Depositors and Investors (Prevention of Fraud) (Amendment No. 4) (Jersey) Law 1978

Jersey Law 3/1978 DEPOSITORS AND INVESTORS (PREVENTION OF FRAUD) (AMENDMENT No. 4) (JERSEY) LAW, 1978. ____________ A LAW to amend further the Depositors and Investors (Prevention of Fraud) (Jersey) Law, 1967, sanctioned by Order of Her Majesty in Council of the 25th day of APRIL, 1978. ____________ ( Registered on the 9 th day of June, 1978). ____________ STATES OF JERSEY. ____________ The 16th day of August, 1977. ____________ T HE STATES, subject to the sanction of Her Most Excellent Majesty in Council, have adopted the following Law: - ARTICLE 1 (1) In paragraph (1) of Article 4 of the Depositors and Investors (Prevention of Fraud) (Jersey) Law, 1967 1 as amended (hereinafter referred to as “the principal Law”) for the words “the prescribed fee” there shall be substituted the words “the sum of one thousand pounds”. (2) After paragraph (2) of the said Article 4, there shall be inserted the following paragraph – “(3) The provisions of Article 25 of the Public Finances (Administration) (Jersey) Law, 1967, shall apply to any variation in the sum mentioned in paragraph (1) of this Article, as if that sum were a tax or duty.” ARTICLE 2 For Article 15 of the principal Law, 2 there shall be substituted the following Article – “ARTICLE 15 LEGAL PROCEEDINGS (1) Where an offence under this Law committed by a body corporate is proved to have been committed with the consent or connivance of, or to be attributable to any neglect on the part of, any director, manager, secretary, or other similar officer of the body corporate or any person who was purporting to act in any such capacity, he, as well as the body corporate, shall be guilty of that offence and shall be liable to be prosecuted and punished accordingly. (2) For the purposes of this Article, a person shall be deemed to be a director of a body corporate if he occupies in relation thereto the position of a director, by whatever name called, or is a person in accordance with whose directions or instructions the directors of the company or any of them act: Provided that a person shall not, by reason only that the directors of a body corporate act on advice given by him in a professional capacity, be taken to be a person in accordance with whose directions or instructions those directors act. (3) No proceedings for an offence under this Law shall be instituted except by or with the consent of the Attorney General. (4) Notwithstanding any enactment or rule of law to the contrary, proceedings which may be taken against any person for an offence against this Law may be taken within the period of a year and a day from the date on which evidence, sufficient in the opinion of the Attorney General to justify the proceedings, comes to the knowledge of the Committee or, where the person in question was outside the Island at that date, within the period of a year and a day from the date on which he first lands in the Island thereafter, whichever of the said periods last expires. (5) For the purposes of paragraph (4) of this Article, a certificate under the hand of the President of the Committee as to the date on which such evidence as aforesaid came to the knowledge of the Committee shall be conclusive evidence thereof.” ARTICLE 3 (1) This Law may be cited as the Depositors and Investors (Prevention of Fraud) (Amendment No. 4) (Jersey) Law, 1978, and this Law and the Depositors and Investors (Prevention of Fraud) (Jersey) Laws, 1967 to 1976, may be cited together as the Depositors and Investors (Prevention of Fraud) (Jersey) Laws, 1967 to 1978. (2) Article 1 of this Law shall come into force on the first day of February, 1978 and Articles 2 and 3 forthwith on registration. E.J.M. POTTER, Greffier of the States. 1 Tome VII, page 176. 2 Volume 1966–1967, page 623.