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Companies (Takeovers and Mergers Panel) (Jersey) Law 200-.

A formal published “Ministerial Decision” is required as a record of the decision of a Minister (or an Assistant Minister where they have delegated authority) as they exercise their responsibilities and powers.

Ministers are elected by the States Assembly and have legal responsibilities and powers as “corporation sole” under the States of Jersey Law 2005 by virtue of their office and in their areas of responsibility, including entering into agreements, and under any legislation conferring on them powers.

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  • demonstrating that good governance, and clear lines of accountability and authority, are in place around decisions-making – including the reasons and basis on which a decision is made, and the action required to implement a decision

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A decision made (02/06/2008) regarding: Companies (Takeovers and Mergers Panel) (Jersey) Law 200-.

Decision Reference:   MD-E-2008-0114 

Decision Summary Title :

Companies (Takeovers and Mergers Panel) (Jersey) Law 200-

Date of Decision Summary:

30 May 2008

Decision Summary Author:

Robert Jones

Finance Industry Development Assistant

Decision Summary:

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

 

Written Report

Title :

Companies (Takeovers and Mergers Panel) (Jersey) Law 200-

Date of Written Report:

30 May 2008

Written Report Author:

Robert Jones

Finance Industry Development Assistant

Written Report :

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Subject:  

Approval of the draft Companies (Takeovers and Mergers Panel) (Jersey) Law 200- (“the Draft Law”) for lodging.

Decision(s):

The Minister approved the report and proposition entitled, ‘Draft Companies (Takeovers and Mergers Panel) (Jersey) Law 200-‘ and signed the associated declaration of compatibility with the European Convention on Human Rights. The Minister requested that the report and proposition be lodged au Greffe no later than 3rd June 2008, with a view to securing a date for debate of 15th July 2008. 

Reason(s) for Decision:

The Law is necessary in order for Jersey companies and shareholders in such to continue to benefit from the protections provided by the Panel on Takeovers and Mergers (“the Panel”).  The Law closely follows Chapter 1 of Part 28 of the UK Companies Act 2006, which gave the Panel statutory functions in the UK.  This will have the effect of formalising the existing arrangement and will also allow Jersey to show compatibility with the European Union’s Takeover Directive and thus to show compliance with international standards. 

The Law Officers Department have indicated that the Draft Law does not raise any Human Rights issues and that all tariffs for new offences created are commensurate with similar existing offences. 

 

 
Resource Implications: 

There are no measurable financial or manpower costs for the States.

Action required:

To approve the Law and the attached report and sign the declaration of compatibility with the European Convention on Human Rights and for the documents to be lodged au Greffe so as to allow the Law to be debated by the States on 15 July.

Signature:  Senator P.F.C.Ozouf   
 

Position:  Minister

Date Signed: 

Date of Decision (If different from Date Signed): 

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