Currency and Exchanges Act, 1933 (Act No. 9 of 1933)RegulationsExchange Control Regulations, 196115. Prohibition of dealings in bearer securities and bearer options |
| (1) | No person shall pay any dividend or interest coupon issued in respect of any bearer security irrespective of whether such coupon became payable before or becomes payable after the commencement of this regulation. |
| (2) | No person shall issue any bearer option or extend the currency period of any existing bearer option. |
| (3) | No person shall dispose of, acquire or otherwise deal in— |
| (a) | any bearer security; |
| (b) | any bearer option issued after the date of publication of this Proclamation in the Gazette. |
| (4) | The owner of any bearer security may with the permission of the Treasury and in accordance with such conditions as the Treasury may impose, convert such security into a registered security. |
| (5) | Application for permission to convert any bearer security into any registered security shall be accompanied by a sworn declaration in such form as the Treasury may prescribe, duly completed by the owner of the security or his authorised agent. |
| (6) |
| (a) | The Treasury or a person authorised by the Treasury may grant exemptions from the provisions of subregulations (1), (2) and (3). |
| (b) | The provisions of subregulation (5) shall apply mutatis mutandis in respect of applications for exemptions under paragraph (a) of this subregulation relating to bearer securities or to dividend or interest coupons issued in respect of such bearer securities. |
| (7) | The provisions of this regulation shall apply in respect of all bearer securities and bearer options irrespective of whether such securities or options were or are issued inside or outside the Republic. |
| (8) | For the purposes of this regulation "option" means the right to subscribe for or take up the whole or any part of an issue of capital. |