Section 17
Section 17
(1)
Where-
(a)
the holder of a security is a nominee and the person for whom he is a nominee is resident out-side the scheduled territories; or
(b)
the holder of a security is not a nominee and is resident outside the scheduled territories;
then, except with the permission of the Controller, no per-son resident in Brunei shall do any act whereby the holder becomes his nominee in respect of the security.
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Exchange Control
(2)
Except with the permission of the Controller, a person resident in Brunei for whom the holder of a security is a nominee shall not do any act whereby -
(a)
the holder, being a person resident outside the scheduled territories, holds the security other-wise than as his nominee; or
(b)
the holder, not being a person resident out-side the scheduled territories, holds the security as nominee for a person resident outside the sche-duled territories.
(3)
Where the holder of a security is a nominee, then, except with the permission of the Controller, neither he, if he is resident in Brunei, nor any person resident in
Brunei through whose agency the exercise of all or any of the holder's rights in respect of the security are controlled, shall-
(a)
do any act whereby he recognises or gives effect to the substitution of another person as the person from whom he directly receives his instruc-tions unless both the person previously instructing him and the persons substituted for that person were, immediately before the substitution, resi-dent in the scheduled territories and not else-where; or
(b)
do any act whereby he ceases to be a person bound to give effect to the instructions of another person in relation to the security, unless the person who theretofore instructed him is resident in the scheduled territories and not elsewhere.
( 4) Where the holder of a security is not a nominee and is resident in Brunei, then, except with the permission of the Controller, he shall not do any act whereby he be-comes the nominee of another person in respect of the 19
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Deposit of certificates of title
Exchange Control security, unless that other person is resident in the sche-duled territories and not elsewhere.