R&O – 115/2003
Collective
Investment Funds (Restriction of Scope) (Amendment) (Jersey) Order 2003
Made 29th October 2003
Coming into force 5th
November 2003
THE ECONOMIC DEVELOPMENT COMMITTEE, in pursuance of Articles 2(7) and 17 of the
Collective
Investment Funds (Jersey) Law 1988,[1] orders as follows –
1 Interpretation
In this Order “the principal Order”
means the Collective Investment Funds (Restriction
of Scope) (Jersey) Order 2000.[2]
2 Article
1 amended
(1) Article
1 of the principal Order shall be amended by inserting, before the definition
“relevant consent” the following definition –
“ ‘non-equity
shares’ means shares where –
(a) any of the rights of the shares to receive
payments are for a limited amount that is not calculated by reference to the
company’s assets or profits or the dividends on any class of equity
share;
(b) any of the rights of the shares to
participate in a surplus in a winding-up are limited to a specific amount that
is not calculated by reference to the company’s assets or profits, and
such limitation had a commercial effect in practice at the time the shares were
issued or, if later, at the time the limitation was introduced; or
(c) the shares are redeemable either according
to their terms, or because the holder, or any party other than the issuer, can
require their redemption.”.
(2) Article
1 of the principal Order shall be further amended by revoking sub-paragraph (a)
in the definition “relevant consent” and substituting the following
sub-paragraph –
“(a) in the case of a body
corporate, the consent of the Commission –
(i) under
Article 4B of the 1958 Order to the issue of securities in connection with
the scheme,
(ii) under
Article 4B of the 1958 Order to the raising of money in Jersey by the
issue of such securities, or
(iii) under Article 4 of the 1958 Order to the issue of non-equity shares.”.
(3) Article
1 of the principal Order shall be further amended by revoking, in the
definition “securities”, the words “but does not mean
shares” and substituting the words “but does not include shares,
apart from non-equity shares”.
3 Article
2 amended
Article 2 of the principal Order is amended by revoking all words
after the words “the Commission” to the end of the Article.
4 Commencement
and citation
This Order may be cited as
the Collective Investment Funds (Restriction of Scope) (Amendment) (Jersey)
Order 2003 and shall come into force 7 days after it is made.
M.N. DE LA HAYE
Greffier of the States.