Borrowing (Amendment No. 14)
(Jersey) Order 2011
Made 3rd October 2011
Coming into force 10th
THE MINISTER FOR ECONOMIC DEVELOPMENT, in pursuance of Article 2 of the
Control of Borrowing (Jersey) Law 1947, and on the recommendation of the
Jersey Financial Services Commission, orders as follows –
1 Article 10
For Article 10 of the Control of Borrowing (Jersey) Order 1958 there shall be substituted
the following Article –
with limited partners
(1) A person shall not, without the consent of
the Commission –
(a) raise money in Jersey for the purposes of a
limited partnership by the creation of any partnership interest;
(b) for any purpose create any interests under a
limited partnership if either that limited partnership is governed by the law
of Jersey or the interests are or are to be registered in Jersey; or
(c) circulate in Jersey any offer for subscription,
sale or exchange of any partnership interest created under any limited
partnership other than one to which paragraph (2) refers.
(2) The limited partnerships to which this
paragraph refers are –
(a) a limited partnership formed under the
Limited Partnerships (Jersey) Law 1994;
(b) a separate limited partnership formed under
the Separate Limited Partnerships (Jersey) Law 2011; and
(c) an incorporated limited partnership formed
under the Incorporated Limited Partnerships (Jersey) Law 2011.
(3) For the purposes of this Article, a person
raises money in Jersey only if the money is made available in Jersey.
(4) In this Article, ‘partnership
interest’ means a partner’s share of the profits and losses of a
limited partnership and the right to receive distribution of partnership assets
and other benefits conferred by the partnership agreement.”.
Order may be cited as the Control of Borrowing (Amendment No. 14) (Jersey)
Order shall come into force 7 days after it is made.
SENATOR A.J.H. MACLEAN
Minister for Economic Development