Ownership of the Fund

(1) There is hereby established a Fund to be called the Petroleum Revenue Management Fund. Fund. (2) The Fund is vested in the Government in trust for the peoples of Belize. (3) No legal or beneficial interest in the Fund and present or future Petroleum Revenues payable to it under Section 5 of this Act, that is adverse to the rights and interests arising from subsection (2) of this section, can be created or exist, in any manner or by any means, including a grant, sale or other disposal, option, mortgage, charge, pledge or lien; and any circumstance, or alleged circumstance, including the act of any person, to the contrary is of no force or effect. (4) The Fund, and present or future Petroleum Revenues payable to it under Section 5 of this Act, cannot be made available or used, for the satisfaction of any sovereign or commercial debt of the Government, and any circumstance, or alleged circumstance, including the act of any person, to the contrary is of no force or effect. (5) A person who, directly or indirectly, (a) creates, or purports to create, or approves or purports to approve, the creation of a legal or beneficial interest in the Fund, or present or future Petroleum Revenues payable to it, 10 Management Fund adverse to the rights and interests arising from subsection (2) of this section; or (b) makes available, or purports to make available, or approves, or purports to approve, the making available of, the Fund, or present or future Petroleum Revenues payable to it, for the satisfaction of any sovereign or commercial debt of Belize, commits an offence and is liable on conviction on indictment to a minimum fine of $100,000 but which may extend to a maximum of $500,000, or to imprisonment for a minimum period of 3 years but which may extend to 5 years, or to both fine and period of imprisonment. Fund.