General 1st September, 2022.

AN ACT to facilitate the implementation of the terms of a deed of settlement between the Government and Belize International Services Limited arising from the debt owed by the Government in satisfaction of the Belize International Services Limited claims and the Belize International Services Limited litigation costs; and to provide for matters connected therewith or incidental thereto.

(Gazetted 2nd September, 2022).


BE IT ENACTED, by and with the advice and consent of the House of Representatives and Senate of Belize and by the authority of the same, as follows: 1.

This Act may be cited as the Short title.

BELIZE INTERNATIONAL SERVICES LIMITED (SETTLEMENT) ACT, 2022.

412 Belize International Services Limited (Settlement) [No.

Interpretations.

2.
In this Act, unless the context otherwise requires– “Belize International Services Limited Settlement Deed” means the Settlement Deed entered into between the Government of Belize and Belize International Services Limited dated the 22nd day of August 2022; “Belize International Services Limited” or “BISL” means the company duly incorporated under the Laws of the British Virgin Islands, having its registered office at Craigmuir Chambers, Road Town, Tortola, British Virgin Islands; “BISL payment” means the payment to be made by the Government to Belize International Services Limited pursuant to clause 4 of the Belize International Services Limited Settlement Deed; and “Consolidated Revenue Fund” means the fund established under section 114 of the Belize Constitution.
3.

It is hereby declared that the Government– (a) has, with full lawful authority, entered into the Belize International Services Limited Settlement Deed, herewith attached in the Schedule; and (b) is lawfully authorized to carry out its obligations as provided under the Belize International Services Limited Settlement Deed.

CAP.

4.

Validation of Government’s authority.

Schedule.

Payments payable from Consolidated Revenue Fund.

4.
4.

All amounts which may become payable by the Government as the final payment as provided for in clauses 4 and 5 of the Belize International Services Limited Settlement Deed shall be a charge on the Consolidated Revenue Fund.

No. ]

Belize International Services Limited (Settlement) 413 Financial Secretary authorized to make payments.

No deductions in payments.

5.


Subject to this Act and the Belize International Services Limited Settlement Deed, the Financial Secretary is authorised to pay the Belize International Services Limited at the times and on the terms as provided for in the said Belize International Services Limited Settlement Deed.
6.–(1) As of August 22, 2022, it is declared that Belize International Services Limited does not owe any taxes, duties, fees or monies whatsoever to the Government or any department of the Government or other public entity in Belize.

(2) Payments made to Belize International Services Limited pursuant to the Belize International Services Limited Settlement Deed shall be made without any deductions whatsoever.

Extent of exemptions.

CAP.

52.

7.


Belize International Services Limited 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 payments made to Belize International Services Limited pursuant to the Belize International Services Limited Settlement Deed.

414 Belize International Services Limited (Settlement) [No.

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18] Belize International Services Limited (Settlement) 423 Printed in Belize by the Government Printer #1 Power Lane, Belmopan