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
NO. OF 2019 Statutory Corporations (General
Provisions) (Amendment) Bill, 2019
5
(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
6
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