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Incorporated Limited Partnerships (Jersey) Law 201- and Separate Limited Partnerships (Jersey) Law 201-: Drafts

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A decision made on 8 April 2010 to approve the draft Incorporated Limited Partnerships (Jersey) Law 201- and the draft Separate Limited Partnerships (Jersey) Law 201-

Decision Reference:  MD-E-2010-0068 

Decision Summary Title :

Incorporated Limited Partnerships (Jersey) Law 201- 

Separate Limited Partnerships (Jersey) Law 201-

Date of Decision Summary:

6 April 2010

Decision Summary Author:

Director,

Finance Industry Development

Decision Summary:

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title :

Incorporated Limited Partnerships (Jersey) Law 201- 

Separate Limited Partnerships (Jersey) Law 201-

Date of Written Report:

6 April 2010

Written Report Author:

Director Finance Industry Development

Written Report :

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Subject:    

Approval of the draft Incorporated Limited Partnerships (Jersey) Law 201- (“the ILP Law”) for lodging and also the approval of the draft Separate Limited Partnerships (Jersey) Law 201- (“the SLP Law”) for lodging.

Decision(s):  

The Minister approved the ILP Law and the SLP Law and the attached reports and in each case signed the declaration of compatibility with the European Convention on Human Rights and directed that the documents be lodged au Greffe so as to allow the ILP Law and the SLP Law to be debated by the States on 25 May 2010. 

Reason(s) for Decision: 

These two laws are each closely modelled on the existing Limited Partnerships (Jersey) Law 1994 and seek to build on the success of that law by allowing limited partnerships with legal personality separate from that of their partners.  The ILP Law will allow incorporated limited partnerships, i.e. being a body corporate and having perpetual succession.  The SLP Law will allow limited partnerships having separate legal personality, but without being a body corporate. 

These laws have been developed working closely with the Jersey finance industry, and have received widespread support. The Jersey Financial Services Commission have approved the legislation from a regulatory view-point.  The Attorney General has confirmed that the two laws are human rights compliant.

 
Resource Implications: 

These laws provide for incorporated/separate limited partnerships to pay an annual charge to the States, to be set by regulations.  If such a charge is set, then the laws will be revenue positive. 

The Royal Court will have costs associated with dealing with various applications under the laws, but these costs will be off-set by the charging of court fees. 

The Commission and the registrar will have costs associated with their functions under these laws but these costs will be passed on through fees.

Action required: 

To approve the ILP Law and the SLP Law and the attached reports and in each case to 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 ILP Law and the SLP Law to be debated by the States on 25 May 2010.

Signature:  Senator A.J.H.Maclean  

Position: Minister for Economic Development 
 

Date Signed: 

Date of Decision (If different from Date Signed): 

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