Bahamas National Trust (Amendment) Act, 2023 (No. 25 of 2023)

ExO 1 July, 2023.indd EXTRAORDINARY OFFICIAL GAZETTE THE BAHAMAS PUBLISHED BY AUTHORITY 1st July, 2023 NASSAU BAHAMAS NATIONAL TRUST (AMENDMENT) ACT, 2023 Arrangement of Sections Section 1. Short title and commencement.............................................................................2 2. Amendment of section 14 of the principal Act. ...................................................2 3. nsertion of new section 14A in the principal Act. ...............................................3 Bahamas National Trust (Amendment) Act, 2023 c BAHAMAS NATIONAL TRUST (AMENDMENT) ACT, 2023 AN ACT TO AMEND THE BAHAMAS NATIONAL TRUST ACT Enacte t e ar iament of T e Ba amas 1. hort title an co ence ent. (1) This Act, which amends the Bahamas National Trust Act h , may be cited as the Bahamas National Trust (Amendment) Act, 2023. (2) This Act shall come into force on the 1st day of July, 2023. . A en ent of section 14 of the principal Act. Section 14 of the principal Act is repealed and replaced as follows — “(1) Whenever after the passing of this Act any lands or tenements (including buildings) or submarine areas shall become vested in the Bahamas National Trust the council may by resolution determine that such lands or tenements or submarine areas or such portions thereof as may be specified in such resolution are proper to be held for the benefit of The Bahamas and such lands or buildings or submarine areas shall thereupon be so held by the Bahamas National Trust and shall be inalienable. (2) Land held by the Bahamas National Trust which is or becomes inalienable or held as easements shall not be capable of being adversely possessed and, the Limitation Act and laws of adverse possession and prescription shall not affect such freehold or leasehold.”. Page - 2 No. 25 of 2023 PUBLIC FINANCE MANAGEMENT (AMENDMENT) ACT, 2023 c PUBLIC FINANCE MANAGEMENT (AMENDMENT) ACT, 2023 AN ACT TO AMEND THE PUBLIC FINANCE MANAGEMENT ACT, 2023 Enacted by the Parliament of The Bahamas 1. Short title and commencement. . (1) This Act, which amends the Public Finance Management Act (No. 4 of 2023), may be cited as the Public Finance Management (Amendment) Act, 2023. (2) This Act shall come into force on the 1st day of July, 2023. 2. Amendment of section 81 of the principal Act. Section 81 of the principal Act is amended in subsection (2) by the deletion of paragraph (a) and the substitution of – “ (a) a Chairperson, appointed by the Minister, who shall not be a public officer but must have experience in financial accounting or commercial matters ;”. 3. Amendment of section 129 of the principal Act. Section 129 of the principal Act is amended — (a) in subsection (1) by the deletion of paragraph (d) and the substitution of the following paragraphs — “(d) registering the ownership of or changing the ownership in any registrable goods on which the tax is required to be paid; Page - 2 [Date of Assent - 30th June, 2023] Bahamas National Trust (Amendment) Act, 2023 3. Insertion of new section 14A in the principal Act. The principal Act is amended by the insertion immediately after section 14 of the following new section — A E em tions (1) Any real property ac uired or passed to the Bahamas National Trust shall be e empted from value added ta . (2) oods for use e clusively by the Bahamas National Trust, when imported with the prior approval of the inister of inance shall be e empted from — (a) duty as specified in hapter of the Special lassification Provisions as set out in Part of the Schedule to the Tariff Act, 2023 (b) e cise duty and e cise ta as specified in hapter of the Special lassification Provisions as set out in the Second Schedule to the cise Act, 2023.”. Page - 3