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Amendment (No. 39) of the Standing Orders of the States of Jersey

Made                                                                                           10th September 2019

Coming into force                                                                   11th September 2019

THE STATES in pursuance of Article 48 of the States of Jersey Law 2005[1], have made the following Amendment to the Standing Orders of the States of Jersey[2].

1        Schedule 2 (register of interests of elected members) amended

In Schedule 2 to the Standing Orders of the States of Jersey[3], for paragraph 3, there is substituted –

“3      Shareholdings

(1)     An elected member must register his or her interest in the shares of any company that are held by the elected member or held, whether jointly or separately, by the elected member’s spouse, civil partner or cohabitee, where –

(a)     the nominal value of the shares are greater than 1% of the total value of the issued share capital of the company; or

(b)     the market value of the shares exceed half of the amount that the member is entitled to receive, in his or her capacity as a member of the States of Jersey, by way of remuneration (including any allowance).

(2)     For the purpose of sub-paragraph (1), a person owns shares if he or she owns them in his or her own name or if the shares are held, on his or her behalf, or for his or her benefit, by any other person.

(3)     When registering an interest in the shares of a company the elected member must register –

(a)     the name of the company in which the shares are held;

(b)     the registered address of the company;

(c)     the nature of the business undertaken by the company;

(d)     the type of share owned; and

(e)     in the case where the company is a subsidiary or a holding company of another company, the nature of the business undertaken by that other company.

(4)     For the purposes of this paragraph –

(a)     a company is a subsidiary of another company if –

(i)      the second company holds a majority of the voting rights in the first company,

(ii)      the second company is a member of the first company and has the right to appoint or remove a majority of the board of directors of the first company,

(iii)     the second company is a member of the first company and controls alone, pursuant to an agreement with other shareholders or members, a majority of the voting rights in the first company, or

(iv)     the first company is a subsidiary of a company which is itself a subsidiary of the second company; and

(b)     a company is the holding body of another company if the second company is a subsidiary of the first company.”.

2        Citation and commencement

This Amendment may be cited as Amendment (No. 39) of the Standing Orders of the States of Jersey and comes into force on the day after the day on which it is made.

dr. m. egan

Greffier of the States

 




[1]                                     chapter 16.800

[2]                                     chapter 16.800.15

[3]                                     chapter 16.800.15


Page Last Updated: 11 Sep 2019