The institutions most often criticized by the Government and private sector officials are the banks. The most recent is that the banks are in the stone age. If the Government has the power to legislate, and the banks are among the most regulated institutions in the country, a relevant question is: having regard to the existing regulations, or the lack thereof, who has placed them in the stone age and who is keeping them there? Recently the Security Interests in Movable Property Act was passed in the National Assembly as an effort to extricate them out of the stone age. I wrote on it, describing it as “A transformative economic and financial instrument” in December 2024. For years officials have been ranting and raving about banks being ‘backward’ in not opening up lending possibilities without taking into account the absence of legal instruments to secure such lending. Now that legislation is in place lending is now possible on security other than mortgages of real property or by way of debentures on companies’ assets.
Continue reading “THE BANKS AND THE STONE AGE”MASHRAMANI AND NATIONAL DEVELOPMENT PRIORITIES
Chapter II of the Constitution of Guyana sets out the Principles and Bases of the Political, Economic and Social System of Guyana. Articles in this chapter require the promotion of recreation, leisure and culture. These and the other principles and bases, such as the wide goals of economic development and goals of the economic system, form the highest degree and most recognized priorities of national development because they are contained in the supreme law of the land – the Constitution of Guyana.
Continue reading “MASHRAMANI AND NATIONAL DEVELOPMENT PRIORITIES”WOULD I BE ABLE TO FINALLY BUY A NEW CAR?
Whether or not readers of this column believe me, I have never been able to afford a new car because of the exorbitant duty. I once purchased one twenty-five years ago. But I could only afford it because I was entitled to duty free as Speaker of the House. I could not otherwise afford a new car then or now, if I have to pay duty. But I look forward very soon to being able to walk into a showroom and order a new car because I will not have to pay the duty , courtesy of President Donald Trump.
Continue reading “WOULD I BE ABLE TO FINALLY BUY A NEW CAR?”THE MOCHA ARCADIA SQUATTERS AND THE LESSONS TO BE LEARNT
Is there any lesson to be learnt by the dismissal by the Chief Justice of the case brought by three Mocha residents, Roxanne Allen, Junior Allen and Lashonda Ellis, for relief from the High Court for demolition of their homes, deprivation of their property rights, degrading treatment, among a large number ofother remedies?
Continue reading “THE MOCHA ARCADIA SQUATTERS AND THE LESSONS TO BE LEARNT”MANDATORY BIOMETRIC IDENTIFICATION IS UNCONSTITUTIONAL
The Chair of GECOM, Justice Claudette Singh, has decided that biometric identification as the sole, mandatory, means of identification in unconstitutional. Under normal circumstances, it would be expected that this decision would bring an end to the Opposition clamour for biometric identification and that its advocates would reorient their campaign for legal reform. Not so!
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