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Turnbull OKs Banking, Casino and Other Bills

Aug. 14, 2004 – Gov. Charles W. Turnbull approved six bills recently passed by the 25th Legislature, Government House announced on Friday afternoon. They range in their goals from cleaning up banking regulations to cleaning up litter.
Others measures Turnbull approved authorize per diem pay for Magens Bay Authority board members and honor Edmund L. Penn, a longtime member of that board. Another limits to two the number of government boards and commissions on which department and agency heads may serve. And the other provides for hotels to qualify for automatic casino licenses if they are at least 25 percent owned by the government and meet certain other requirements.
The governor stated in a release that he approved the bill amending the V.I. Code to include the Uniform Securities Act, Uniform Money Services Act and the Uniform Prudent Investor's Act because "it modernizes our banking laws. In addition, it provides protection not only for the banks but for V.I. investors in the sale and purchase of securities."
He noted in a letter to Senate President David Jones that enactment of the measure means increased funding will be needed for additional staff in the Office of the Lieutenant Governor. "Were it not for the general overarching need of this bill, I would have vetoed it because of the lack of a funding source," he wrote. "I therefore urge the Legislature to address this concern in a timely manner." (See "Finance OKs Much-amended Banking Services Bill".)
About a bill to amend the recently enacted Waste Management Authority legislation, he wrote, "I must note that some of the more important and necessary amendments have still not been adopted by the Legislature. I urge the members to continue their review of my proposals. It is imperative that the continuing authority of the Anti-Litter [and Beautification] Commission be finalized so that the territory's cleanup efforts will not be jeopardized." (See "Five Bills Sail Smoothly through Rules Committee".)
In regard to the per diem pay for Magens Bay Authority members, he wrote, "The individuals who volunteer their time and effort to these worthy areas are truly deserving of this allowance."
The bill to honor Penn for his service to the Magens Bay Authority board included a section providing for the arboretum at Magens Bay to be named in Penn's honor. The governor called Penn "a civil servant par excellence." (See "Five Bills Sail Smoothly through Rules Committee".)
As for the bill establishing a new category of casino hotels, Turnbull wrote, "The bill clarifies the requirements for the granting of licenses under this new category by the Casino Control Commission. It is the position of this administration that the territory must put forth viable initiatives to spur development and investment in the hotel industry, especially on the island of St. Croix." (See "Senators Work Late Changing Casino Control Act".)

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