AI-assisted research summary: The Finance Committee is authorized to raise loans up to £350,000 for a new telephone exchange, and the States must set aside at least £10,000 a year for repayment.
Jersey Law 3/1956 TELEPHONE LOANS 1970/90 (JERSEY) LAW, 1956. ____________ A LAW to authorize the raising of loans of a total amount not exceeding £350,000, sanctioned by Order of Her Majesty in Council of the 25th day of JANUARY, 1956. ____________ (Registered on the 25th day of February, 1956). ____________ STATES OF JERSEY. ____________ The 29th day of September, 1955. ____________ T HE STATES , subject to the sanction of Her Most Excellent Majesty in Council have adopted the following Law: - 1.- (1) The Finance Committee 1 is hereby authorized, for and in the name of the States, to raise, under the guarantee of the General Revenues of the States, loans of a total amount not exceeding three hundred and fifty thousand pounds, to meet the cost of constructing a new telephone exchange to serve the Central and Millbrook areas and part of the Five Oaks area, and to provide for the payment of other expenses incidental thereto. (2) The said loans shall be issued at such times, in such amounts and subject to such conditions as the Finance Committee 1 may direct, in the form of stock inscribed in the books of the Treasury of the States or of bonds payable to bearer, and shall bear interest at such rate as the Finance Committee 1 may determine in relation to the loan to be issued. (3) The interest on the said loans shall be payable by equal half yearly instalments on the thirty-first day of March and the thirtieth day of September. (4) The said loans shall be repaid on the thirtieth day of September, nineteen hundred and ninety: Provided that repayment of the said loans or of any part thereof may be made on the thirtieth day of September, nineteen hundred and seventy, or at any time thereafter, subject to not less that three months’ previous notice to that effect given by publication in two newspapers circulating in the Island, one being a publication in French and the other a publication in English. 2 2. The States shall make provision for the repayment of the said loans by setting aside out of the General Revenues of the States for the year nineteen hundred and sixty, and for each subsequent year until the repayment of the said loans, a sum of not less than ten thousand pounds. 3. This Law may be cited as the Telephone Loans 1970/90 (Jersey) Law, 1956. 1 Committee now referred to as the Finance and Economics Committee (R. & O. 5140). 2 See Official Publications (Jersey) Law, 1960 – Article 2.