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New Ltd Partnership Act 2017; Another VI investment tool

- Act had its first reading @ October 5, 2017 HoA Sitting; Not explained to public
The Limited Partnership Act 2017 was introduced to the House of Assembly by Premier Minister of Finance Dr The Honourable D. Orlando Smith (AL), left, and had its first reading on October 5, 2017. According to Cabinet Secretary Sandra I. Ward, right, the bill is yet to be gazetted. Photo: VINO/File
Former Permanent Secretary and businessman Julian Willock has said the Limited Partnership Act 2017 is an important piece of legislation for the Financial Services Sector. Photo: VINO
Former Permanent Secretary and businessman Julian Willock has said the Limited Partnership Act 2017 is an important piece of legislation for the Financial Services Sector. Photo: VINO
DUFF'S BOTTOM, Tortola, VI- The post hurricanes Irma and Maria House of Assembly (HoA) meeting was held on Thursday October 5, 2017 at the home of the Hon Julian Fraser Save the Seed National Basketball League gymnasium, the Save the Seed Energy Centre in Duff's Bottom, Tortola.

While the HoA proceedings were not carried live on any Radio or Television stations because Hurricane Irma toppled the power grid and destroyed the HoA building located in Road Town, the capital city, another important piece of legislation had its first reading.

More about weeping & curfew

The public was only told about the Cufrew Act rushed through Parliament to give politicians more power while demanding that the United Kingdom appointed Governor, Augustus J. U. Jaspert, lift the state of emergency imposed after Catorgery 5 Hurricane Irma, which put him in charge of the Territory, much to the delight of many residents and not the elected officials.

The Curfew Act 2017 now can stand on its own without a state of emergency being in place and some legal experts have argued whether the Governor had the power in the first place to impose a curfew in the absence of legislation. However, others have insisted he did have the power as in a state of emergency the governor can do whatever he deems necessary to protect the national security.

Another bill that got little attention at the October 5, 2017 Sitting while the spotlight seemed to be on a politician- Hon Archibald C. Christian (AL), the Junior Minister for Tourism- weeping, was the Limited Partnership Act 2017.

The bill was introduced by Premier and Minister of Finance, Dr The Honourable D. Orlando Smith (AL), and had its first reading.

Julian Willock explains bill- The Limited Partnership Act 2017

While not much infromation is known about the bill, in an invited comment from former Permanent Secretary and businessman Julian Willock, he explained that "it is my understanding that the Bill's objective is to help the Territory market limited partnerships as another investment opportunity."

Willock, who often speaks to the international community in defence of the Offshore Financial Services sector, went on to add "in a nutshell a limited partnership happens when two or more people unite to form a business, but one or more is liable only for the amount of money they have put in".

It is believed that this area of investment is generally regulated by the Partnership Act of 1996; however, the new legislation is expected to modernise this area as an investment structure.

Calls to the Premier's Office and the Attorney General's Chambers to explain the bill were not immediately returned.

Mr Willock said its a good bill and he has long argued that these bills need to be explained to the people. "It's a good piece of legislation as once enacted it will keep us competitive and strengthen our international business portfolio, but I am always concerned about the absence of simple explanations to the public", the political aspirant told our newsroom.

In hiding? Bill not gazetted 3 weeks later

To date, the bill is yet to be gazetted for public viewing. Cabinet Secretary Sanda I. Ward confirmed that the bill, which had its first reading almost three weeks ago, is still to be gazetted, saying "the next step is for the bill to be gazetted."

It is unclear when the second and third readings on the Limited Partnership Act, will take place.

The HoA has no scheduled meetings any time soon, according to our senior National Democratic Party sources.

16 Responses to “New Ltd Partnership Act 2017; Another VI investment tool”

  • weed (24/10/2017, 18:18) Like (7) Dislike (4) Reply
    The esteem getting like funny man trying to remain relevant lol
    • @ weed (25/10/2017, 07:11) Like (10) Dislike (2) Reply
      You all need to stop willock is far from media hungry. .so the comparison is wacky
  • Street reporter (24/10/2017, 18:48) Like (11) Dislike (4) Reply
    Thanks mr willock you not in yet and doing their work
    • Real Street Reporter (25/10/2017, 06:13) Like (4) Dislike (4) Reply
      U fake Street Reporter find another name. I'm the the real street reporter. I bring the people's concern forward. Anyway U make the name proud ur comments are good. I agree.. This government on its last breath. Talking to streets the people will Rather vote for Animals than putting these people back... Sad..
  • 911 (24/10/2017, 21:37) Like (6) Dislike (3) Reply
    The ndp always in a hurry going no where
  • legal eye (25/10/2017, 02:18) Like (3) Dislike (0) Reply
    Tell me...is there really a curfew Act in effect in the absence of it being gazetted?Are we threading on wrongful arrest and false imprisonment...coupled with damages.The passing of a bill into law has 3 fundamental stages...(1)the 3 reading of the Bill (2) the Royal Assent by the Govenor of the Bill and(3) the

  • legal eye (25/10/2017, 02:27) Like (1) Dislike (0) Reply
    As we continue that the 2nd stage is the Royal assent of the Govenir whereby the Bill becomes an Act and (3)the Act is sent to be Gazetted.Was thid done for thd Curfew Act ?
  • Windy (25/10/2017, 05:08) Like (13) Dislike (0) Reply
    I must agree with Mr Willock the government has a responsibility to educate the public about Bills in the House of Assembly
  • @ legal eye (25/10/2017, 07:22) Like (10) Dislike (1) Reply
    It has long been clear this government is lawless
  • Jimmy smith (25/10/2017, 21:32) Like (3) Dislike (0) Reply
    The blogger legal eye has a very strong point , but again no one paying attention the government has not legally constituted that curfew act
  • Bush Lawyer (26/10/2017, 08:15) Like (0) Dislike (1) Reply
    Crefew law is illegal
  • shark (26/10/2017, 11:52) Like (3) Dislike (0) Reply
    THE GOVERNOR IS DOING A GREAT JOB KUDOS TO HIM.IF THEY HAD ENFORCED THE CURFEW ACT MANY OF THE LOCAL BUSINESSES WOULD HAVE BEEN OPENED HERE TODAY TO SERVE THE PUBLIC.BECAUSE OF THE LOOTING WE DO NOT HAVE A LOCAL ECONOMY.THOSE PERSON WHO WERE RESPONSIBLE FOR THE LOOTING THEY SHOULD BE REMOVED FROM THIS COUNTRY PERMANENTLY.
    • @ shark (26/10/2017, 17:18) Like (7) Dislike (1) Reply
      i am disappointed that the governor did not hold on to the state of emergency until the 2019 elections very disappointed in fact
  • one eye (01/11/2017, 06:09) Like (0) Dislike (0) Reply
    Just noticed online the thing is finally gazzeted!


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