Jersey Law 7/1986
BORROWING (CONTROL) (AMENDMENT No. 2) (JERSEY) LAW, 1986.
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A LAW to
amend further the Borrowing (Control) (Jersey) Law, 1947, sanctioned by Order
of Her Majesty in Council of the
26th day of MARCH, 1986.
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(Registered on the 2nd day of May, 1986).
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STATES OF JERSEY.
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The 5th day of
November, 1985.
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THE STATES, subject to the sanction of
Her Most Excellent Majesty in Council, have adopted the following Law –
ARTICLE
1
In paragraph (1) of Article 1 of the Borrowing (Control) (Jersey),
1947, as amended (hereinafter referred to as
“the principal Law”) in the definition of “register”
after the word “includes” there shall be inserted the words
“a register of issued bearer securities and also includes”.
ARTICLE
2
After paragraph (1) of Article 2 of the principal Law there shall be inserted the following paragraphs
–
“(1A) An
order made under paragraph (1) of this Article for regulating, subject as
therein mentioned, all or any of the transactions therein mentioned may –
(a) make
provision for the grant of a consent for a transaction either unconditionally
or subject to such conditions as to the Finance Committee seem appropriate
either generally or in any particular case;
(b) make
provision for the variation of conditions attached to a consent and the
attachment of new conditions;
(c) prescribe
conditions applicable to –
(i) all
consents; or
(ii) certain
classes of consents; or
(iii) all
consents granted to certain persons or classes of persons; or
(iv) all
consents granted in respect of certain transactions; or
(v) all
consents granted in respect of transactions with certain persons or classes of
persons;
(d) make
provision for consents –
(i) to
be revoked by the Finance Committee;
(ii) to
be limited so as to expire at the end of a specified period unless renewed.
(1B) Where
a condition attached to a consent is varied or a new condition is attached to a
consent, or a consent is revoked, such variation or such new condition, or such
revocation, as the case may be, shall not take effect before the expiration of
–
(a) a
period of three months from the date on which notice in writing of the decision
of the Finance Committee to make such variation or attach such new condition or
revoke such consent is given to the holder of the consent; or
(b) the
date on which an appeal (if any) is determined or abandoned;
whichever is later (but it may take effect earlier at the request
of the holder of the consent).
(1C) Where
the Finance Committee refuses the grant of a consent, or attaches any condition
to the grant of a consent, or varies any such condition, or attaches a new
condition, or revokes a consent, the applicant or the holder of the consent, as
the case may be, may by notice in writing require the Finance Committee to
furnish to him within thirty days a statement in writing of its reasons for
that decision.
(1D) Nothing
in paragraph (1B) or (1C) of this Article derogates from or otherwise affects a
condition prescribed under sub-paragraph (c) of paragraph (1A) of this Article.
(1E) A
notice given under paragraph (1C) of this Article more than thirty days after
the notification of the decision of the Finance Committee was given shall have
no effect.
(1F) Any
person aggrieved by such decision of the Finance Committee may appeal to the
Inferior Number of the Royal Court, either in term or in vacation within ninety
days after the notification of the decision of the Finance Committee was given,
on the ground that the decision of the Finance Committee was unreasonable
having regard to all the circumstances of the case, and the decision of the
Inferior Number of the Royal Court shall be final and without further appeal,
but without prejudice to the right of the Inferior Number to refer the matter to
the Superior Number of the Royal Court.”.
ARTICLE
3
In paragraph 2 of the Schedule to the principal Law –
(a) in
sub-paragraph (4) for the words “shall be liable to imprisonment for a
term not exceeding three months or to a fine not exceeding one hundred pounds
sterling or to both such imprisonment and such fine” there shall be
substituted the words “shall be liable to imprisonment for a term not
exceeding two years or to a fine or both such imprisonment and a fine”.
(b) after
sub-paragraph (4) there shall be inserted the following sub-paragraphs –
“(5) Any
person who makes default in complying with a condition –
(a) imposed
on him by the Finance Committee pursuant to a power in that behalf in any order
made under this Law; or
(b) prescribed
by any such order,
shall be liable to imprisonment for a term not exceeding two years
or to a fine or to both such imprisonment and a fine.
(6) Any
person who –
(a) for
the purpose of procuring, whether for himself or another person, the consent of
the Finance Committee to a transaction regulated under this Law, makes any
statement which he knows to be false in a material particular or recklessly
makes any statement which is false in a material particular; or
(b) in
purported compliance with a requirement imposed by the Finance Committee under
this paragraph, furnishes information which he knows to be false in a material
particular or recklessly furnishes information which is false in a material
particular,
shall be liable to imprisonment for a term not exceeding two years
or to a fine or to both such imprisonment and a fine.
(7) Any
person who continues to make default in complying with a condition referred to
in sub-paragraph (5) of this paragraph after being convicted of that default
shall be liable to a fine for each day on which the default so continues or to
imprisonment for a term not exceeding two years or to both a fine and such
imprisonment.”.
ARTICLE
4
This Law may be cited as the Borrowing (Control) (Amendment No. 2)
(Jersey) Law, 1986, and this Law and the Borrowing (Control) (Jersey) Laws,
1947 and 1961 may be cited together as the
Borrowing (Control) (Jersey) Laws, 1947 to 1986.
R.S. GRAY
Deputy Greffier of the States.