Majority ownership and control of public utilities

(1) From the commencement 25th October, 2011 of the Belize Constitution (Eighth Amendment) Act, 2011, the Government shall have and maintain at all times majority ownership and control of a public utility provider; and any alienation of the Government shareholding or other rights, whether voluntary or involuntary, which may derogate from Government’s majority ownership and control of a public utility provider shall be wholly void and of no effect notwithstanding anything contained in section 20 or any other provision of this Constitution or any other law or rule of practice, Provided that in the event the Social Security Board (“the Board”) intends to sell the whole or part of its shareholding which would result in the Government shareholding (as defined in section 143) falling below 51% of the issued stock capital of a public utility provider, the Board shall first offer for sale to the Government, and the Government shall purchase from the Board, so much of the shareholding as would be necessary to maintain the Government’s majority ownership and control of a public utility provider; and every such sale to the Government shall be valid and effecttual for all purposes. (2) Any alienation or transfer of the Government shareholding contrary to subsection (1) of this section shall vest no rights in the transferee or any other person other than the return of the purchase price, if paid. 165