Exemption from taxes

(1) The Corporation shall be exempt from income tax and property tax. (2) All instruments executed by or on behalf of the Corporation shall be exempt from stamp duty. 31 SCHEDULE NORTH AMBERGRIS CAYE DEVELOPMENT CORPORATION ACT Definition of North Ambergris Caye (Section 2) ALL THAT PIECE of land being the Northern portion of Ambergris Caye bounded on the North by the Mexico-Belize International boundary, on the South by lands now or formerly Caribbean Coves Ltd. (D. B. Vol. 9 of 1984 Folios 685-698), on the East by a strip of land, being various properties and cocals and also being part of the original estate of Maria Exaltacion Andrade De Mendez, and on the West by the Bay of Chetumal, and being more particularly described as follows: Commencing at a point, said point having a U.T.M. ‘SCALED’ coordinate of 1,987,000 metres North and 401,500 metres East; thence grid West along the Northern boundary of lands now or formerly Caribbean Coves Ltd. for an approximate distance of 4,500 metres to a point on the Western shoreline of Ambergris Caye having a scaled U.T.M. coordinate of 1,987,000 metres North and 397,000 metres East; thence Northeasterly along the said Western shoreline of Ambergris Caye for an approximate distance of 39,700 metres to the confluence of a creek where it meets the Bay of Chetumal, the said creek forming the International boundary between Belize and Mexico; thence along the South Bank of the afore-mentioned Creek for an approximate distance of 1,800 metres to a point, on the Western boundary of lands, being formerly part of the Estate of Maria Exaltacion Andrade De Mendez, said lands also forming a strip along the Eastern coastline of Ambergris Caye, comprising of various properties and cocals; thence Southerly along the Western boundary of the said strip of land for an approximate distance of 29,000 North Ambergris Caye 32 Development Corporation metres back to the point of commencement; including a property now or formerly Robert N. Pinkerton (D. B. Vol. 2 of 1971 Folios 1405 - 1416) comprising of the peninsulas commonly known as Punta Lemon and San Juan. As well as, all those offshore cayes in the immediate proximity of the West-coast of the herein described piece of land, as set out as follows, 1. All those Cayes situate between U.T.M. scaled coordinates 1,998,000 and 1,993,000 metres North, and 398,800 and 401,000 metres East. 2. All those Cayes situate between U.T.M. scaled coordinate 2,000,000 and 1,999,500 metres North, and 402,800 and 403,800 metres East. 3. All that Caye having a Central U.T.M. scaled coordinate of 1,991,000 metres North and 398,200 metres East. As shown on “COMPILATION” D. O .S. Sheet No. 7, lodged at the office of the Commissioner of Lands and Surveys.