Exchange Control Act

Link to law: http://laws.gov.ag/acts/chapters/cap-157.pdf
Published: 1958

Exchange Control (CAP. 157 1

CHAPTER 157

T H E E X C H A N G E C O N T R O L ACT

Arrangement of Sections
Section

1. Short title.
2 . General provisions as to interpretation.

PART I

GOLD AND FOREIGN CURRENCY

3. Dealings in gold and foreign currency.
4. Surrender of gold and foreign currency.
5. Bailees of gold and foreign currency.
6. Travellers7 cheques, etc.

PART I1

PAYMENTS

7. Payments in Antigua and Barbuda.
8. Payments outside Antigua and Barbuda.
9. Compensation deals.

PART IT1

SECURITIES

Issue of securities.
Transfer of securities and coupons.
Issue of bearer certificates and coupons.
Substitution of securities and certificates outside Antigua

and Barbuda.
Payment of capital moneys ouside Antigua and Barbuda.
Duties of persons keeping registers.
Additional provisions as to nominee holdings.
Deposit of certificates of title.
Additional provisions as to deposited certificates.
Special provisions as to dealings in certain securities.

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2 CAP. 157) Exchange Control

20. Validation of certain transfers.
2 1. Application of Part I11 to secondary securities.
22. Interpretation of Part 111.

PART IV

IMPORT AND EXPORT

23. Restrictions on import.
24. General restrictions on export.
25, Payment for exports.

PART V

MISCELLANEOUS

26. Duty to collect certain debts.
27. Duty not to delay sale or importation of goods.
28. Property obtained by infringement of Act.
29. Provisions supplemental to receding provisions of

Part V.
30. Transfer of annuities, policies, etc.
3 1. Settlements.
32. Companies.

PART VI

SUPPLEMENTAL

33. Exemptions.
34. Blocked accounts.
35. Contracts, legal proceedings, etc.
36. Enforcement and administration.
37. Application to Crown.
38. Governor-General's Orders and Regulations.
39. Other powers.
40. Financial provisions.
41. Branches.
42. Persons leaving the scheduled territories.
43. Determination of residence.
44. Commencement and repeal.

FIRST SCHEDULE.
SECOND SCHEDULE.
THIRD SCHEDULE.
FOURTH SCHEDULE.
FIFTH SCHEDULE.
SIXTH SCHEDULE.

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Exchanfe Control (CAP. 157 3

EXCHANGECONTROL

1. This Act may be cited as the Exchange Control Act.

2. (1) In this Act- General
provisions as to
interpretation.

"authorized dealer" means in relation to gold or any
foreign currency, a person for the iime being
authorized by an order of the Governor-General
to act for the DurDoses of this Act as an authorized . .
dealer in relation to gold, or, as the case may be,
that foreign currency;

"authorized depositary" means a person for the time
being authorized by an order of the Governor-
General to act as an authorized depositary for the
purposes of Part 111;

"bearer certificate" means a certificate of title to
securities by the delivery of which (with or without
endorsement) the title to the securities is
transferable;

"certificate of title to securities" means any document
of title whereby a person recognizes the title of
another to securities issued or to be issued by the
first-mentioned person, and in the case of any such
document with coupons (whether attached or on
separate coupon sheets) includes any coupons which
have not been detached;

" coupon" means a coupon representing dividends or
interest on a security;

" foreign currency" has the meaning ascribed to it by
section 3;

"gold" means gold coin or gold bullion;

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4 CAP. 157) Exchange Control

L < policy of assurance" means any policy securing the
payment of a capital sum or annuity on the occur-
rence of a specified event which is certain to happen
and includes-

(a) any policy by which the payment of money
is assured on death (except death by accident only)
or the happening of any contingency dependent on
human life; and

(b) any policy securing the payment of an im-
mediate annuity;

and the reference in this definition to the occur-
rence of a specified event which is certain to happen
shall include the occurrence, which is certain to
happen, of one of specified events none of which
by itself is certain to happen;

"prescribed" means prescribed, for the purposes of the
provision in question, by order of the competent
authority;

"scheduled territories" has the meaning ascribed to it
by section 3;

" secondary securities" has the meaning ascribed to it
by section 21;

"securities" means shares, stock, bonds, notes (other
than promissory notes), debentures, debenture
stock, units under a unit trust scheme and shares
in an oil royalty;

"specified currency" has the meaning ascribed to it by
section 4 as extended by section 6;

1 ' unit trust scheme" means any arrangements made for
the purpose, or having the effect, of providing for
persons having funds available for investment,
facilities for the participation by them, as
beneficaries under a trust, in profits or income
arising from the acquisition, holding, management
or disposal of any property whatsoever;

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Exchange Control (CAP. 157 5

"unit" means, in relation to a unit trust scheme, a right
or interest (whether described as a unit, as a sub-
unit or otherwise) which may be acquired under
the scheme.

