Public Utilities
Undertakings (Guarantee on Loans) (Jersey) Law 1963
Official
Consolidated Version
This is an official
version of consolidated legislation compiled and issued under the authority of
the Legislation (Jersey) Law 2021.
24.930
Showing the law
from 1 January 2019 to Current
Public Utilities
Undertakings (Guarantee on Loans) (Jersey) Law 1963[1]
A LAW to enable the guaranteeing of
stock issued by public utility undertakings and to provide for matters
incidental thereto
Commencement
[see
endnotes]
1 Interpretation
In this Law –
“Minister” means the Minister for Treasury and
Resources;
“public utility undertaking” means any company or other
body authorized by or under any enactment to carry on a gas, electricity, water
or other public undertaking.
2 Power
of Minister to guarantee stock and temporary loans of undertakings
(1) Subject to the approval
of the States, the Minister may guarantee for and on behalf of the States, in
such manner and subject to such conditions as the Minister thinks fit, the
redemption or repayment of, and the payment of any interest on, any stock issued
by a public utility undertaking.
(2) All property and
revenues of the public utility undertaking concerned shall be charged with the
repayment of any sums issued by the Minister for fulfilling a guarantee given
under this Article, including interest thereon at such rates as the Minister
may determine, and any such charge shall rank next after the principal and
interest of the stock and any sums which the public utility undertaking is
bound to set aside towards the redemption of the stock, and in priority to any
other charge not existing at the date of the issue of the stock.
(3) Where any sum is issued
by the Minister under this Article, the Minister shall present to the States
annually, until all liability in respect of the principal of the sum and the
interest thereon is finally discharged, an account of that sum and of any
payments made during the year to which the account relates, by way of repayment
of that sum or by way of interest thereon.
3 Citation
This Law may be cited as the Public Utilities Undertakings
(Guarantee on Loans) (Jersey) Law 1963.