Guarantee Trust of Jersey Limited (Approval of Scheme) (Jersey) Law 1970

Jersey Law 6/1970 GUARANTEE TRUST OF JERSEY LIMITED (APPROVAL OF SCHEME) (JERSEY) LAW, 1970. ____________ A LAW to empower the Royal Court to make binding on all depositors in the Guarantee Trust of Jersey Limited a Scheme dealing with the financial affairs of the Company, sanctioned by Order of Her Majesty in Council of the 28th day of JULY, 1970. ____________ ( Registered on the 7 th day of August , 1970.) ____________ STATES OF JERSEY. ____________ The 30th day of June, 1970. ____________ W HEREAS – Guarantee Trust of Jersey Limited (hereafter in this Law referred to as “the Company”) is a Company which formerly was licensed by the Finance and Economics Committee under the provisions of the Depositors and Investors (Prevention of Fraud) (Jersey) Law, 1967, 1 to carry on the business of accepting money on deposit ; on the thirtieth day of January, 1970, the Finance and Economics Committee decided that the said licence should not be renewed ; the Company is not in a position to repay on the due dates the monies owing to its depositors ; a scheme (hereafter in this Law referred to as “the Scheme”) has been devised by the Company whereby all existing depositors are likely to be repaid in full within a period of ten years together with interest accruing on their deposits ; the outline of the Scheme has been approved by the Finance and Economics Committee and a copy thereof has been lodged with the Treasurer of the States and the Judicial Greffier ; a copy of the Scheme has been sent by the Company to each depositor ; in order to be successful, the Scheme must be binding on all depositors ; the States are satisfied that it is desirable in the public interest that the Scheme should be so binding ; THE STATES, subject to the sanction of Her Most Excellent Majesty in Council, have adopted the following Law : - ARTICLE 1 (1) On or before the thirtieth day of August, 1970, the Auditor for the time being of the Company shall certify to the Treasurer of the States – ( a ) the number of depositors who have signified to the Company acceptance of the Scheme ; ( b ) the proportion which that number bears to the total number of depositors ; ( c ) the percentage value which the deposits of such depositors bears to the total value of all deposits. (2) If the proportion of depositors signifying acceptance of the Scheme is less than one-half of the total number of depositors or if the percentage value is less than two-thirds of the total value of all deposits, the Scheme shall be of no effect. (3) If the proportion of depositors signifying acceptance is one-half or more of the total number of depositors and the percentage value is two-thirds or more of the total value of all deposits, the Treasurer of the States shall authorize the Company to circulate to each depositor within seven days of the date of such authority – ( a ) a notice stating that application will be made to the Royal Court for approval of the Scheme; and ( b ) a copy of this Law. (4) Not later than fourteen clear days before the day set down for the hearing by the Royal Court of the application, the Company shall cause to be inserted on three occasions in the Jersey Gazette and in “The Times” a notice stating the date, time and place of the application. (5) Any depositor who objects to the Scheme being approved on the ground that the Scheme is unfair to the depositors as a whole and who has given to the Judicial Greffier not less than seven clear days’ notice of his intention to do so, may appear or be represented at the hearing of the said application and the Finance and Economics Committee shall also be entitled to be heard or to be represented. (6) If the Royal Court approves of the Scheme, the Scheme shall be of full force and be binding on the Company and on each depositor from such date as the Court shall indicate, and if the Court does not approve of the Scheme the Scheme shall be of no effect. ARTICLE 2 This Law may be cited as the Guarantee Trust of Jersey Limited (Approval of Scheme) (Jersey) Law, 1970. A.D. LE BROCQ Greffier of the States. 1 Tome 1966–1967, page 613.