Section 12
Section 12
(a)
neither the transferor nor the person, if any, for whom he is a nominee is resident outside the scheduled territories;
(b)
the transferor delivers to the transferee at or before the time of the transfer the prescribed dec-
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Cap. 39
Transfer of securities and coupons
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Exchange Control larations as to his residence and that of the person, if any, for whom he is a nominee;
(c)
neither the transferee nor the person, if any, for whom he is to be a nominee is resident outside the scheduled territories; and
(d)
except where the security is registered in
Brunei otherwise than in a subsidiary register, the
Controller is satisfied that the requirements of pa-ragraph (c) are fulfilled:
Provided that -
(i)
neither the transferee nor his agent shall be deemed to have committed an offence by reason only that the requirements of para-graph (a) were not fulfilled unless the trans-feree or, as the case may be, his agent, knew or had reason to believe that those require-ments were not fulfilled; and
(ii)
neither the transferor nor his agent shall be deemed to have committed an offence by reason only that any of the requirements of paragraphs (c) and (d) have not been fulfilled unless, in the case of a non-fulfilment of the requirements of paragraph (c), the transferor or, as the case may be, his agent, knew or had reason to believe that those requirements were not fulfilled.
(2)
Except with the permission of the Controller, a security not registered in Brunei shall not be transferred outside Brunei if either the transferor or the transferee, or the person, if any, for whom the transferor or transferee is or is to be a non1inee, is resident in Brunei.
(3)
Except with the pern1ission of the Controller, no coupon shall be transferred -
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Exchange Control
(a)
in Brunei, if either the transferee or the per-son, if any, for whom he is to be nominee is resi-dent outside the scheduled territories;
(b)
outside Brunei, if either the transferor or the transferee, or the person, if any, for whom the transferor or transferee is or is to be a nominee, is resident in Brunei.