Jersey R&O 68/2002

 

Companies (Jersey) Law 1991

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COMPANIES (REDEMPTION, AND FINANCIAL ASSISTANCE) (JERSEY) REGULATIONS 2002

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(Promulgated on the 27th day of July 2002)

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STATES OF JERSEY

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The 26th day of July 2002

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                THE STATES, in pursuance of Article 59 of the Companies (Jersey) Law 1991,[1] as amended,[2] have made the following Regulations -

 

Interpretation

 

                1.      In these Regulations, “the Law” means the Companies (Jersey) Law 1991,[3] as amended.[4]

 

Power to issue redeemable shares

 

                2.-(1)  In Article 55(3)(b)(i) of the Law,[5] for the words “the share premium account for shares of the class concerned” there shall be substituted the words “any share premium account”.

 

                (2)     In Article 55(3B)[6] of the Law, for sub-paragraph (b) there shall be substituted the following sub-paragraphs -

 

“(b)   in the case of a payment from a share premium account or a stated capital account, the realisable value of the company’s assets will not be less than the amount of its liabilities; and

 

(c)     in the case of a payment out of unrealised capital or revenue profits, the realisable value of the company’s assets will not be less than the aggregate of its liabilities and the amounts standing to the credit of its capital accounts.”.

 

Financial assistance by company for purchase of its shares

 

                3.      In Article 58(3)(b)[7] of the Law, for the words “realisable value” there shall be substituted the word “value”.

 

Citation and commencement

 

                4.      These Regulations may be cited as the Companies (Redemption, and Financial Assistance) (Jersey) Regulations 2002 and shall come into force on 1st September 2002.

 

                                                                                         A.H. HARRIS

 

Assistant Greffier of the States.