Jersey Law 20/1963
PUBLIC UTILITIES UNDERTAKINGS (GUARANTEE ON LOANS) (JERSEY) LAW,
1963.
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A LAW to
enable the guaranteeing of stock issued by public utility undertakings and to
provide for matters incidental thereto, sanctioned by Order of Her Majesty in
Council of the
23rd day of OCTOBER, 1963.
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(Registered on the 22nd day of November, 1963).
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STATES OF JERSEY.
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The 14th day of
March, 1963.
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THE STATES, subject to the sanction of
Her Most Excellent Majesty in Council, have adopted the following Law : -
ARTICLE 1
INTERPRETATION
In this Law –
“the Committee” means the Finance Committee ;
“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.
ARTICLE 2
POWER OF COMMITTEE TO GUARANTEE STOCK AND TEMPORARY LOANS OF
UNDERTAKINGS
(1) Subject
to the approval of the States, the Committee may guarantee for and on behalf of
the States, in such manner and subject to such conditions as it 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 Committee for fulfilling a
guarantee given under this Article, including interest thereon at such rates as
the Committee 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 Committee under this Article, the Committee 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.
ARTICLE 3
SHORT TITLE
This Law may be cited as the Public Utilities Undertakings
(Guarantee on Loans) (Jersey) Law, 1963.
A.D. LE
BROCQ,
Deputy Greffier of the States.