Photo: The Honourable Vance Amory, premier of Nevis and minister of finance, Nevis Island Administration

 

Four bills receive first reading at Nevis Island Assembly sitting

From NIA

 

CHARLESTOWN, Nevis – Three bills related to the Nevis financial services industry and one to the Ministry of Finance were tabled and received their first reading at a siting of the Nevis Island Assembly July 6.

The bills – the Nevis International Exempt Trust Ordinance 2016, the Nevis Business Corporation Ordinance 2017, the Nevis Limited Liability Company Ordinance 2017 and the Nevis Supplementary Appropriation (2016) Ordinance 2017 – were introduced by the Honourable Vance Amory, premier of Nevis and minister of finance.

Amory explained at the end of the sitting that the House would, in short order, reconvene for the bill’s debate and second and third readings. He described the four bills, designed to replace some existing ones, as substantive, three of which would enhance the operations of the Nevis Financial Services Industry.

“They are bills to replace bills [that] are already in existence, but which have suffered some adulteration in the review,” he said. “It has taken us some time to get the new bills in place, so that we can have and maintain the Nevis Financial Services Industry on the bills [that] are, in fact, of the quality which meets international standards.”

The Nevis Supplementary Appropriation (2016) Ordinance 2017, when passed in the House, will sanction further payment from the Nevis Island Consolidated Fund in excess of the amounts placed on the estimates for the year ending December 31, 2016.

The Nevis Limited Liability Company Ordinance 2017 will repeal and replace the Nevis Limited Liability Company Ordinance, Cap &.04 (N) as amended. It will provide for the formation of limited liability companies on Nevis and provide for associated matters incidental or consequential.

The Nevis Business Corporation Ordinance 2017 will repeal and replace the Nevis Business Corporation Ordinance Cap 7.01 (N) as amended. It will provide for the establishment of international business corporations on Nevis and provide for associated matters incidental or consequential.

The Nevis International Exempt Trust Ordinance 2017 will repeal and replace the Nevis International Exempt Trust Ordinance 2016. It will make provisions for the law relating to international trusts and for associated incidental matters.