Public Finances (Administration) (Amendment No. 3) (Jersey) Law 1956

Jersey Law 1/1956 PUBLIC FINANCES (ADMINISTRATION) (AMENDMENT No. 3) (JERSEY) LAW, 1956. ____________ A LAW to amend the Public Finances (Administration) (Jersey) Law, 1948, sanctioned by Order of Her Majesty in Council of the 25th day of JANUARY 1956. ____________ ( Registered on the 25 th day of February , 1956). ____________ STATES OF JERSEY. ____________ The 13th day of September, 1955. ____________ T HE STATES , subject to the sanction of Her Most Excellent Majesty in Council, have adopted the following Law : - ARTICLE 1 (1) Immediately after paragraph (2) of Article 24 of the Public Finances (Administration) (Jersey) Law, 1948, 1 there shall be inserted the following paragraphs – “(2 a ) Where an Act authorising the raising of a loan under the guarantee of the General Revenues of the States requires money to be set aside for the repayment of the loan, the money so set aside shall be paid into the Public Debt Redemption Fund. (2 b ) Any money placed in the Public Debt Redemption Fund may, at the discretion of the Finance Committee, be applied in the purchase of securities issued in respect of any loan raised under the guarantee of the General Revenues of the States, or be invested – ( a ) in Parliamentary securities created or issued under the authority of an Act of the Parliament of the United Kingdom, where those securities are securities for the interest on which provision is made by Parliament or are securities directly chargeable on the Consolidated Fund of the United Kingdom ; or ( b ) in stocks or debentures or other securities expressly guaranteed by the authority of the Parliament of the United Kingdom or the due payment of the interest on which is expressly guaranteed by the authority of the Parliament of the United Kingdom ; or ( c ) in securities which are issued in respect of a loan raised by the Government of any of Her Majesty’s possessions overseas, or securities, the interest on which is for the time being guaranteed by any such Government ; and any interest accruing on any securities in which such money may be invested as aforesaid shall form part of the Public Debt Redemption Fund : Provided that money set aside for the repayment of any loan and paid into the Public Debt Redemption Fund in pursuance of paragraph (2A) of this Article, and the proceeds of any securities in which such money may be invested, including any interest accruing on any such securities, shall not be applied in the repayment of any other loan raised under the guarantee of the General Revenues of the States or in the purchase of securities issued in respect of any such other loan.” (2) In paragraph (2) of the said Article 24, 2 the words “at the discretion of the Finance Committee” and the words “by redemption or purchase” are hereby repealed. ARTICLE 2 This Law may be cited as the Public Finances (Administration) (Amendment No. 3) (Jersey) Law, 1956, and this Law and the Public Finances (Administration) (Jersey) Laws, 1948 to 1953, may be cited together as the Public Finances (Administration) (Jersey) Laws, 1948 to 1956. To be printed, published and posted. F. DE L. BOIS, Greffier of the States. 1 Tome 1946–1948, page, 539. 2 Tome 1946–1948, page 539.