Set-off in event of default

(1) A bondholder may, if the Council defaults on the payment of any interest or principal payable to that bondholder, deduct the equivalent sum from any payment due to the Council 8 in respect of any trade licence fee or property tax due by that bondholder to the Council. (2) The bondholder shall, seven days before the date on which a payment to the Council is due, give to the Council written notice of its intention to exercise a set-off under sub- section (l). (3) For the purpose of sub-section (1), “trade licence fee” or “property tax” means any fee or tax imposed by the Council in accordance with its powers under section 59 (b) and (e) of the Belize City Council Act, respectively.