Interpretation

In this Act unless the context otherwise requires, “Annual Transfer Amount” means an amount in United States Dollars calculated in accordance with subsection (3) of Section 12 of this Act; “Commissioner” means the Commissioner of Income Tax appointed under the Income and Business Tax Act, or his successor in law; “Contract” has the meaning in the Petroleum Act, and includes any equivalent rights and interests granted under any law or instrument; “Contractor” has the meaning in the Petroleum Act, and includes any person granted equivalent rights and interests by the Government by other law or instrument, and any person applying for a Contract; “Custody Bank” means the institution at which the Permanent Restricted Account is opened pursuant to this Act; Management Fund 7 “Custody Bank Agreement” means the agreement between the Central Bank and the Custody Bank mentioned in subsection (2) of Section 4 of this Act and described in the First Schedule; “Financial Secretary” means the Financial Secretary appointed under Section 107 of the Belize Constitution Act, or his successor in law; “Flexible Transfer Account” means the account styled “The Petroleum Fund Flexible Transfer Account” opened by the Central Bank pursuant to Section 12 of this Act; “Government” means the Government of Belize; “Governor” means the Governor of the Central Bank; “including” is to be construed as not being by way of limitation; “Independent Oversight Board” means the Board established pursuant to Section 19 of this Act; “Inspector” means the Inspector of Petroleum appointed under Section 4 of the Petroleum Act, or his successor in law; “Investment Committee” means the committee established pursuant to Section 6 of this Act; “Minister” means the Minister for the time being responsible for petroleum affairs; “Minister of Finance” means the Minister for the time being responsible for financial affairs; “Permanent Restricted Account” means the account styled “The Petroleum Fund Permanent Restricted Account” opened by the Central Bank at the Custody Bank pursuant to Section 4 of this Act; 8 Management Fund “petroleum” means all natural organic substances composed of carbon and hydrogen; and includes crude oil and natural gas, and all other mineral substances, products, by-products and derivatives that are found in conjunction with petroleum; “Petroleum Operations” means the exploration, development, extraction, production, field separation, transportation, storage, sale or other disposal of Petroleum Resources; but does not include any transportation or other operations, (a) beyond the point of export; or (b) in the case of petroleum which is processed within Belize, beyond the point of entry into a refinery or liquefaction or natural gas treatment plant; “Petroleum Resources” means petroleum in whatever physical state located on or under the territory of Belize or in areas of the Continental Shelf in which rights of exploration and exploitation are exercisable by Belize; “Petroleum Revenues” has the meaning assigned to it by subsection (1) of Section 5 of this Act; “Petroleum Revenue Management Fund” or the “Fund” means the Fund established under Section 3(1) of this Act, and made up of the Permanent Restricted Account, and the moneys and investments therein in whatever form and wherever situated; “Public Information Office” means the office established pursuant to Section 27 of this Act; “publicize” means, in relation to information provided to the Public Information Office, to post that information on the web- site of the Office and to make the information readily available in hard copy at the premises of the Office; Management Fund 9 “State Budget” means the estimate of revenues and expenditures of Belize prepared and laid before the House of Representatives in each financial year for the next following financial year as provided for in Section 115 of the Belize Constitution.