Set-off in the event of default

(1) A Holder may, if the Council defaults on the payment of any interest or principal payable to that Holder, deduct the equivalent sum from any payment due to the Council in respect of any trade licence fee or property tax due by that Holder to the Council. (2) The Holder 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. CAP. 85.