Control of Borrowing (Amendment No. 5) (Jersey) Order 1990

Jersey R & O 8027

 

Borrowing Control (Jersey) Law 1947

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CONTROL OF BORROWING (AMENDMENT No. 5) (JERSEY) ORDER 1990

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

1.             For sub-paragraph (a) of paragraph (2) of Article 4B of the Control of Borrowing (Jersey) Order 1958, as amended2 (hereinafter referred to as “the principal Order”), there shall be substituted the following sub-paragraph –

“(a)         the body corporate –

(i)      is incorporated under the law of the Island and the number of persons in whose names securities are or are to be registered does not exceed ten (joint holders being counted as one person); or

(ii)     is not incorporated under the law of the Island and the number of persons in whose names securities are or are to be registered in the Island does not exceed ten (joint holders being counted as one person); or”.

2.             In Article 6 of the principal Order –

(a)     in paragraph (2) for clause (ii) of sub-paragraph (b) there shall be substituted the following clause –

“(ii)   is for the purposes of this Article valid in the United Kingdom or in the Bailiwick of Guernsey and is, mutatis mutandis, circulated in the Island only to persons similar to those to whom, and in a manner similar to that in which, it is for the time being being circulated in the United Kingdom or in the Bailiwick of Guernsey as the case may be.”;

(b)     in paragraph (3) for clause (ii) of sub-paragraph (b) there shall be substituted the following clause –

“(ii)   is for the purposes of this Article valid in the United Kingdom or in the Bailiwick of Guernsey and is, mutatis mutandis, circulated in the Island only to persons similar to those to whom, and in a manner similar to that in which, it is for the time being being circulated in the United Kingdom or in the Bailiwick of Guernsey as the case may be.”;

(c)     for paragraph (6) there shall be substituted the following paragraph –

“(6)        For the purposes of this Article an offer is valid in the Bailiwick of Guernsey if –

(a)   (i)      it relates to a collective investment scheme authorized under the Protection of Investors (Bailiwick of Guernsey) Law 1987 and complies with the requirements of that Law and any subordinate legislation made thereunder, and

(ii)     it complies with the requirements of the Borrowing (Control) (Bailiwick of Guernsey) Law 1947 and any subordinate legislation made thereunder, and

(iii)    an identical offer is for the time being being circulated in the Bailiwick of Guernsey; or

(b)      (i)   the consent of the Finance and Advisory Committee of the States of Guernsey to the raising of money by the issue of such securities or units of a unit trust scheme has been granted under the Borrowing (Control) (Bailiwick of Guernsey) Law 1947 or any subordinate legislation made thereunder and such consent is in force, and

(ii)     an identical offer is for the time being being circulated in the Bailiwick of Guernsey, and either

(iii)    the securities referred to in clause (i) of this sub-paragraph are securities of a body corporate incorporated under the law of the Bailiwick of Guernsey, or

(iv)    the unit trust scheme referred to in clause (i) of this sub-paragraph is governed by the law of the Bailiwick of Guernsey.”.

3.             This Order may be cited as the Control of Borrowing (Amendment No. 5) (Jersey) Order 1990 and shall come into force on the first day of March 1990.

By Order of the Finance and Economics Committee,

 

E.J.M. POTTER

 

Greffier of the States.

2nd February 1990.



1        Recueil des Lois, Tome VII, pages 388 and 389, and Volume 1986–1987, page 57.

2        Nos. 3943 and 7364.


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