[Note: this transcription was produced by an automatic OCR engine]

Joint mguzanm [17 of 1941

393



the expression “security” inoludes a deposit reoeipt in respect of
the deposit of securities and a life or endowment assurance
policy; -

and for the purposes of this Article an interest in secun'tics does not

include au interest in expectancy on the determination cf a life, or

any interest merer as a trustee.

5. (l) Subject to any exemptions which may be granted by
Order of the Resident-Commissioners, no person shall, exeept with
permission granted by the Residcnt Commissioners or by any persan
nuthorized by thon: in chat behalf, issue any benrer bond, shure
warrant to bearer, or other document cf title by the delivery cf which
the title to‘seourities or m any interest in securities is transferable:

Provided that nothing in this Article shall restrict the issue of
any such document of tirle for the purpose of replaeing any such
document whieh bas been lost or destroyed.

v (2) Coupons representing dividends or inlerest shall be
deemed for the pur-poses of thix Article t0 be documents of title by
the delivery of which a title tu an interest in securities is trunsferable.

6. (l) ÏSubject to any exemptions and exceptions which may
be gnnted by 0rder of the Resident Commissioners, no person shall
exoept with permission grnnted by the Resident Commissioners—

(a) draw, issue or negotiate any bill of exchange or promissory

note, or acknowledge any debt, sa thet à rïght whether
actuel or contingent to reoeive a payment in the New
chrides is created or transferred in favour of a persan
who is resident cutside the sœding area; or

(b) nmke auy payment t0 any snob persan.

(2) Subject to any exemptions and exceptions which mny be
granted by Order of the Resident Commissioners, no person shall.
except with permission granœd by the Resident Commissioneis—

(a) draw, issue or negofiate any bill of exchimge or promissory
note, transfer uny security or uknowledge any dcbt, so
thnt a right (whether actual or contingent) t0 reoeive a
payment in the New chrides is creuted or cransferred in
faveur of a persan not resident outside the sterling ares as
consideration for, or in association with—

(I) the receipt by uny person of a payment, m' the acquisi-
tion by any persan of propeny, outside the sterling
ana, or

(Il) t1]: creation or transfer, in favour cf any peIson of a
right (whether actual or contingent) to receive a
paymem, or sequin property, outside the særling nm;
or

malte any payment to a persan not resident outsidc the

sterling ares as suc]: oonsideraflon or in such association as

aforesaid.

(b)

upon mue
of dm-
mems or.
la seau-mes.

Rem-Mina
M W‘
menu.