Jersey Law 4/1982
DEPOSITORS AND INVESTORS (PREVENTION OF FRAUD) (AMENDMENT No. 5)
(JERSEY) LAW, 1982.
____________
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
10th day of MARCH,
1982.
____________
(Registered on the
2nd day of April, 1982).
____________
STATES OF JERSEY.
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The 3rd day of
February, 1981.
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THE STATES, subject to the sanction of
Her Most Excellent Majesty in Council, have adopted the following Law: -
ARTICLE
1
Article 1 of the Depositors and Investors (Prevention of Fraud)
(Jersey) Law, 1967, as amended, (hereinafter
referred to as “the principal Law”) shall be amended in paragraph
(1) by deleting the definitions of “friendly society” and
“industrial and provident society” and substituting the following
definitions –
“ ‘friendly society’ means a society which is
registered within the meaning of the Friendly Societies Act 1974 (of the United
Kingdom) or is registered or deemed to be registered under the Friendly
Societies Act (Northern Ireland) 1970;
‘industrial and provident society’ means a society that
is registered or deemed to be registered within the meaning of the Industrial
and Provident Societies Acts 1965 to 1978 (of the United Kingdom) or the
Industrial and Provident Societies Act (Northern Ireland) 1969;”.
ARTICLE
2
Article 3 of the principal Law shall be
amended –
(a) in
paragraph (2) –
(i) by
inserting at the end of sub-paragraph (a) the word “or”; and
(ii) by
deleting sub-paragraphs (b) to (f) together with the proviso and substituting
the following sub-paragraph –
“(b) a
person for the time being specified in the Schedule to this Law.”; and
(b) by
inserting after paragraph (2) the following paragraph –
“(3) The
Committee may from time to time by order –
(a) add
a person to the list set out in the Schedule to this Law; or
(b) remove
a person from that list (whether that person was included in the list as
originally enacted or was added to it by virtue of this paragraph).”.
ARTICLE
3
The principal Law shall be further amended by adding after Article
12 thereof the following Articles –
“ARTICLE 12A
Restriction on use of certain names and
descriptions
Notwithstanding anything contained in any other enactment no person
carrying on business of any description in the Island, other than –
(a) the
States;
(b) the
bank of the Governor and Company of the Bank of England;
(c) the
central bank of a member State of the European Economic Community;
(d) a
London clearing bank;
(e) a
trustee savings bank within the meaning of the Trustee Savings Banks Act 1969
(of the United Kingdom);
(f) the
Central Trustee Savings Bank Limited;
(g) the
Post Office of the United Kingdom in the exercise of its powers to provide
Banking services;
(h) the
National Savings Bank of the United Kingdom;
shall use any name or in any other way so describe himself or hold
himself out as to indicate, or reasonably be understood to indicate, that he is
a bank or banker or is carrying on a banking business unless he has first
obtained the permission of the Committee.
ARTICLE 12B
Registration of companies
Upon an application being made to the Royal Court in pursuance of
the provisions of the Companies (Jersey) Laws, 1861 to 1968 for the
registration of a company in the proposed name of which there appears any of
the words ‘bank’, ‘banker’, ‘banking’ or
any cognate expression, whether in the English language, or in any other
language, the Royal Court shall not grant the application unless it is
satisfied that the applicants therefor have first
obtained the permission of the Committee to the use of the word concerned in
the name of the company in pursuance of the provisions of Article 12F of this
Law.
ARTICLE 12C
Change of name of existing companies
A company which on the date of the coming into force of this
Article is registered in pursuance of the provisions of the Companies (Jersey)
Laws, 1861 to 1968 and which has in its name any of the words
‘bank’, ‘banker’, ‘banking’ or any cognate
expression, whether in the English language or in any other language, shall,
before the expiration of the period of twelve months commencing on the date of
the coming into force of this Article, apply to the Royal Court to have its
name changed to one which does not contain any such word or expression as
aforesaid unless before the expiration of such period as aforesaid the company
has obtained the permission of the Committee to retain the use of the word or
expression concerned in its name in pursuance of the provisions of Article 12F
of this Law.
ARTICLE 12D
Registration of business names
Notwithstanding the provisions of Article 12 of the Registration of
Business Names (Jersey) Law, 1956, upon an application being made to the
Judicial Greffier in pursuance of the provisions of
that Law for the registration of a business name in which there appears any of
the words ‘bank’, ‘banker’, ‘banking’ or
any cognate expression, whether in the English language, or in any other
language, the Judicial Greffier shall not grant the
application unless he is satisfied that the applicants therefor
have first obtained the permission of the Committee to use the word or
expression concerned in the business name in pursuance of the provisions of
Article 12F of this Law.
ARTICLE 12E
Application to committee for permission
to use certain words in name of company
(1) Any
person desirous of obtaining the permission of the Committee for the purposes
of Articles 12A, 12B, 12C or 12D of this Law shall make application in that
behalf to the Committee and such application shall be in such form and
accompanied by such information as the Committee may, from time to time,
require.
(2) Upon
receipt of an application under the provisions of Articles 12A, 12B, 12C or 12D
of this Law or at any time thereafter, the Committee may require an applicant
to supply such further information as the Committee may consider necessary or
desirable.
ARTICLE 12F
Grant or refusal of permission by
committee
Upon receipt of an application under the provisions of Article 12E
of this Law the Committee may either –
(a) grant
the permission applied for;
(b) refuse
such permission; or
(c) grant
such permission subject to such conditions as the Committee may think it
necessary or expedient to impose.
ARTICLE 12G
Offences
Any person who –
(a) contravenes
the provisions of Articles 12A or 12C of this Law; or
(b) is
in breach of a condition imposed under sub-paragraph (c) of Article 12F of this
Law;
shall be guilty of an offence and liable, on conviction, to a fine
not exceeding five hundred pounds or where the offence consists of continuing
any such contravention after conviction thereof, twenty-five pounds for each
day on which it is so continued.”.
ARTICLE
4
Article 15 of the principal Law shall be
amended in paragraph (4) by inserting after the words “against this
Law” the words “, other than an offence under Article 8 of this
Law,”.
ARTICLE
5
The principal Law shall be amended by inserting at the end thereof the following Schedule –
“SCHEDULE
(Article 3)
Exceptions from
prohibition in Article 3
1. The
bank of the Governor and Company of the Bank of England.
2. The
central bank of a member State of the European Economic Community.
3. A
London clearing bank.
4. A
trustee savings bank within the meaning of the Trustee Savings Banks Act 1969
(of the United Kingdom).
5. The
Central Trustee Savings Bank Limited.
6. The
Post Office of the United Kingdom in the exercise of its powers to provide
banking services.
7. The
National Savings Bank of the United Kingdom.
8. A
friendly society or an industrial and provident society.
9. A
building society except during any period in respect of which a direction given
by the Chief Registrar of Friendly Societies under section 51 of the Building
Societies Act, 1962 (of the United Kingdom) is in force.”.
ARTICLE
6
(1) This
Law may be cited as the Depositors and Investors (Prevention of Fraud)
(Amendment No. 5) (Jersey) Law, 1982, and this Law and the Depositors and
Investors (Prevention of Fraud) (Jersey) Laws, 1967 to 1978, may be cited
together as the Depositors and Investors (Prevention of Fraud) (Jersey) Laws,
1967 to 1982.
(2) This
Law shall come into force forthwith on registration.
E.J.M. POTTER,
Greffier of the States.