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Substitution of securities and certificates outside the scheduled territories.
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11.—Except with the permission of the Minister, a person shall not do any act with intent to secure—
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(a) that a security which is—
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(i) registered in the scheduled territories, or
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(ii) transferable by means of a bearer certificate in the scheduled territories,
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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
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(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.
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