Question

In: Finance

do you think an amendment would be a good idea or a whole new Act?

do you think an amendment would be a good idea or a whole new Act?

Solutions

Expert Solution

Case 1: Amendment is possible, i.e. it can be adjusted in current structure of the act.

Amendment (if possible) to do is always a better option than a whole new Act. A few reasons are:

1. It takes a lot of time and effort to build a new act.

2. To start from a scratch you will need a lot resources and research. This research has already been done in current act, so why not utilize it?

3. Amendments are done in order to adjust to current society needs or to fill the loop holes in current act. Building a new act might leave some gaps again.

4. Since a new act will consume a lot of time, you don't know its time lines and feasibility

5. Its always good to re-use available resources.

Case 2: Amendment not possible

There are cases in which amendment can't happen in current act as it might change the whole sense of the act. In such edge case scenarios it is preferable to have a new act no matter how much efforts it will take.


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