Section 18
Section 18
(1)
This section and section 19 shall apply to any security except -
(a)
a security which is registered in Brunei otherwise than in a subsidiary register, and on which none of the dividends or interests is payable on presentment of a coupon; and
(b)
any such other securities as may be pre-scribed; and in the following provisions of this sec-tion and in section 19 the expressions "security",
"certificate of title" and "coupon" mean respec-tively a security to which the said sections apply, a certificate of title to such a security, and a coupon representing dividends or interest on such a secur-ity.
(2)
It shall be the duty of every person by whom or to whose order (whether directly or in-directly) a certificate of title is held in Brunei, and of every person resident in Brunei by whom or to whose order (whether directly or indirectly) a certificate of title is held outside Brunei, to cause the certificate of title to be kept at all times, except with the permission of the Controller, in the cus-tody of an authorised depositary, and nothing in this Part shall prohibit the doing of anything for the purpose of complying with the requirements of this subsection.
(3)
Except with the permission of the Con-troller, an authorised depositary shall not part with any certificate of title or coupon required under this section to be in the custody of an authorised depositary:
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Exchange Control
Provided that this subsection shall not prohibit an authorised depositary -
(a)
from parting with a certificate of title or coupon to or to the order of another authorised depositary, where the person from whom the other authorised depositary is to receive instructions in relation thereto is to be the same as the person from whom he receives instructions;
(b)
from parting with a certificate of title, for the purpose of obtaining payment of capital moneys payable on the security, to the person en-trusted with payment thereof; or
(c)
from parting with a coupon in the ordinary course for collection.
( 4) Except with the permission of the Controller, no capital moneys, interest or dividends shall be paid in Brunei on any security except to or to the order of an authorised depositary having the custody of the certificate of title to that security, so, however, that this subsection shall not be taken as restricting the manner in which any sums lawfully paid on account of the capital moneys, interest or dividends may be dealt with by the person receiving them.
(5)
Except with the permission of the Controller, an authorised depositary shall not do any act whereby he rec-ognises or gives effect to the substitution of one person for another as the person from whom he receives instructions in relation to a certificate of title or coupon, unless there is produced to him the prescribed evidence that he is not by so doing giving effect to any transaction which is prohibited by this Act.
( 6) Where a certificate of title which under this sec-tion should for the time being be in the custody of an autho-rised depositary is not in the custody of an authorised de-
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Additional provisions as to d~posited certificates
Exchange Control positary then, except with the permission of the Controller, no person shall in Brunei, and no person resident in Brunei shall outside Brunei, buy, sell, transfer or do anything which affects his rights or powers in relation to, the security.
(7)
Except with the permission of the Controller, no person in or resident in Brunei shall, in the case of a certi-ficate of title with coupons (whether attached or on separate coupon sheets), detach any of the coupons otherwise than in the ordinary course for collection.