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2019-09-18

OBJECTS AND REASONS

This Bill would validate the

receipt of instruments by the Central Bank of Barbados purported to have been issued pursuant to the Debt Holder (Approval of Debt Restructuring) Act, 2018 (Act 2018-24);

receipt of instruments purported to have been issued pursuant to the Debt Holder (Approval of Debt Restructuring) (Amendment) Act, 2019 (Act 2019-25) and received by holders of estate and legacy accounts and individuals in respect of debt owed by state owned enterprises; and

payment of benefits to pensioners purported to have been issued under the Debt Holder (Approval of Debt Restructuring) (Amendment) Act, 2019 (Act 2019-25) from 13th November, 2018.

(a)

(b)

(c)

Arrangement of Sections

Short title

Validation of instruments

Validation of payment of benefits to pensioners

1.

2.

3.

2

BARBADOS

A Bill entitled

An Act to validate the

receipt of instruments by the Central Bank of Barbados purported to have been issued pursuant to the Debt Holder (Approval of Debt Restructuring) Act, 2018 (Act 2018-24);

receipt of instruments purported to have been issued pursuant to the Debt Holder (Approval of Debt Restructuring) (Amendment) Act, 2019 (Act 2019-25) and received by holders of estate and legacy

(a)

(b)

accounts and individuals in respect of debt owed by state owned enterprises; and

payment of benefits to pensioners purported to have been issued under the Debt Holder (Approval of Debt Restructuring) (Amendment) Act, 2019 (Act 2019-25) from 13th November, 2018.

ENACTED by the Parliament of Barbados as follows:

Short title

This Act may be cited as the Debt Holder (Approval of Debt Restructuring) (Validation) Act, 2019.

Validation of instruments

All instruments purported to have been received and issued by the Central Bank of Barbados but not included in the Second Schedule to the Debt Holder (Approval of Debt Restructuring) Act, 2018 (Act 2018-24) shall be deemed to have been lawfully and validly issued by the Central Bank of Barbados.

All instruments purported to have been issued pursuant to the Debt Holder (Approval of Debt Restructuring) (Amendment) Act, 2019 (Act 2019-25) and received by holders of estate and legacy accounts and individuals in respect of debt owed by state owned enterprises, shall be deemed to have been lawfully and validly issued and received.

Validation of payment of benefits to pensioners

All payment of benefits to pensioners purported to have been paid pursuant to the Debt Holder (Approval of Debt Restructuring) (Amendment) Act, 2019 (Act 2019-25) from 13th November, 2018 to the commencement of this Act shall be deemed to have been lawfully and validly paid.

(c)

1.

2.(1)

(2)

3.

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Read three times and passed the House of Assembly this day of , 2019.

Speaker

Read three times and passed the Senate this day of , 2019.

President

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