Land not in a town voluntarily conveyed to State

(1) The owner of any land, not being land in a town, may convey that land to Her Majesty the Queen, her heirs and successors for the use of the Government of Belize, and the Minister may in his discretion accept that land and pay therefor a price to be agreed upon between the owner and the Commissioner of Lands and Surveys. (2) If the owner and the Commissioner of Lands and Surveys cannot agree upon the price, the matter shall be determined by a district court in accordance with sections 24 and 25 of the Land Tax Act, Cap. 58 as if the inability to agree on the price was the service of a notice of assessment against which an appeal is filed under section 24 (2) of that Act and sections 24 and 25 of that Act shall, mutatis mutandis, apply. (3) The price may be paid either in a sum of money or by the issue of debentures in the manner provided in subsection (4) of this section. (4) The price of any land conveyed under subsection (3) of this section may be paid by the issue to the owner of the land of one or more drawing debentures to an amount equal to the price of the land, and any debenture so issued shall, (a) be redeemable within a period not exceeding twenty years; (b) bear interest at the rate of three per centum per annum; and (c) be deemed to have been issued under the Public Loans Act, Cap. 81, and the provisions of that Act shall apply accordingly, subject to the modification that section 13 of this Act thereof shall have effect as if there were included therein provision requiring the payment into the Sinking Fund of all moneys received by Government from the sale of any land in respect of which a debenture has been issued under this section. Crown.