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, 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 amended (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 1994.”.
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 1997; 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.
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.
Nos.
3943, 5140, 7364, 7739, 8027, 8149, 8776 and 8840.
Recueil
des Lois, Volume 1994–1995, page 171.
Recueil
des Lois, Volume 1996–1997, page 503.