The Petroleum (Exploration and Production) Act 1986
(a) On the 26th day of June 2010 the Minister of Finance exercising his powers
under section 51 of the Petroleum (Exploration and Production) Act 1986, ordered
that the provisions of the laws referred to in section 51 of the Act shall not
apply to the Petroleum Agreement between the Government of Guyana and CGX
Resources Inc.
(b) On the 25th day of June 2010 the Minister of Finance exercising his
powers under section 51 of the Petroleum (Exploration and Production) Act 1986,
ordered that the provisions of the laws referred to in section 51 of the Act
shall not apply to the Petroleum agreement between the Government of Guyana and
Canacol Energy (Guyana) Inc. formerly Groundstar Resources Inc.
Section 51 provides that the Finance Minister may, by order, which shall be
subject to affirmative resolution of the National Assembly, direct that any or
all of the: Income Tax Act c. 81:01; Income Tax (In Aid of Industry) Act c.
81:02; Corporation Tax Act c.81:03; and Property Tax Act c. 81:21, shall not
apply to a licensee where the licensee has entered into a production sharing
agreement with the Government.
Credit Reporting Act 2010.
On the 10th day of June 2010 the President assented to the Credit Report Act
2010.
The Act is the first of its kind in Guyana and its purpose is described as “An
Act to establish a credit reporting industry with the aim of enabling more
reliable, competitive and responsible credit lending while protecting borrowers’
rights.
Oversight:
The Bank of Guyana (Central Bank) shall have authority to issue a licence to any
applicant to operate a credit bureau in Guyana and to supervise the activities
of all licensed operations.
Effective date of operation.
The Act shall come into operation on such date as the Minister may by order
appoint.
The Sexual Offences Act 2010
On the 24th day of May 2010 the President assented to The Sexual Offences Act
2010.
The Act is described as one to reform and consolidate the laws relating to
sexual offences and to provide for related matters.
The offence of rape has been redefined as follows:
Section 3 (1) A person commits the offence of rape if
(a) The accused
(i) engages in sexual penetration with another (“the
complainant”); or
(ii) causes the complainant to engage in sexual
penetration with a third person;
(b) The complainant does not consent to the penetration; and
(c) The accused does not reasonably believe that the complainant consents
Mutual Assistance In Criminal Matters Act 2009
On the 9th day of June 2010 the President assented to the Mutual Assistance in
Criminal Matters Act 2009.
The Act was passed to
(a) give assistance to the scheme relating to mutual assistance in Criminal
matters within the Commonwealth; and
(b) provide for mutual assistance in criminal matters between Guyana and
countries that have a treaty with Guyana concerning such assistance.
Maritime Boundary Award
The Arbitral Tribunal constituted to establish a maritime boundary between Guyana and Suriname under the 1982 United Nations Convention on the Law of the Sea (“1982 Convention”) on the 17th day of September 2007 made its determination of the maritime boundary between Guyana and Suriname.
The Award, which includes a finding of jurisdiction to consider the Parties’ maritime delimitation claims, establishes a single maritime boundary between Guyana and Suriname that differs from the boundaries claimed by each of the Parties in their pleadings before the Arbitral Tribunal. The boundary for the most part follows the equidistance line between Guyana and Suriname. However, in the territorial sea, the boundary follows a N10°E line from the starting point to the three nautical mile limit, and then a diagonal line, from the intersection of the N10°E line and the three nautical mile limit, to the intersection of the twelve nautical mile limit and the equidistance line."
Maritime Award Press Release
Award Decision
Guyana Bar Association Law Lecture Series 2007
Injunctions by Robin M.S. Stoby. S.C. Senior Partner. Hughes Fields & Stoby. Saturday 21st July 2007.
New Regulations for insurance Companies in Guyana
On the 19th day of July 2007 the Minister of Finance issued new regulations
pursuant to the powers vested in him under section 17 of the 1998 Insurance Act.
The regulations set out the form and manner applications for registration under
part VII of the Insurance Act 1998 should be prepared and completed.
The regulations apply to both local and external insurers.
The instructions to Guyana Incorporated company applicants and External
insurance company applicants will be posted shortly on this site.
New Commissioner of the Guyana Geology and Mines Commission. (GGMC)
On the 15th day of January 2012 Ms Karen Livan was confirmed as the new Commissioner of GGMC.
Mr. Rickford Viera and Mr.Kampta Persaud were appointed as Deputy Commissioners.
New Ministry of Natural Resources.
In December 2011 the Government of Guyana established a new Ministry of Natural Resources and the Environment.
Robert Persaud, former Minister of Agriculture has been appointed as the new Minister.
New Orders made under the Mining Act.
On the 12th day of November 2011 the Prime Minister and Minister of Mines and Minerals by order exempted Stratagold Guyana Inc. from the application procedures for Prospecting Licence for area previously held under Prospecting Licence no. 35/2005
On the 12th day of November 2011 the Prime Minister and Minister of Mines and Minerals by order exempted Goldport Resources Ltd from the application procedures for Prospecting Licence for an area previously held under Prospecting Licence no 11a/ 2006.
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