Exchange Control Act, 1954

Transfer of securities, annuities and policies of assurance.

9.—(1) Except with the permission of the Minister, a person shall not transfer—

(a) any security, annuity or policy of assurance, or any right or interest in a security, annuity or policy of assurance, to a person who is resident outside the scheduled territories or who is a nominee of a person so resident, or

(b) any reserved security or coupon, or any right or interest in a reserved security or coupon, to any person.

(2) Except with the permission of the Minister, a person shall not accept a transfer of—

(a) any security, annuity or policy of assurance, or any right or interest in a security, annuity or policy of assurance, from a person who is resident outside the scheduled territories or who is a nominee of a person so resident, or

(b) any reserved security or coupon, or any right or interest in a reserved security or coupon, from any person.