At the Friday, November 04 Sitting of the National Assembly, the Companies (Amendment) Bill, 2022, was successfully passed, effectively bringing the legislation in line with the Constitution of St. Kitts and Nevis and international best practices.
Mover of the Bill, Prime Minister and Minister of Finance, the Honourable Dr. Terrance Drew said the Companies (Amendment) Bill, 2022 resolves a constitutional issue created by the 2021 Amendment which allowed for the permanent dissolution of exempt companies to comply with Organisation for Economic Co-operation and Development (OECD) and European Union (EU) recommendations.
Section 8.1 of the Constitution of St. Kitts and Nevis states that “No property of any description shall be compulsorily taken possession of, and no interest in or right over property of any description shall be compulsorily acquired, except for a public purpose and by or under the provisions of a law that prescribes the principles on which and the manner in which compensation therefor is to be determined and given.”
