The Jamaica Development Bank (Repeal) Act 2022 was passed in the House of Representatives on June 7.
The Bill repeals the Act and provides for the transfer of all assets of the Jamaica Development Bank to the Development Bank of Jamaica (DBJ) Limited, in exchange for the issuance of shares in the DBJ to the Accountant General.
This legislation also facilitates the transfer of the liabilities of the Jamaica Development Bank to the Government of Jamaica; transfers the functions performed by the Board of Directors of the Jamaica Development Bank to the Board of the DBJ; and provides for the exemption of transfer tax and stamp duty that would otherwise be applicable to the transfer or disposal of assets by the DBJ.
In his remarks, Finance and the Public Service Minister, Dr. the Hon. Nigel Clarke said the DBJ was created in April 2000 from the merger of the National Development Bank Limited and the Agricultural Development Credit Bank.
He stated that consequence of this merger, the affairs of the Jamaica Development Bank became the purview of the DBJ.
The legislation was passed without any amendment and will now go to the Senate for its approval.