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L'înformâtion et les sèrvices publyis pouor I'Île dé Jèrri

Revoking the Companies (Prescribed Currency) (Jersey) Order 1992

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A decision made (07/03/2008) regarding: The passing of the Companies (Prescribed Currency) (Revocation) (Jersey) Order 2008 (“the Order”) revoking the Companies (Prescribed Currency) (Jersey) Order 1992 (“the 1992 Order”).

Decision Reference:   MD-E-2008-0042 

Decision Summary Title :

Companies (Prescribed Currency) (Revocation) (Jersey) Order 2008

Date of Decision Summary:

5 March 2008

Decision Summary Author:

James Mews

Finance Industry Development Executive

Decision Summary:

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

 

Written Report

Title :

Companies (Prescribed Currency) (Revocation) (Jersey) Order 2008

Date of Written Report:

5 March 2008

Written Report Author:

James Mews

Finance Industry Development Executive

Written Report :

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Subject:    

The passing of the Companies (Prescribed Currency) (Revocation) (Jersey) Order 2008 (“the Order”) revoking the Companies (Prescribed Currency) (Jersey) Order 1992 (“the 1992 Order”).

Decision(s):  

The Minister made the Companies (Prescribed Currency) (Revocation) (Jersey) Order 2008.

Reason(s) for Decision: 

The 1992 Order prescribes that the European monetary unit of account known as the ECU shall fall within the definition of “Currency” in the Companies (Jersey) Law 1991.  The ECU has been superseded by the Euro, which is a “foreign currency” and therefore automatically falls within the definition.  The 1992 Order is therefore redundant.

 

Resource Implications: 

No measurable cost or manpower implications arise for the Commission, the States or industry.

Action required: 

The Minister to approve, sign and seal the Order and the Finance Industry Development Executive to deliver the signed and sealed Order to the States Greffe immediately.

Signature:  Senator P.F.C.Ozouf  
 

Position: Minister

Date Signed: 

Date of Decision (If different from Date Signed): 

Revoking the Companies (Prescribed Currency) (Jersey) Order 1992

MINISTER FOR ECONOMIC DEVELOPMENT

 

COMPANIES (PRESCRIBED CURRENCY) (REVOCATION) (JERSEY) ORDER 2008 (“THE ORDER”)

  

  1. THE ISSUE AND RECOMMENDATION

 

  1. The Companies (Jersey) Law 1991 (“the Principal Law”) provides for the Minister for Economic Development (“the Minister”) to prescribe by order means of exchange to fall within the meaning of “currency” within the Principal Law (Articles 1 and 219).
  2. By the Companies (Prescribed Currency) (Jersey) Order 1992 (“the 1992 Order”), the Minister accordingly prescribed the European monetary unit of account known as the ECU.
  3. The ECU has been superseded by the Euro.  The Euro is a foreign currency and therefore falls within the meaning of “currency” in the Principal Law without the need for any order of the Minister.
  4. The 1992 Order is accordingly redundant and it is recommended that the Minister sign and seal the Order revoking it. 

 

JAMES MEWS

Finance Industry Development Executive

05 March 2008

http://sojedmdav/livelinkdav/nodes/24486385/WR_Companies (Prescribed Currency) (Revocation) (Jersey) Order 2008.doc


 

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