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

Joint Regululiom [17 of 1941

391



outside the sterling axes bas, immediately before the transfer,
acquisition or agreement, any internat in flic socurities:

Provided that nothing in this pamgnph shall prohibit sny
agreenwnt, transfer or acquisition which is eflmed will: permission
grantod by the Residnnt Commissioners or by any persan authorised
by them in that behalf.

(2) Subject to any exemptions which may be granted by Order
of the Resident Commissioners, no persan shall, except with per-
mission granted by tlw Rosident Commissioners or by any person
authorised by lhem in that belmlf—

(a) transfer sny security or oreate or transfer any intenst in a
security to or in favour of a persan resident outside the
sterling ares,

(b) transfer sny security from a regisser in the New Hem-ides
to a registe‘r outside the sterling ares or do any ac! which is
calculaœd to scoute, or forms par: of a serics cf nets which
together are cslculated t0 secure, the substitution for any
security which is either in or registered in the New chridea
ol‘ any security which is either outside or regixtcred outside
the sterling nm; or

(c) procure thaï, in any register or bock in which securities are
registered or inscribed, an nddress outside the sterling ares
slmll, exoept by way of substitution for another s'unh address,
be registered in respect of any security.

In this paramph Lhe expression “security” includes a coupon

reprssenting dividends or interest.

(3) Subject t0 any exemptions which may be ganted by Ordo:
of the Resident Commissioan no persan shsll, empt with per-
mission grsnted by the Resident Commissioncrs or by any person
authorised by them in that. behalf, enter any transfer oî securities in
any regism- or bock in which those securities are registered or
inscribed nnlcss dure bas been produced t0 them suoh evidenoe thnt
the transfer does nm involve a contravention of this Reglllation sa
may be prescribed by instructions issued by or on behalf of the
Rosident Commissioners.

(4) Nothing in paragrale (1) of this Article slnll prohibit the
making of any agreement to which cne at lesst cf the parties is a
member ol' Lhe Stock Exchanges of Australin or New Zealand, and
nothing in paragraph (2) of Lhis Article shal] prohibit the mention,
by or on behalf cf the transferor, af any instrth of transfer of
securities in pursuanoe of any such meement; but this paragraph
shnll not authon'ze En: doing of nny othcr act which would, apart
from this paragraph, constituœ a breach of this Article.

(5) In this Article——

tho expression “acquire by inheritanoe" means acquire i.n the
capacity of a beneficiary under a will or inœstacy, or in the
capaoity cf a person representative of a decensed person; and