Exchange Control Act, 1954

Substitution of securities and certificates outside the scheduled territories.

11.—Except with the permission of the Minister, a person shall not do any act with intent to secure—

(a) that a security which is—

(i) registered in the scheduled territories, or

(ii) transferable by means of a bearer certificate in the scheduled territories,

becomes or is replaced by a security registered outside the scheduled territories or a security transferable by means of a bearer certificate outside the scheduled territories, or

(b) that a certificate of title to any other security is issued outside the scheduled territories in substitution for, or in addition to, a certificate of title thereto which is in, or is or has been lost or destroyed in, the scheduled territories.