ASPIRE Bill, 2024
SAINT CHRISTOPHER AND NEVIS
No. of 2024
Arrangement of SECTIONS
SECTIONS
Short Title and commencement.
Interpretation.
Objects and Purpose.
Establishment of Fund.
Resources of the Fund.
Establishment of the Council.
Functions of the Council.
Composition of the Council.
Appointment of secretary.
Qualifications.
Tenure.
Resignation of member.
Oath of office.
Remuneration of members of Council.
Staff
Secondment of public officers.
Reporting.
Regulations.
A BILL to provide for the establishment of the ASPIRE Fund; the ASPIRE Council for the management of the ASPIRE financial education, savings, and investment programme for the benefit of youth within the Federation of Saint Christopher and Nevis; and for related matters.
BE IT ENACTED by the King’s Most Excellent Majesty, by and with the advice and consent of the National Assembly of Saint Christopher and Nevis, and by the authority of the same as follows:
1. Short title and commencement.
(1) This Act may be cited as the ASPIRE Act, 2024.
(2) This Act shall come into operation on a date to be appointed by Cabinet, by Order published in the Gazette.
2. Interpretation.
In this Act, unless the context otherwise requires, the expression—
“ASPIRE” refers to Achieving Success through Personal Investment, Resources, and Education, a financial education, savings, and investment programme for the benefit of youth within the Federation of Saint Christopher and Nevis;
“ASPIRE Council” or “Council” means the ASPIRE Council established under section 4;
“ASPIRE Fund” or “Fund” means the ASPIRE Fund established under section 3;
“Cabinet” means the Cabinet of Ministers;
“Minister” means the Minister with responsibility for Finance.
3. Objects and Purpose
The objects of this Act are to —
(a) enhance the financial literacy and savings habits of the youth population of Saint Christopher and Nevis;
(b) empower young citizens, residing in Saint Christopher and Nevis, with the knowledge and tools necessary to navigate the complexities of the modern financial landscape;
(c) instill financial responsibility and investment acumen in the general population;
(d) provide access to savings accounts and investment opportunities for the youth population;
(e) cultivate a culture of financial prudence and long-term wealth accumulation from an early age; and
(f) foster a sense of ownership and empowerment among young citizens, residing in Saint Christopher and Nevis, positioning them as active participants in the nation’s economic development.
4. Establishment of Fund
(1) There is established a Fund to be known as the ASPIRE Fund, which fund shall be managed by the ASPIRE Council in accordance with the provisions of this Act.
(2) The Fund is established for the purposes of promoting financial education, savings, and investment for the benefit of youth within the Federation of Saint Christopher and Nevis, and without prejudice to the generality of the foregoing, the Fund is particularly established for
the following purposes—
(a) to establish savings accounts for all young citizens, residing in Saint Christopher and Nevis, between the ages of five and eighteen;
(b) to purchase shares in companies registered in Saint Christopher and Nevis for all young citizens, residing in Saint Christopher and Nevis, between the ages of five and eighteen;
(c) to develop and implement widespread financial education, savings, and investment initiatives in Saint Christopher and Nevis, in schools and otherwise, especially targeting youth; and
(d) to carry out any other activity, which in the opinion of the Council, is in the best interest of financial education in Saint Christopher and Nevis.
5. Resources of the Fund
The moneys or resources that are to constitute the Fund are to be generated from—
(a) appropriations made by the Parliament;
(b) grants;
(c) donations; and
(d) any other sources as approved by the Minister of Finance in consultation with Cabinet.
6. Establishment of the Council.
(1) There shall be established a body to be known as the ASPIRE Council.
(2) The Council shall be a body corporate with perpetual succession and a common seal and may sue and be sued in its corporate name and may acquire, hold and dispose of any property.
