Gambling (Amendment) (Guernsey) Law, 2000

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PROJET DE LOI

ENTITLED

The Gambling (Amendment) (Guernsey) Law, 2000

THE STATES, in pursuance of their Resolution of 27^th September 2000[a], have approved the following provisions which, subject to the Sanction of Her Most Excellent Majesty in Council, shall have force of law in the Islands of Guernsey, Herm and Jethou.

Amendments to Law of 1971.

1. The Gambling (Guernsey) Law, 1971[b] is amended as follows:

(a) immediately after section 12(2) there are inserted the following additional subsections:

"(3) For the avoidance of doubt, nothing in this Law or in any Ordinance made thereunder shall be taken to render unlawful, void or unenforceable any otherwise lawful contract:

(a) which is entered into by one or more of the parties thereto by the way of business, and

(b) the making or performance of which by any party thereto involves:

(i) dealing in any way with an investment, or

(ii) making arrangements for another person to do deal in any way with an investment, or

(iii) offering or agreeing to deal, or to make such arrangements in relation to an investment.

(4) For the purpose of subsection (3) of this section "investment" means any corporeal or incorporeal property or right in the nature of an investment, whether or not a controlled investment within the meaning of the Protection of Investors (Bailiwick of Guernsey) Law, 1987[c], and specifically includes all instruments, transactions, rights and interests of a type for the time being described in the Schedule to this Law.

(5) The States may from time to time by Ordinance amend the Schedule to this Law so as to add any investment to, delete any investment from, or vary the description of any investment within, that Schedule.";

(b) the following schedule is inserted immediately after section 15:

"SCHEDULE

Section 12(4)

Lawful investments not constituting gambling

Without prejudice to the generality of section 12(4) of this Law the following are within the scope of "investments" for the purposes of this Law:

(a) shares in the share capital of a body corporate or an unincorporated body;

(b) debentures, debenture stock, loan stock, bonds, certificates of deposit, and other instruments creating or acknowledging indebtedness of a body corporate, an unincorporated body, or a States, government or other public body or organisation;

(c) units or other interests in a collective investment scheme, closed-ended limited partnership, or closed-ended unit trust;

(d) rights under a contract of insurance;

(e) rights under a contract for the deposit of a sum of money to be repaid with or without interest or premium;

(f) rights under a contract for credit secured on land;

(g) rights under a contract for differences, or under any other contract the purpose or intended purpose of which is to obtain a profit or avoid a loss by reference to fluctuations in the value or price of property of any description or in an index or other factor designated for that purpose in the contract;

(h) rights under a contract for the sale of any property (including currency) under which delivery is to be made at a future date and at a price agreed when the contract is made;

(i) options to acquire or dispose of any property;

(j) warrants, certificates or other instruments conferring ownership, subscription, acquisition disposal, underwriting or conversion rights in respect of investments described in this Schedule;

(k) other rights to, and other interests in, investments described in this Schedule.".

Citation.

2. This Law may be cited as the Gambling (Amendment) (Guernsey) Law, 2000.

[a]	Article XI of Billet d'État No. XX of 2000.
[b]	Ordres en Conseil Vol. XXIII, p. 109; Vol. XXIV, p. 400; No. XXVII of 1997.
[c]	Ordres en Conseil Vol. XXX pp. 281 and 243; No. XII of 1995; No. II of 1997; Recueil d'Ordonnances, Tome XXIV, p. 324; Tome XXVI, p. 333; No. X of 1998.