Exchange Control Act, 1954

Deposit of securities.

14.—(1) Except with the permission of the Minister, a person, by whom or to whose order (either directly or indirectly) a certificate of title to a reserved security is held, shall cause the certificate to be kept in the custody of an authorised depositary.

(2) Except with the permission of the Minister—

(a) an authorised depositary shall not release or destroy any certificate of title to a reserved security or any coupon,

(b) an authorised depositary shall not do any act recognising or giving effect to the substitution (otherwise than by operation of law) of one person for another as the person from whom he receives an instruction in relation to a certificate of title to a reserved security.

(3) Except with the permission of the Minister, capital moneys, interest or dividends shall not be paid in the State on any reserved security except to, or to the order of, the authorised depositary with whom the certificate of title to the security is deposited.

(4) Except with the permission of the Minister, a person shall not detach any coupon from a certificate of title to securities with coupons otherwise than in the normal course for collection.

(5) A person depositing a certificate of title to a reserved security with an authorised depositary shall furnish such information as to ownership as the authorised depositary may require.

(6) For the purposes of this section—

(a) a certificate of title shall be deemed not to be in the custody of an authorised depositary if he has no notice of the nature of the certificate or if it is in a locked or sealed receptacle from which he is not entitled to have it removed,

(b) a certificate of title shall be deemed to be in the custody of an authorised depositary if it is in the custody of another person who holds it by order and on behalf of an authorised depositary.