Seizure

(1) Where a governmental authority, whether it is legally constituted or not, in any jurisdiction outside Belize– (a) by or in connection with a nationalisation, expropriation, confiscation, coercion, force or duress, or similar action; or International Business Companies[CAP. 270 39 (b) by or in connection with the imposition of any confiscatory tax, assessment or governmental charge, takes or seizes any shares or other interest in a company incorporated under this Act, the company itself or a person holding shares or any other interest in the company, including an interest as a creditor, may apply to the court for an order that the company disregard the taking or seizure and continue to treat the person who would have held shares or any other interest in the company but for the taking or seizure of the shares or other interest as continuing to hold the shares or other interest. (2) Without affecting sub-section (1), where a person whose shares or other interests have been taken or seized, as referred to in sub-section (1), is other than a natural person, the person making the application under sub-section (1), or the company itself, may apply to the court for an additional order for the company to treat the persons believed by the company to have held the direct or indirect beneficial interests in the shares or other interests in the company as the holder of those shares or other interests. (3) The court may, upon application made to it under sub- section (1) or (2)– (a) grant such relief as it considers equitable and proper; and (b) order that any shares of or other interests in the company vest in such trustees as the court may appoint upon such trusts and for such purposes as the court determines.