Companies
(Amendment No. 3) (Jersey) Regulations 2009
Made 24th February 2009
Coming into force 3rd
March 2009
THE STATES, in pursuance of Articles 2B, 115B, 181 and 220 of the Companies
(Jersey) Law 1991[1], have made the following
Regulations –
1 Interpretation
In these Regulations, “the Law” means
the Companies (Jersey) Law 1991[2].
2 Article
1 of the Companies (Jersey) Law 1991 amended
In Article 1 of the Law, for the definition “open-ended
investment company” there shall be substituted the following
definition –
“ ‘open-ended investment company’ means a
company –
(a) the
sole business of which is to invest in securities or other property of any
description; and
(b) the
articles of which provide that its shares, or substantially all its shares, are
to be redeemed or purchased at the request of the holders at a price or prices
not exceeding the net asset value of those shares;”.
3 Article
114 amended
For Article 114(2)(c) of the Law there shall be substituted the
following sub-paragraph –
“(c) any reduction of capital made
in accordance with Part 12; or”.
4 Article
181 amended
(1) For
Article 181(1)(b) of the Law there shall be substituted the following
sub-paragraph –
“(b) the payment was not made
lawfully; and”.
(2) For
Article 181(2) of the Law there shall be substituted the following paragraph –
“(2) In this Article, the amount
of a payment that has not been made lawfully for the purpose of the redemption
or purchase is referred to as the ‘relevant payment’.”.
5 Citation
and commencement
(1) These
Regulations may be cited as the Companies (Amendment No. 3) (Jersey)
Regulations 2009.
(2) These
Regulations shall come into force 7 days after they are made.
m.n. de la haye
Greffier of the States