ANTIGUA AND BARBUDA

ANTIGUA AND BARBUDA

STATUTORY CORPORATIONS (GENERAL PROVISIONS) (AMENDMENT)

BILL, 2019

NO. OF 2019

Statutory Corporations (General Provisions)

(Amendment)Bill, 2019

NO. OF 2019

2

NO. OF 2019 Statutory Corporations (General

Provisions) (Amendment) Bill, 2019

3

ANTIGUA AND BARBUDA

STATUTORY CORPORATIONS (GENERAL PROVISIONS) (AMENDMENT)

BILL, 2019

NO. OF 2019

ARRANGEMENT OF CLAUSES

Clauses

1. Short title

2. Interpretation

3. Insertion of Section 8A

Statutory Corporations (General Provisions)

(Amendment)Bill, 2019

NO. OF 2019

4

ANTIGUA AND BARBUDA

STATUTORY CORPORATIONS (GENERAL PROVISIONS) (AMENDMENT)

BILL, 2019

NO. [ ] OF 2019

AN ACT to amend the Statutory Corporations (General Provisions) Act, 2016.

ENACTED by the Parliament of Antigua and Barbuda as follows:

1. Short title

This Act may be cited as the Statutory Corporations (General Provisions) (Amendment)

Act, 2019.

2. Interpretation

In this Act, “principal Act” means the Statutory Corporations (General Provisions) Act,

2016, No. 16 of 2016.

3. Insertion of Section 8A

The principal Act is amended by the insertion immediately after section 8 of the

following new section—

“8A. Co-operation among Statutory Corporations

(1) A Statutory Corporation may, in addition to the activities it is authorised to

carry on, enter into an arrangement with another statutory corporation for the

common purpose of implementing their statutory mandate.

(2) Without prejudice to the generality of subsection (1), a statutory corporation

may enter into an agreement with another statutory corporation to—

(a) assist that other statutory corporation financially to carry out its statutory

functions on terms and conditions approved by the Cabinet; and

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Provisions) (Amendment) Bill, 2019

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(b) guarantee the repayment of a loan or the performance of an obligation of

that other statutory corporation.

(3) A Statutory Corporation may make financial grants to the Government for the

purpose of implementing projects that are beneficial to the public interest.”

Passed by the House of Representatives on

the , 2019.

Passed by the Senate on the

, 2019.

Speaker.

President.

Clerk to the House of Representatives.

Clerk to the Senate.

EXPLANATORY MEMORANDUM

The purpose of this amendment is to facilitate the strengthening of the financial position

of statutory corporations.

The amendment inserts a new section 8A under the heading: “Co-operation among

Statutory Corporations”. The amendment provides that a statutory corporation may

borrow monies or act as a Guarantor for another statutory corporation to strengthen the

other statutory corporation’s financial position. Further, a statutory corporation may, by

Statutory Corporations (General Provisions)

(Amendment)Bill, 2019

NO. OF 2019

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way of grant, provide financial assistance to the Government to assist in the

implementation of projects for a public purpose.

Hon. Gaston Browne

.……….…………………………..

Minister responsible for Corporate

Governance