Rules for assessment of compensation

(1) Subject to this Act the following rules shall apply to the determination of compensation for the acquisition of property– (a) the value of the property shall, subject as hereinafter provided, be taken to be the amount which the property in its condition at the time of acquisition, if sold in the open market by a willing seller, might have been expected to have realised at the date of publication in the Gazette of the Order made under section 60; (b) where the property is acquired consequent upon (he revocation of the licence of the public utility provider, or on the cessation of operations by such provider, the market value of the property shall be reduced by such amount as may be considered reasonable in all the circumstances; (c) in assessing compensation, the Court shall employ the generally accepted methods of valuation of the kind of property that has been acquired, taking particularly into account the comparable sales of such property in Belize; (d) the special suitability or adaptability of the property for any purpose shall not be taken into account if that purpose is a purpose to which the property could be applied only in pursuance of statutory powers or other permit, 59 licence or authority not already granted or revoked, or for which there is no market apart from the special needs of a particular purchaser or the requirements of any Government Department or a public statutory body; (e) account shall be taken of any pending litigation against the public utility provider and of any pending or potential claims against such provider; (f) where the acquired property consists of shares or stock of a company, the Court shall, in assessing compensation, employ the generally accepted methodology for valuing companies, including the standard Discounted Cash Flow (DCF) method, and may call for expert evidence in this regard; (g) where the acquired property consists of securities, such as a mortgagee’s or chargee’s or lender’s interest in the property, the value of the for the purpose of compensation shall be deemed to be the book value of such security, subject to any challenge to the validity of the security and to any other impediments that may exist in the recovery of its full value. (h) all compensation assessed under this Act shall be expressed and payable in the lawful currency of Belize. (2) In assessing compensation, no allowance shall be made on account of60 (a) the acquisition being compulsory or the degree of urgency or necessity which had led to the (b) any disinclination on the part of the person interested to part with the property acquired; (c) any damage sustained by the person interested which, if caused by a private person, would not render such person liable to an action or (d) any increase in the value of the property acquired likely to accrue from the use to which the property acquired will be put; (e) any outlay or improvement of, or other dealings with, such property, which have been made, commenced or effected within twelve months immediately before the publication of the Order under section 60, with the intention of enhancing the compensation to be awarded therefor in the event of such property being acquired for public purposes; (f) any accommodation or other agreements or settlement deeds (by whatever name called), containing provisions contrary to law.