The Companies Act, which is intended to modernise the legislative framework governing company formation, management and administrations will be implemented on January 1, 2005. The legislation was passed in the House of Representatives in February, this year.

Minister of Commerce, Science and Technology, Phillip Paulwell made the announcement on Wednesday during his presentation to the 2004/05 Sectoral Debate at Gordon House.

Minister Paulwell said that the Office of the Registrar of Companies (ORC) would be implementing the Act. “Twelve years in the making, the landmark legislation establishes the framework for the modernization of corporate governance,” he said.

Turning to the Consumer Affairs Commission, the Minister said that a Consumer Protection Bill was being designed to support the Commission’s mandate. He said that this piece of legislation should shortly be tabled in Parliament.
Highlighting some of the achievements of the Commission, the Minister said that last year, 2,414 of the 2,569 or 94 per cent of the complaints handled during the year were resolved.

Meanwhile, the Commission was able to collect in excess of $6.7 million in compensation in addition to rebates, returns and exchanges.

Giving an update on the work of the Jamaica Intellectual Property Office (JIPO), the Minister said that the automated Trade Marks Registration System should be fully operational by September, this year.

Meanwhile, legislation for the establishment of the Patents Directorate is expected to be passed early in the new legislative year. “With the new Patents and Designs Law in place and the consequent accession to the Patent Cooperation Treaty, work will begin on the full establishment of the Directorate,” the Minister said.

Minister Paulwell also disclosed that the World Intellectual Property Organization (WIPO) expert mission had already started work to install the automated Patents Registration System.

JIPO was established to administer a modern, effective intellectual property system, to protect creativity and inventiveness of Jamaicans and act as a catalyst in the creation of wealth.