7. Functions of the Council.
The functions of the Council are to—
manage the Fund and all moneys made available for the operation of ASPIRE;
develop and promote widespread financial education, savings, and investment initiatives in Saint Christopher and Nevis, especially targeting youth;
provide a platform for collaboration and engagement among government and non-government stakeholders in fostering financial education, savings, and investment initiatives;
identify and analyze factors affecting financial education, savings, and investment initiatives, and recommend strategies to address them;
develop and implement training programs to enhance the financial education, savings, and investment initiatives of workers;
conduct research and gather data on financial education, savings, and investment trends, challenges, and opportunities;
advise the government on policies and measures to enhance financial education, savings, and investment initiatives;
establish benchmarks and indicators to measure and track financial education, savings, and investment performance;
develop a comprehensive financial education curriculum tailored to the needs of young people and students covering topics such as budgeting, saving, investing, entrepreneurship, and financial market literacy; and
recommend any improvements to ASPIRE;
otherwise implement measures to meet the objectives of the Act.
(2) The Council shall carry out its objectives in a manner consistent with the principles of good governance, transparency, accountability, fairness, inclusivity, and sustainable development.
8. Composition of the Council
(1) The Council shall consist of a Chairperson and eight other members appointed by the Minister.
(2) The Chairperson shall be appointed by the Minister.
(3) The eight other members of the Council shall be as follows—
(a) the Cabinet Secretary, as an ex officio member;
(b) a person recommended by the Premier of Nevis;
(c) a person recommended by the Governor of the Eastern Caribbean Central Bank;
(c) a person recommended by the St Kitts Nevis Chamber of Industry and Commerce;
(d) a senior employee of the Social Security Board recommended by the Social Security Board
(e) a person recommended by the Bankers and Financial Services Association;
(f) a person recommended by the Caribbean Confederation of Credit Unions;
(g) a youth representative recommended by the Ministry for responsible for youth empowerment.
9. Appointment of secretary.
The Minister may appoint a secretary to attend the sittings of the Council, to record their proceedings, to keep their papers and generally to perform such duties, connected with functions of the Council, as the members may prescribe, subject to the directions, if any, of the Governor-General.
10. Qualifications.
(1) In making the appointments of the members of the Council consideration shall be given to the members’ experience in government, the private sector, education, financial sector, pensions, and investments.
(2) A person who is a member of the National Assembly shall not qualify for membership of the Council.
11. Tenure.
(1) A member of the Council, other than an ex officio member, may hold office for a period of three years, unless he or she vacates office.
(2) A member of the Council, other than an ex officio member, may be reappointed to serve on the Council.
12. Resignation of member.
(1) A member of the Council, other than the Chairperson, may resign his or her office in writing addressed to the Minister through the Chairperson.
(2) The Chairperson may, at any time, in writing addressed to the Minister, resign from his or her office.
13. Oath of office
A member of the Council shall, before entering upon the duties of his or her office, take and subscribe to the Oath of Office, set out in the Schedule to this Act.
14. Remuneration of members of Council
(1) Members of the Council shall be paid such remuneration as the Minister, with the approval of Cabinet, may determine.
(2) Moneys payable to members of the Council shall be paid out of the Consolidated Fund.
15. Staff.
The members of the Council may recommend to Minister the secondment of such officers, employees or agents as may be necessary for the due and efficient performance of its functions under this Act.
16. Secondment of public officers.
The Governor General may, subject to such conditions as he or she may impose, approve the secondment of any public officer to any office of the Council and any public officer so seconded shall, in relation to pension, gratuity or other allowance be treated as continuing in the public service.
17. Reporting
The Council shall submit an annual report to the Parliament detailing its activities, achievements and status of the Fund.
18. Regulations
The Minister may make Regulations for the purpose of giving effect to the provisions of this Act and without prejudice to the generality of the foregoing or the provisions of the Schedule, the Minister shall, in particular, make regulations relating to the manner in which the Fund shall be managed.
SCHEDULE
OATH (OR AFFIRMATION) OF OFFICE
I,……………………………………………………………, do swear (or solemnly affirm that I will honour, uphold and preserve the Constitution of Saint Christopher and Nevis and the law, that I will conscientiously, impartially and to the best of my ability discharge my duties as………………………………………………and do right to all manner of people without fear or favour, affection or ill-will
So help me God. (to be omitted in affirmation)
……………………………..
Lanein K. Blanchette
Speaker
Passed by the National Assembly this day of , 2024.
……..………………………………….
Trevlyn Stapleton
Clerk of the National Assembly