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Reading a guide to the Jersey Companies Law 1991 (1)

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Jersey Companies Law 1991: A guide

1. Subsidiary Companies

The Law addresses the special position of holding companies and subsidiary companies, for example, prohibiting a subsidiary from owning shares in its holding company, empowering investigation of subsidiaries and enabling regulations to be made to require the production of group accounts.

2. Shares

The Law includes provisions in relation to redeemable shares, whether preference or otherwise, so long as the company has in existence a class of share which is not redeemable.

3. Liability of company directors

Limits are placed on the extent to which a company is able to give indemnities to directors. The Law does not prevent companies from purchasing and maintaining insurance for officers against liabilities which attach to them as such officers.

4. Accounts

An audit is required if the company is a public company, or if demanded by the Articles of Association of the company, or a resolution of members. An auditor is given certain powers and has certain duties to fulfill. These powers include the examination of records and documents and the securing of other evidence to determine whether transactions are accurately recorded in the accounts and in the statements drawn from the accounts. There are provisions dealing with the making of false statements to auditors.

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