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President David Granger, in the presence of other Members of Parliament yesterday, commissioned the newly renovated Commercial and Land Registries building located on the Avenue of the Republic and Commerce Streets.The unveiling of the plaque by President David Granger (Left) and the Attorney General and Minster of Legal Affairs, Basil Williams.The two registries are now located in the former New Building Society (NBS) building.At the occasion there was the announcement of delinking of the two registries. Their relocation is part of a wider project to ensure a modern, legal, administrative system.The building was acquired by the government. Some of the funding for the operations is coming from the Inter-American Development Bank (IDB).Granger was cited as saying that the registries, as constituent elements of the national legal administrative architecture,Logan Ryan Patriots Jersey, support an essential economic function; they create, preserve and aid in the enforcement of property rights.Additionally, this office is responsible for the registration of business names, trademarks, patents and Bills of Sale, all supporting the creation and protection of property rights, including intellectual property rights.With regards to property rights, Granger said that the defining features of market economies are the right to own property, to have exclusive use of said property, and the right to transfer, trade or sell.Commercial and Land Registries play an important role in the smooth functioning of markets by ensuring formal legal ownership, transfer and enforceability of property rights,Devonta Freeman Falcons Jersey, he said.He also outlined the consequences of not having property rights. That would distort the efficient functioning of markets. Further, it serves as a disincentive to production,Tevin Coleman Falcons Jersey, to consumption and to exchange.The Commercial and Land Registries building located on Avenue of the Republic and Commerce Streets.“The success of our thrust towards greater economic independence will depend on our ability to compete with the rest of the Caribbean, the Continent and the World, in the goods we produce and the services we provide. Our competiveness will be enhanced by a legal administrative system dedicated to facilitating the creation, protection and enforcement of property rights,” Granger said.He further said that property rights must be supported by an administrative system that is characterised by trained, competent and ‘unbribable’ staff, efficient and friendly services and a highly computerised system.“Our land and commercial laws must be updated to take account of new forms of property. Our copyright laws must be modernized to provide protection to our producers, artists and artistes. We must not fall further behind the rest of the world,Ha Ha Clinton-Dix Packers Jersey,” the President said.Attorney General and Minister of Legal Affairs, Basil Williams, said that the building will facilitate business and encourage investments,Aaron Rodgers Packers Jersey, which are key to the Government’s overall development thrust.He explained that Government wants to ensure that business owners are not strained or hamstrung by processes that frustrate efforts and cause them to take their investment elsewhere.Williams said that he is confident that the registries will “contribute to the welfare, wellbeing and the good life for the Guyanese people”.IDB Representative, Sophie Makonnen, said that the opening of this facility will serve as a drive for higher levels of investment and generate employment. She also said that this move is in keeping with the changing demands of the commercial architecture across Guyana.“The centralised facility will make the work of the registry more manageable both for the general public and the staff. It illustrates Guyana’s commitment to promote commerce,Sammie Coates Steelers Jersey, trade and employment…it will make the work of Guyana as an investment destination, easier,” Makonnen said.Attorney-at-Law, Christopher Ram, on behalf of the Guyana Bar Association, reminded the gathering that registries perform a vital role in the legal life of a society, as they are the repositories and guardians of legal documents and are the facilitators and protectors of the public interest.“…Matters of property titles are protected in our Constitution and are very important to …the rule of law,” Ram said.He also challenged the Registrars of the two registries and the Attorney General to ensure that the operations are computerised and made accessible online; adding that today,Keanu Neal Falcons Jersey, old ledgers and their portfolios are only good for museums of antiquity.Head of the Private Sector Commission (PSC),Joe Greene Steelers Jersey, Mr. Norman McLean, said that with the growth of businesses in Guyana there is need to make this unit more sustainable and efficient in the way it provides its legal obligations.“The Private Sector Commission therefore lauds the efforts made by the establishment of these registries so that our business sector can enjoy more modern facilities…we welcome this initiative being rolled out in other regions as well,Mike Mitchell Steelers Jersey, McLean said.