AI-assisted research summary: The Finance Committee may raise loans up to £1,000,000 and control their issue terms, interest, repayment, and withdrawals from the Dwelling-Houses Loan Fund.
Jersey Law 24/1960 HOUSE CONSTRUCTION LOANS, 1975/95 (JERSEY) LAW, 1960. ____________ A LAW to authorise the raising of loans of a total amount not exceeding £1,000,000, sanctioned by Order of Her Majesty in Council of the 26th day of OCTOBER, 1960. ____________ (Registered on the 19th day of November, 1960). ____________ STATES OF JERSEY. ____________ The 25th day of February, 1960. ____________ 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 authorised, 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 and to pay the amount thereof into the Dwelling-Houses Loan Fund established by Article 2 of the Building Loans (Jersey) Law, 1950. 2 (2) The said loans shall be issued at such times, in such amounts and subject to such conditions as the Finance Committee 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 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 an ninety-five: 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-five, or at any time thereafter, subject to not less than three months’ previous notice to that effect given by publication in an English 3 language newspaper circulating in the Island. 2. The amounts required for the payment of interest on, and the repayment of, the said loans shall be withdrawn from the Dwelling-Houses Loan Fund and the Finance Committee is hereby authorised to make such withdrawals as the need arises and, should the amount to the credit of the said Fund at any time be insufficient for this purpose, the balance required shall be met out of the General Revenues of the States. 3. For the avoidance of doubt, it is hereby declared that the provisions of this Law are in addition to, and not in derogation of, the provisions of Article 2 of the Building Loans (Jersey) Law, 1950. 4 4. This Law may be cited as the House Construction Loans, 1975/95 (Jersey) Law, 1960. To be printed, published and posted. F. DE L. BOIS, Greffier of the States. 1 This Committee now referred to as the Finance and Economics Committee (R & O 5140). 2 Tome VII, page 667. 3 See page 884 of this Tome. 4 Tome VII, page 667.