AI-assisted research summary: The Finance Committee may raise loans up to £1,000,000, and the States must set aside at least £50,000 a year from 1965 onward for repayment.
Jersey Law 11/1951 GENERAL PURPOSES LOANS 1975/85 (JERSEY) LAW, 1951. ____________ A LAW to authorize the raising of loans of a total amount not exceeding £1,000,000 Stg., sanctioned by Order of His Majesty in Council of the 31st day of MAY, 1951. ____________ (Registered on the 23rd day of June, 1951). ____________ STATES OF JERSEY. ____________ The 13th day of February, 1951. ____________ T HE STATES, subject to the sanction of His Most Excellent Majesty in Council, have adopted the following Law: - 1.- (1) The Finance Comittee 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 one million pounds sterling. (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, either 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 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 first day of June and the first day of December. (4) The said loans shall be repaid on the thirty-first day of December, nineteen hundred and eighty-five: Provided that repayment of the said loans or of any part thereof may be made on the thirty-first day of December, nineteen hundred and seventy-five or at any time thereafter, subject to not less than 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-five, and for each subsequent year thereafter until the repayment of the said loans, a sum of not less than fifty thousand pounds sterling. 3. This Law may be cited as the General Purposes Loans 1975/85 (Jersey) Law, 1951. 1 Committee now referred to as the Finance and Economics Committee (R & O – 5140). 2 See Official Publications (Jersey) Law, 1960 – Article 2.