Companies
(Transfers of Shares – Exemptions) (Jersey) Order 2014
Made 24th September 2014
Coming into force 25th September 2014
THE CHIEF MINISTER, in pursuance of Articles 42(6), 50(3) and 219 of the Companies
(Jersey) Law 1991[1], and having consulted the Jersey
Financial Services Commission orders as follows –
1 Interpretation
In this Order –
“approval”
in relation to approval by a competent authority of either or both of the
following –
(a) a central securities depository; or
(b) use of a computer system,
includes the
registration or recognition of such a depository or use (or both depositary and
use, as the case may be) by a competent authority under the relevant laws;
“approved central securities depository” means, in
relation to an approved stock exchange, the central securities depository –
(a) in which listed shares are deposited and held; and
(b) which is approved by a competent authority under the
relevant laws;
“approved stock exchange” means any of the
following –
(a) the New York Stock Exchange;
(b) the Chicago Stock Exchange;
(c) NASDAQ;
(d) NYSE
Euronext Paris;
(e) the Toronto Stock Exchange;
“competent authority” means a person or body
authorized under the relevant laws to approve –
(a) a central securities depository; and
(b) use of a computer system by (but not limited to) either or
both of the following –
(i) an approved central securities depository, or
(ii) a company which has issued listed shares (whether or not
acting by a duly appointed agent);
“computer system” means a computer based system
(including its related facilities and procedures) –
(a) use of which is approved by a competent authority under the
relevant laws; and
(b) by means of which title to shares can be evidenced and
transferred without a written instrument;
“Law” means the
Companies (Jersey) Law 1991[2];
“listed shares” means shares which are listed on
an approved stock exchange;
“relevant laws” means such laws
as are relevant in any of the following –
(a) the United States of America;
(b) Canada;
or
(c) a member State of the European Union.
2 Exemption
from Article 42 of the Law
In respect of companies which have issued listed shares, a transfer
of such shares is exempt from the provisions of Article 42(1) of the Law where
the following conditions are met in respect of that transfer –
(a) the transfer is made –
(i) to or from an approved central securities depository, or
(ii) by means of a computer system; and
(b) the transfer is in accordance with the relevant laws
applicable to, and relevant rules and regulations of, the approved stock
exchange on which the shares are listed.
3 Exemption
from Article 50 of the Law
(1) Subject
to paragraph (2) a company is not required to comply with Article 50(1)
of the Law in respect of any allotment or transfer of its listed shares.
(2) A
company which has received a written request at any time from a member in
respect of listed shares held by that member shall, within 2 months of receipt
by that company of that written request, complete and have ready for delivery
the certificate of such shares in respect of which the request was made unless
the conditions of allotment of the shares otherwise provide.
4 Citation
and commencement
This Order may be cited as the Companies (Transfers of Shares –
Exemptions) (Jersey) Order 2014 and shall come into force on the day after
the day it is made.
senator i.j. gorst
Chief Minister