Article 12 Assets of Libya

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

art. 12(5)(b) substituted by Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) 2001 art. 445(2)
art. 12(5) words substituted by Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) 2001 art. 445(3)
art. 12(6) inserted by Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) 2001 art. 445(4)

(1)

Except with permission granted by the Governor, no person shall–

(a)

make any payment or part with any gold, securities or investments; or

(b)

make any change in the persons to whose credit any sum is to stand or to whose order any gold, securities or investments are to be held,

where any such action is action to which this article applies.

(2)

Subject to the provisions of paragraph (3) of this article, this article applies to any action which is likely to make available, or otherwise to result in the remittance or transfer, to or for the benefit of any of the following persons–

(a)

the Government of Libya;

(b)

any persons or bodies exercising for the time being public functions in Libya; or

(c)

any Libyan undertaking,

any funds or other financial resources, whether by their removal from the Territory or otherwise.

(3)

The provisions of this article shall not apply to any funds or other financial resources which represent amounts derived from or are otherwise attributable to the sale of petroleum or petroleum products or agricultural products or commodities originating in Libya and exported therefrom after 30th November 1993:

Provided that any such funds (but not other financial resources) are held in an account with a relevant institution in the Territory which is used exclusively for such funds and any interest derived from them.

(4)

Any permission granted by the Governor under this article may be granted either absolutely or subject to conditions and may be varied or revoked at any time by the Governor.

(5)

In this article–

(a)

“gold”, “payment” and “securities” shall have the meanings they bear in section 2 of the Emergency Laws (Re-enactments and Repeals) Act 1964 of the United Kingdom^f1;

(b)

“investments” means any asset, right, or interest falling within any paragraph of Part 1 of Schedule 1 to the Financial Services Act 1986 of the United Kingdom^f2, which is not a security;

(c)

“Libyan undertaking” means any entity, wherever incorporated or constituted, which is controlled by the following persons–

(i)

the Government of Libya;

(ii)

any person or body exercising for the time being public functions in Libya; or

(iii)

any person acting on behalf of any of the above-mentioned persons;

“petroleum” means a naturally occurring mixture including hydrocarbons;
“petroleum products” means any products, other than chemicals, which may be obtained by primary distillation or secondary refining from petroleum and includes natural gas, petroleum ether, solvents, benzene, naphtha, motor spirits (including aviation spirit), kerosenes (including jet fuel), heavy oils, fuel oils, lubricating oils, greases, petroleum jelly, paraffin wax and asphaltic bitumen;
“relevant institution” means–
1. (a)
  
  the person or body responsible for carrying out in the Territory the functions of a monetary authority;
2. (b)
  
  any person who may lawfully accept deposits in or from within the Territory in the course of carrying on a deposit-taking business, and for this purpose “deposit” has the meaning given to that term in section 5 of the Banking Act 1987 of the United Kingdom^f3 and “deposit-taking business” has the meaning given to that term in section 6 of that Act.

Annotations

Footnotes

f1: 1964 c. 60.
f2: 1986 c. 60.
f3: 1987 c. 22.