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Amendment of Chapter 2 of Part 6 of Principal Act (special provisions relating to dematerialised securities)
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74. The Principal Act is amended in Chapter 2 of Part 6—
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(a) in section 78B, by the insertion of the following subsection after subsection (3):
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“(4) This section shall not apply in respect of a transfer order effecting the transfer of an interest in securities through a relevant system where—
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(a) the securities are dealt in on a recognised stock exchange located in the United States of America or Canada, and
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(b) the relevant system is operated by a CSD located in the United States of America or Canada.”,
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and
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(b) by the repeal of section 78I.
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