Jersey R&O 78/2002

 

Borrowing Control (Jersey) Law 1947

____________

 

CONTROL OF BORROWING (AMENDMENT No. 11) (JERSEY) ORDER 2002

____________

 

                THE FINANCE AND ECONOMICS COMMITTEE, in pursuance of Articles 2 and 3 of the Borrowing Control (Jersey) Law 1947, as amended,[1] orders as follows -

 

                1.      In this Order, “principal Order” means the Control of Borrowing (Jersey) Order 1958, as amended.[2]

 

                2.      For Article 4 of the principal Order there shall be substituted the following Article -

 

“Admission to membership of jersey body corporate.

 

          4.      A body corporate incorporated under the law of the Island shall not, without the consent of the Commission -

 

          (a)     for any purpose issue any shares; or

 

          (b)     admit any person to membership otherwise than by reason of the issue or transfer of shares.”.

 

                3.      After Article 4B of the principal Order there shall be inserted the following Article -

 

“Continuance of external body corporate in the island.

 

          4BA.  A certificate of continuance under Article 127O of the Companies (Jersey) Law 1991 shall not be issued to a body corporate unless it has obtained the consent of the Commission to keep in issue, on its continuance in the Island, its shares, debentures and other securities that are in issue at the time when it applies for the certificate of continuance.”.

 

                4.      This Order may be cited as the Control of Borrowing (Amendment No. 11) (Jersey) Order 2002 and shall come into force on 1st September 2002.

 

                By Order of the Finance and Economics Committee,

 

                                                                                            C.M. NEWCOMBE

 

Greffier of the States.

 

7th August 2002.