Delinquent Charities. One of the main advantages of registering a charity is that its income is not subject to income tax. People who donate to a charity also get tax relief on their donations. The Attorney-General is usually considered the public trustee and in charge of all charities. For him to know who they are, they have to be registered. They are obliged to prepare and to publish annual accounts. That way, the Attorney-General and any interested member of the public can check to ensure that they are spending their funds properly.
So, I was very interested when a reader pointed me to a recent article in the Royal Gazette of Bermuda about delinquent charities. It turns out they have had a Charities Act since about 1978. Their charities have to be registered. They have to publish their accounts. If they do not, they are struck off the register. They lose their charity status. We have no charity law at all in
In our case it did not work with NICA. It is a public company in which many Anguillians invested their life savings. It has been struck off the Register of Companies. The directors were named and shamed. They still have not done anything to bring that company back into good standing. When I checked a few days ago, it was still struck off the Register. Government now owns all its assets.
Is it not time the shareholders got together and wound this company up? Or, is it a charitable donation that we are making to our needy government?