Encouragement of development (amendment) bill 2014

Attorney General’s Chambers

6 November, 2014

TURKS AND CAICOS ISLANDS ENCOURAGEMNT OF DEVELOPMENT (AMENDMENT) BILL 2014 ARRANGEMENT OF CLAUSES CLAUSE

1.

2.

3.

4.

5.

Short title and commencement Interpretation Section 2 amended Section 6 amended Section 14 amended

Attorney General’s Chambers

6 November, 2014

TURKS AND CAICOS ISLANDS A PROPOSAL FOR A

BILL FOR AN ORDINANCE TO AMEND DEVELOPMENT ORDINANCE

THE

ENCOURAGEMENT

OF

ENACTED by the Legislature of the Turks and Caicos Islands.

Short title and commencement 1. This Ordinance may be cited as the Encouragement of Development (Amendment) Ordinance 2014 and shall come into operation on the date of publication in the Gazette.

Interpretation 2. In this Ordinance the “principal Ordinance” means the Encouragement of Development Ordinance.

Section 2 amended 3. Section 2 of the principal Ordinance is amended by repealing the definition of Agency, and substituting with— ““Agency” means the Invest Turks and Caicos Islands Agency established under the Invest Turks and Caicos Agency Ordinance;”.

Attorney General’s Chambers

6 November, 2014

Section 6 amended 4. Section 6 is amended by repealing the words “thirty-five years” wherever they appear, and substituting with the words “fifteen years”.

Section 14 amended 5. Section 14 is amended by— (a) repealing the words “$1,000” and substituting with “$100,000”; and (b) repealing the words “six months” and substituting with “three years”.

__________

PASSED by the House of Assembly this

day of

2014.

…………………………..

Tracey Parker

……………….

Robert Hall

Clerk to House of Assembly

Speaker

Attorney General’s Chambers

6 November, 2014

EXPLANATORY MEMORANDUM

The purpose of the Bill is to amend the Encouragement of Development Ordinance to align it with the proposed Invest Turks and Caicos Agency Bill; and to make further amendments relating to the period of exemption given to developers, and increasing the fines for contravening the listed provisions of the Ordinance.

BILL Clause 1 makes provision for the short title and commencement of the Ordinance, whilst clause 2 provides the interpretation for this Bill.

Clause 3 amends section 2 of the principal Ordinance by substituting the definition of Agency to reflect the name of the new Agency established in the proposed Invest TCI Agency Bill.

Clause 4 amends section 6 of the principal Ordinance by reducing the exemption periods from thirty-five years to fifteen years.

Clause 5 amends section 14 of the principal Ordinance by increasing the fine for contravention of the provisions listed in that section, from “$1,000” to “$100,000” and “six months” to “three years”, respectively.