Jersey Law 3/1971

 

DEPOSITORS AND INVESTORS (PREVENTION OF FRAUD) (AMENDMENT No. 2) (JERSEY) LAW, 1970.

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A LAW   to amend further the Depositors and Investors (Prevention of Fraud) (Jersey) Law, 1967, sanctioned by Order of Her Majesty in Council of the

 

17th day of DECEMBER, 1970.

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(Registered on the 22nd day of January, 1971).

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STATES OF JERSEY.

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The 13th day of October, 1970.

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THE STATES, subject to the sanction of Her Most Excellent Majesty in Council, have adopted the following Law :  -

ARTICLE 1

After sub-paragraph (b) of paragraph (1) of Article 5 of the Depositors and Investors (Prevention of Fraud) (Jersey) Law, 1967,1 as amended2 (hereinafter referred to as “the principal Law”) there shall be inserted the following sub-paragraph –

“(c)   it appears to the Committee, as a result of the information furnished in pursuance of the requirements of sub-paragraph (a) of this paragraph or information otherwise obtained, that it is not in the best interests of persons who have deposited, or who might deposit, money with the applicant or the registered person or that it is not in the best economic interests of the Island, that the applicant or the registered person should be registered or should continue to be registered.”

ARTICLE 2

After Article 9 of the principal Law3 there shall be inserted the following Article –

“ARTICLE 9A

REPRESENTATION TO COURT BY COMMITTEE WHERE REGISTRATION REFUSED OR CANCELLED

(1)          Notwithstanding the provisions of Article 9 of this Law, where the Committee decides to refuse an application for registration or to cancel any registration or to attach or vary any condition, it may represent to the Inferior Number of the Royal Court that, in order that the interests of persons who have deposited money with the applicant or the registered person shall not be prejudicially affected, the business of the applicant or the registered person shall be subject to such supervision, restraint or conditions from such time and for such period as the Committee may specify in the representation.

(2)          On the presentation of a representation under this Article, the Court may make such order as it thinks just.”

ARTICLE 3

(1)           This Law may be cited as the Depositors and Investors (Prevention of Fraud) (Amendment No. 2) (Jersey) Law, 1970, and this Law and the Depositors and Investors (Prevention of Fraud) (Jersey) Laws, 1967 and 1968, may be cited together as the Depositors and Investors (Prevention of Fraud) (Jersey) Laws, 1967 to 1970.

(2)           This Law shall come into force immediately upon promulgation.

(3)           For the avoidance of doubt, where an application for registration has been made under the principal Law, but not determined, before the date of the coming into force of this Law, that application shall be considered and determined as if this Law had been in force at the date of the making of the application.

 

A.D. LE BROCQ,

 

Greffier of the States.