Jersey Law 7/1999
COMPANIES (AMENDMENT No. 5) (JERSEY) LAW 1999
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A LAW to
amend further the Companies (Jersey) Law 1991, sanctioned by Order of Her
Majesty in Council of the
10th day of MARCH 1999
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(Registered on the 9th day of April 1999)
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STATES OF JERSEY
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The 20th day of
October 1998
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THE STATES, subject to the sanction of
Her Most Excellent Majesty in Council, have adopted the following Law –
ARTICLE
1
(1) In
paragraph (1) of Article 38 of the Companies (Jersey) Law 1991, as amended (hereinafter referred to as “the
principal Law”) –
(a) for
the word “; and” in sub-paragraph (e) there shall be substituted a
semicolon;
(b) after
sub-paragraph (e) there shall be inserted the following sub-paragraph –
“(ea) in the case to
which paragraph (1A) refers, denominate the nominal amount of its issued or
unissued shares in units of the currency into which they have been
converted;”.
(2) After
paragraph (1) of Article 38 of the principal Law there shall be inserted the
following paragraph –
“(1A) Sub-paragraph
(ea) of paragraph (1) refers to the case in which –
(a) the
nominal amount of the shares concerned is expressed in one currency;
(b) those
shares are then converted (whether under subparagraph (e) of that paragraph or
otherwise) into shares of a nominal amount of another currency; and
(c) they
nevertheless remain denominated in the former currency.”.
ARTICLE
2
(1) For
the word “A” in Article 51 of the principal Law there
shall be substituted the words “(1) A”.
(2) After
paragraph (1) of Article 51 of the principal Law (as amended by paragraph (1)
of this Article) there shall be inserted the following paragraph –
“(2) Paragraph
(1) applies notwithstanding any subsequent change of the currency in which the
nominal amount of the shares to which the certificate relates is
expressed.”.
ARTICLE
3
After paragraph (2) of Article 61 of the principal Law there shall be inserted the following paragraph
–
“(2A) Notwithstanding
paragraph (1), a reduction of share capital shall not be subject to
confirmation by the court if –
(a) the
reduction does not extinguish or reduce the liability on any share in respect
of capital which is not paid up; and
(b) the
reduction does not reduce the net assets of the company,
and the amount of the reduction is credited to a capital redemption
reserve which may be applied only in paying up unissued shares which are to be
allotted to members as fully paid bonus shares.”.
ARTICLE
4
This Law may be cited as the Companies (Amendment No. 5) (Jersey)
Law 1999 and shall come into force on the seventh day following its
registration.
G.H.C. COPPOCK
Greffier of the States.