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Microcap & Penny Stocks : PanAmerican BanCorp (PABN) -- Ignore unavailable to you. Want to Upgrade?

To: Phhhht who wrote (7746)	7/23/1998 11:34:00 AM
From: barbara sperino	Respond to of 43774

You would think if some Belize goverment official was going to save the investing public of America from being scamed by a company. He would have his name plastered all over the release wouldn't you. Instant fame for this guy probably a metal from SEC. Yet no signature. LOL. I can't even find out who is the head of this office.

To: Phhhht who wrote (7746)	7/23/1998 11:35:00 AM
From: ISOMAN	Respond to of 43774

On December 31, 1973, the Belize Government published an Act (No.31 of 1973) designed to discourage land speculation and encourage land development by alien-controlled companies. As a result of this law, in order to purchase land in excess of one half acre within a city or town, or in excess of ten acres outside a city or town, an alien must obtain a license from the Minister of Natural Resources. Such license shall be recorded in the General Registry as a deed . The terms and duration of such license are negotiable but generally will require the licensee to do a certain amount of development or spend a certain amount of money on development of the land during the period of the license. Breach of any term or condition in a license shall render it voidable. The Minister may by notice in writing give a licensee three months to comply with any term or condition of the license which has been breached, and if the licensee fails to comply within the time specified, the Minister may, by notice in writing to the licensee, declare the license void. If the license is declared void by the Minister, the licensee has a right to appeal to the Supreme Court for review of the Minister's decision. If there is no appeal or if the appeal is dismissed, then the Minister may record a deed in the Registry cancelling the license and thereupon the land in respect of which the license was issued and all buildings, fixtures and accesories thereupon forthwith be forfeited to the Government. An alien lessee (or beneficiary) under a will has the right to receive the proceeds of sale from land left to him under the terms of a will. Once the conditions of the license have been fulfilled to the satisfaction of the Minister, the Minister shall grant a certificate declaring that the license shall no longer be voidable, thus cancelling the encumbrance created by the license. This certificate shall be recorded in the General Registry as a deed. The incumbent Minister has given assurance that any bona fide developer will encounter no problem in obtaining a license provided that the developer is prepared to carry out a meaningful amount of development during the term of his license. The Minister has also affirmed that once this developmental obligation has been fulfilled, there will be no delay in the issuance of a certificate declaring the license no longer voidable. In the case of land which is already developed, a license will be required but there will be no development obligations under the license. While no regulations have been made by the Minister governing the issuance of license, in the case of licenses covering agricultural land, the general requirement is that the licensee must agree to develop at least 10% of the arable land annually until all such land is developed. As a rule, Government does not sell its land outright. But it provides arrangements whereby the lessee must first develop the land within a certain period with option to purchase afterwards. Land for lease is available at an average of about $2.00 per acre per year. The price of land, depending on location and accessibility, varies between $30 and $200 per acre uncleared. Land clearing using tractors costs between $600. and $700. per acre, depending on size and type of terrain. Clearing land using the slash and burn method is about $100. per acre. MINISTRY OF NATURAL RESOURCES Belmopan TEL:08-22331 / FAX: 08-22333