Alternative investment scheme Cash Plus Ltd. yesterday got a stay of execution of the cease-and-desist orders which the Financial Services Commission (FSC) had issued last month.

The investment club, however, is not satisfied with the strict conditions which were imposed with the stay.

Justice Patrick Brooks, in granting the stay of execution, ordered that Cash Plus should not take any loans from new members. The judge ordered that no more money is to be taken from the existing members and Cash Plus has been ordered to give a list of current members in a sealed envelope to the Registrar of the Supreme Court. If Cash Plus is successful in its case, then the list will be returned to it but, if the FSC is successful, then the list will go to the FSC.

The stay will remain in effect until the Supreme Court makes a determination in the suit Cash Plus has brought seeking a ruling as to whether the nature of its business requires that it fall under the Securities Act, or until its appeal against the cease-and-desist order has been heard by the Court of Appeal.

Cash Plus will be filing an appeal against the conditions which were imposed along with the stay.

K.D. Knight, Q.C., and attorneys-at-law Akkilah Anderson and Franklin Haliburton, in making the application for the stay in the Supreme Court, relied on an affidavit given by Carlos Hill, chairman of the Cash Plus Group of Companies, that the cease-and-desist orders caused near panic among the lenders of Cash Plus, and also caused a run on its operations. Hill said he was surprised that the orders were issued by the FSC while his case was still pending in the Supreme Court.

In their submissions, Acting Deputy Solicitor General Foster Patrick Foster, Q.C., and government lawyer, Jerome Spencer, asked Mr. Justice Brooks to make an order preventing Cash Plus from taking in new members and from accepting loans from existing customers.

The Court of Appeal is to hand down its decision today in the appeal which the National Commercial Bank has brought seeking to set aside an injunction which was granted to Cash Plus on November 28. The injunction bars the bank from closing some 26 accounts belonging to Cash Plus.

- B.G.