Control of Borrowing (Amendment No. 10) (Jersey) Order 1998

Jersey R & O 9267

 

Borrowing Control (Jersey) Law 1947

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CONTROL OF BORROWING (AMENDMENT No. 10) (JERSEY) ORDER 1998

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THE FINANCE AND ECONOMICS COMMITTEE, in pursuance of Article 2 of the Borrowing (Control) (Jersey) Law 1947, as amended,1 and on the recommendation of the Jersey Financial Services Commission, hereby orders as follows –

1.             In Article 8 of the Control of Borrowing (Jersey) Order 1958, as amended2 (hereinafter referred to as “the principal Order”), in paragraph (1) –

(a)     at the end of sub-paragraph (b), the full stop shall be replaced with a semi-colon and the word “or”; and

(b)     after sub-paragraph (b), there shall be added the following sub-paragraph –

“(c)      circulate in the Island any offer for subscription, sale or exchange of any partnership interest created under a limited partnership not established in accordance with the Limited Partnerships (Jersey) Law 19943.”.

2.             After Article 8 of the principal Order, there shall be inserted the following Article –

 

“LIMITED LIABILITY PARTNERSHIPS

9.-(1)  A person shall not, without the consent of the Commission –

(a)        raise money in the Island for the purposes of a limited liability partnership by the creation of any partnership interest;

(b)        for any purpose create any partnership interests in a limited liability partnership if either that limited liability partnership is governed by the law of the Island or the interests are or are to be registered in the Island; or

(c)        circulate in the Island any offer for subscription, sale or exchange of any partnership interest created under a limited liability partnership not registered in accordance with the 1997 Law.

(2)          For the purposes of this Article, a person raises money in the Island only if the money is made available in the Island.

(3)          In this Article –

‘the 1997 Law’ means the Limited Liability Partnerships (Jersey) Law 19974; and

‘partnership interest’ has the same meaning as in the 1997 Law.”.

3.             This Order may be cited as the Control of Borrowing (Amendment No. 10) (Jersey) Order 1998 and shall come into force on the ninth day of September 1998.

By Order of the Finance and Economics Committee,

 

G.H.C. COPPOCK

 

Greffier of the States.

1st July 1998.



1        Recueil des Lois, Tome VII, page 388, Volume 1986–1987, page 57, Volume 1994–1995, page 171, Volume 1996–1997, pages 288 and 549 and Volume 1998–199, page 254.

2        Nos. 3943, 5140, 7364, 7739, 8027, 8149, 8776 and 8840.

3        Recueil des Lois, Volume 1994–1995, page 171.

4        Recueil des Lois, Volume 1996–1997, page 503.


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