New Ltd Partnership Act 2017; Another VI investment tool
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.
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