Exchange Control Act · s 19

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19. (1) Where a certificate of title to a security is by sec-tion 18 required to be and is in the custody of an authorised depositary, the provisions of this section shall, except so far as the Controller otherwise directs, have effect in relation thereto until -
(a) there are delivered to him the prescribed declarations as to the ownership of the security and the residence of the owners thereof; and
(b) in the case of a certificate of title which -
(i) would ordinarily be accompanied by coupons
(whether attached or on separate coupon sheets); but
(ii) when it comes into the custody of the autho-rised depositary, wants, in order to render it complete, any coupons which would not in the ordinary course have been detached for col-lection;
there have also been deposited with him the coupons so wanting at the time when the certificate of title comes into his custody:
Provided that where the said declarations have been deli-vered to an authorised depositary and he has parted with the certificate of title, paragraph (a) shall not again apply on the

Exchange Control certificate coming into the custody of another authorised depositary or again coming into his own custody.
{2) Except with the permission of the Controller, the authorised depositary shall not part with or destroy the certificate of title or any coupons belonging thereto, other-wise than as mentioned in paragraphs (b) and (c) of the proviso to subsection (3) of section 18, or do any act where-by he recognises or gives effect to the substitution of one person for another as the person from whom he receives instructions in relation thereto.
Provided that where the person from whom an authorised depositary receives instructions in relation to any certificate of title becomes bankrupt in Brunei or dies, this subsection shall not prohibit the authorised depositary from recognis-ing the trustee in bankruptcy or personal representative as the person entitled to give instructions in relation to the certificate of title.
(3) The authorised depositary shall place any capital moneys, dividends or interest on the security received by him to the credit of the person by virtue of whose authority he received them, but shall not permit any part of the sums received to be dealt with except with the permission of the
Controller.
23 20.
{1) The Controller may, if in his opinion there are s.pecialprovi-
.
d ·
·
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d stonsasto cucumstances ren enng 1t necessary or expe tent so to o, dealings in by order direct that this section shall apply to such securities f~~~ain secur-as may be prescribed, being securities on which capital moneys, dividends or interest are payable in a specified cur-rency or as respects which the holder has an option to re-quire payment of any capital moneys, dividends or interest thereon in a specified currency.
(2) Except with the permission of the Controller, no person shall, in Brunei, and no person resident in Brunei shall outside Brunei, transfer or do anything which affects

24
Validation of certain trans-fers
Application of Part IV to secondary securities

Exchange Control his rights or powers in relation to, any security to which this section applies.

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s 19

(1)

Where a certificate of title to a security is by sec-tion 18 required to be and is in the custody of an authorised depositary, the provisions of this section shall, except so far as the Controller otherwise directs, have effect in relation thereto until -

(a)

there are delivered to him the prescribed declarations as to the ownership of the security and the residence of the owners thereof; and

(b)

in the case of a certificate of title which -

(i)

would ordinarily be accompanied by coupons

(whether attached or on separate coupon sheets); but

(ii)

when it comes into the custody of the autho-rised depositary, wants, in order to render it complete, any coupons which would not in the ordinary course have been detached for col-lection;

there have also been deposited with him the coupons so wanting at the time when the certificate of title comes into his custody:

Provided that where the said declarations have been deli-vered to an authorised depositary and he has parted with the certificate of title, paragraph (a) shall not again apply on the

Exchange Control certificate coming into the custody of another authorised depositary or again coming into his own custody.

{2) Except with the permission of the Controller, the authorised depositary shall not part with or destroy the certificate of title or any coupons belonging thereto, other-wise than as mentioned in paragraphs (b) and (c) of the proviso to subsection (3) of section 18, or do any act where-by he recognises or gives effect to the substitution of one person for another as the person from whom he receives instructions in relation thereto.

Provided that where the person from whom an authorised depositary receives instructions in relation to any certificate of title becomes bankrupt in Brunei or dies, this subsection shall not prohibit the authorised depositary from recognis-ing the trustee in bankruptcy or personal representative as the person entitled to give instructions in relation to the certificate of title.

(3)

The authorised depositary shall place any capital moneys, dividends or interest on the security received by him to the credit of the person by virtue of whose authority he received them, but shall not permit any part of the sums received to be dealt with except with the permission of the

Controller.

23 20.

{1) The Controller may, if in his opinion there are s.pecialprovi-

d ·

d stonsasto cucumstances ren enng 1t necessary or expe tent so to o, dealings in by order direct that this section shall apply to such securities f~~~ain secur-as may be prescribed, being securities on which capital moneys, dividends or interest are payable in a specified cur-rency or as respects which the holder has an option to re-quire payment of any capital moneys, dividends or interest thereon in a specified currency.

(2)

Except with the permission of the Controller, no person shall, in Brunei, and no person resident in Brunei shall outside Brunei, transfer or do anything which affects

Validation of certain trans-fers

Application of Part IV to secondary securities

Exchange Control his rights or powers in relation to, any security to which this section applies.