AI-assisted research summary: The Finance and Economics Committee may borrow money, backed by the States’ annual income, to obtain non-sterling currency for purposes connected with investing the Insular Insurance Fund.
Jersey Law 1/1973 INSULAR INSURANCE (AMENDMENT No. 21) (JERSEY) LAW, 1973 ____________ A LAW to amend further the Insular Insurance (Jersey) Law, 1950 in relation to monies forming part of the Insular Insurance Fund and the Insular Insurance (Reserve) Fund, sanctioned by Order of Her Majesty in Council of the 16th day of FEBRUARY, 1973. ____________ ( Registered on the 23 rd day of February , 1973). ____________ STATES OF JERSEY. ____________ The 26th day of September, 1972. ____________ T HE STATES, subject to the sanction of Her Most Excellent Majesty in Council, have adopted the following Law: - ARTICLE 1 (1) After paragraph (3) of Article 39 of the Insular Insurance (Jersey) Law, 1950, 1 as amended (hereinafter referred to as “the principal Law”), there shall be inserted the following paragraph – “(3A) Notwithstanding the provisions of paragraph (3) of this Article, the Finance and Economics Committee may borrow money under the guarantee of the annual income of the States in order to obtain currency, other than sterling, required for any purpose connected with the investment of the Insular Insurance Fund.” (2) In paragraph (2) of Article 40 of the principal Law 2 after the figure “(3)” there shall be inserted the punctuation mark and figure “, (3A)”. ARTICLE 2 This Law may be cited as the Insular Insurance (Amendment No. 21) (Jersey) Law, 1972 and this Law and the Insular Insurance (Jersey) Laws, 1950 to 1972 may be cited together as the Insular Insurance (Jersey) Laws 1950 to 1973. E.J.M. POTTER, Greffier of the States. 1 Tome 1949–1950, page 553. 2 Tome 1949–1950, page 554.