The Lebanon and Syria (United Nations Measures) (Overseas Territories) Order 2006

Interpretation

2.—(1) In this Order—

“designated person” means any person for the time being designated under paragraph 3(a) of the Security Council Resolution and registered by the Committee of the Security Council established pursuant to paragraph 3(b) that Resolution;

“document” includes information recorded in any form and, in relation to information recorded otherwise than in legible form, references to its production include references to producing a copy of the information in legible form;

“economic resources” means assets of every kind, whether tangible or intangible, movable or immovable, which are not funds but can be used to obtain funds, goods or services;

“funds” means financial assets and benefits of every kind, including (but not limited to)—

(a)

cash, cheques, claims on money, drafts, money orders and other payment instruments;

(b)

deposits with relevant institutions or other persons, balances on accounts, debts and debt obligations;

(c)

publicly and privately traded securities and debt instruments, including stocks and shares, certificates representing securities, bonds, notes, warrants, debentures and derivatives contracts;

(d)

interest, dividends or other income on or value accruing from or generated by assets;

(e)

credit, right of set-off, guarantees, performance bonds or other financial commitments;

(f)

letters of credit, bills of lading, bills of sale; and

(g)

documents evidencing an interest in funds or financial resources;

“Governor” means the Governor or other officer administering the Government of the Territory;

“officer”, in relation to a body corporate, means a director, manager, secretary or other similar officer of the body corporate or any person who has purported to act in any such capacity;

“relevant institution” means—

(a)

the person or body responsible for carrying out in the Territory the functions of a monetary authority;

(b)

any person who may lawfully accept deposits in or from within the Territory by way of business;

(c)

any society established lawfully in the Territory whose principal purpose is the making of loans secured on residential property where such loans are funded substantially by its members;

“the Security Council Resolution” means resolution 1636(2005) adopted by the Security Council of the United Nations on 31st October 2005.

“Supreme Court” means the court of the Territory having unlimited jurisdiction in civil proceedings.

(2) For the purpose of the definition of “relevant institution” in paragraph (1)—

(a) the activity of accepting deposits has the meaning given in any relevant order made under section 22 of the Financial Services and Markets Act 2000(1); and

(b) a person is not regarded as accepting deposits by way of business if—

(i) he does not hold himself out as accepting deposits on a day to day basis, and

(ii) any deposits which he accepts are accepted only on particular occasions, whether or not involving the issue of any securities.

(3) In determining for the purposes of paragraph (2)(b)(ii) whether deposits are accepted only on particular occasions, regard is to be had to the frequency of those occasions and to any characteristics distinguishing them from each other.

(1)

2000 c. 8.