It's one of the most daring pieces of legislation ever tabled in Belize and one look at the Statutory Instrument canceling Jeffrey Prosser's Special Share shows the lengths the to which the government has gone to comfort Michael Ashcroft.
The Statutory Instrument not only takes away the Special Share, it throws out BTL's law - it's Articles of Association. Section A of the August 27th Statutory Instrument says, "the Special Share is unlawful, and the rights flowing from it of BTL's Articles of Association are of no effect." It continues: "a copy of the amended Articles of Association has been filed by the Minister with the registrar of companies."
Altogether, it's not a picture that exactly inspires international investor confidence, and certainly legislating a revised Articles of A Association of a private company is a first. Again, government was forced into this extreme act of legislative prerogative because it sold the special share to Jeffrey Prosser when, by the interpretation of the Chief Justice, it had no right to.
