Jersey Law 3/1971
DEPOSITORS AND INVESTORS (PREVENTION OF FRAUD) (AMENDMENT No. 2)
(JERSEY) LAW, 1970.
A LAW to
amend further the Depositors and Investors (Prevention of Fraud) (Jersey) Law,
1967, sanctioned by Order of Her Majesty in Council of the
17th day of DECEMBER, 1970.
(Registered on the 22nd day of
STATES OF JERSEY.
The 13th day of
THE STATES, subject to the sanction of
Her Most Excellent Majesty in Council, have adopted the following Law : -
After sub-paragraph (b)
of paragraph (1) of Article 5 of the Depositors and Investors (Prevention of
Fraud) (Jersey) Law, 1967, as
amended (hereinafter referred to as “the principal
Law”) there shall be inserted the following sub-paragraph –
“(c) it appears to the Committee, as a
result of the information furnished in pursuance of the requirements of
sub-paragraph (a) of this paragraph
or information otherwise obtained, that it is not in the best interests of
persons who have deposited, or who might deposit, money with the applicant or
the registered person or that it is not in the best economic interests of the
Island, that the applicant or the registered person should be registered or
should continue to be registered.”
After Article 9 of the principal Law there
shall be inserted the following Article –
REPRESENTATION TO COURT BY COMMITTEE
WHERE REGISTRATION REFUSED OR CANCELLED
the provisions of Article 9 of this Law, where the Committee decides to refuse
an application for registration or to cancel any registration or to attach or
vary any condition, it may represent to the Inferior Number of the Royal Court
that, in order that the interests of persons who have deposited money with the
applicant or the registered person shall not be prejudicially affected, the
business of the applicant or the registered person shall be subject to such
supervision, restraint or conditions from such time and for such period as the
Committee may specify in the representation.
the presentation of a representation under this Article, the Court may make
such order as it thinks just.”
Law may be cited as the Depositors and Investors (Prevention of Fraud)
(Amendment No. 2) (Jersey) Law, 1970, and this Law and the Depositors and
Investors (Prevention of Fraud) (Jersey) Laws, 1967 and 1968, may be cited
together as the Depositors and Investors (Prevention of Fraud) (Jersey) Laws,
1967 to 1970.
Law shall come into force immediately upon promulgation.
the avoidance of doubt, where an application for registration has been made
under the principal Law, but not determined, before the date of the coming into
force of this Law, that application shall be considered and determined as if
this Law had been in force at the date of the making of the application.
A.D. LE BROCQ,
Greffier of the States.