(2) Any provision of this Act (however worded) the effect
of which is to prohibit the doing of any act where a person
to or by whom the act is to be done or who stands in a
specified relation to any property possesses any specified
attribute as to residence or otherwise shall, where the act
is done to or by two or more persons or, as the case may
be, where two or more persons stand jointly in that relation
to the property, operate to prohibit the doing of that act if
any of those persons possess that attribute; and any provi-
sion of this Act imposing an obligation on any person to
do an act if he possesses any specified attribute as to residence
or otherwise shall, in relation to any act which can only be
done by two or more persons jointly-

(a) where all those persons possess that attribute,
operate to impose a joint obligation on all of them to
do the act; and

( 6 ) where some only of them possess that attribute,
operate to impose a separate obligation on each one of
them who possesses that attribute to do all he can to
secure the doing of the act.

(3) Any power conferred by this Act to prescribe the
declarations which are to be furnished on any occasion shall
include a power to require that the declarations shall be made
by specified persons and shall be verified in a specified
manner.

(4) Nothing in this Act shall be construed as requiring
the Financial Secretary to pay any sum otherwise than in
sterling or dollars or otherwise than in Antigua and Barbuda,
and any provisions of this Act requiring the Financial
Secretary to pay any sum to any person shall, where that
sum is in a specified currency, be construed as a provision
that the Financial Secretary shall pay to that person the
amount in sterling or dollars which he would have received
for the specified currency if he had sold it to an authorized
dcaler in pursuance of an offer made under section 4 at the
time when the said sum is paid.

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6 CAP. 157) Exchange Control

(5) The obligations and prohibitions imposed by this
Act shall, subject to the express limitations contained therein,
apply to all persons, notwithstanding that they are not British
subjects.

PART I

Dealings in gold
and foreign

3. (1) Except with the permission of the Governor-
currency. General, no person, other than an authorized dealer, shall,

in Antigua and Barbuda, buy or borrow any gold or foreign
currency from, or sell or lend any gold or foreign currency
to, any person other than an authorized dealer.

(2) Except with the permission of the Governor-General,
no person resident in the scheduled territories other than
an authorized dealer, shall, in Antigua and Barbuda, do any
act which involves, is in association with or is preparatory
to buying or borrowing any gold or foreign currency from,
or selling or lending any gold or foreign currency to, any
person outside Antigua and Barbuda.

(3) Where a person buys or borrows any gold or foreign
currency in Antigua and Barbuda or, being a person resident '

in the scheduled territories does any act which involves, is
in association with, or is preparatory to the buying or
borrowing of gold or foreign currency outside Antigua and
Barbuda, he shall comply with such conditions as to the use
to which it may be put or the period for which it may be
retained as may from time to time be notified to him by
the Financial Secretary.

(4) In this Act-

(a) the expression "foreign currency" does not
include any currency or notes issued by the Govern-
ment or under the law of any part of the scheduled +
territories, but, save as aforesaid, includes any currency
other than sterling or dollars and any notes of a class
which are or have at any time been legal tender in any
territory outside Antigua and Barbuda, and any
reference to foreign currency, except so far as the con-
text otherwise requires, includes a reference to any right

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Exchange Control (CAP. 157

to receive foreign currency in respect of any credit or
balance at a bank; and

(b) the expression "thc scheduled territories"
means the territories specified in the First Schedule, so,
however, that the Governor-General may at any time
by order amend the said Schedule, either by the addi-
tion or exclusion of territories or otherwise, and the said
expression shall be construed accordingly.

4. (1) Every person in Antigua and Barbuda who is :z;:f:;:f gold
entitled to sell, or to procure the sale of, any gold, or any c,rr,,cy.
foreign currency to which this section applies, and is not
an authorized dealer, shall offer it, or cause it to be offered,
for sale to an authorized dealer, unless the Financial Secretary
consents to his retention and use thereof or he disposes thereof
to any other person with the permission of the Financial
Secretary.

The foreign currency to which this section applies is
such foreign currency (hereafter in this Act referred to as
"specified currency") as may from time to time be specified
by order of the Governor-General.

(2) If a person who has obtained the consent of the
Financial Secretary to his retention and use of any gold or
specified currency, and has stated in an application for the
consent that he requires it for a particular purpose, no longer
requires the gold or currency for that purpose, the preceding
subsection shall thereupon apply to him in relation to that
gold or currency as if the Financial Secretary had revoked
his consent to his retention and use thereof.

(3) A person who requires any gold or specified currency
from an authorized dealer shall be treated for the purposes
of this section as if the Financial Secretary had consented
to the retention and use by him of that gold or currency
(subject, however, to any conditions notified to him in
accordance with subsection (3) of the preceding section), and
as if any statement made by him in an application for that
gold or currency as to the purpose for which he requires
it had been made by him in an application for the Financial
Secretary's consent to his retention and use thereof.

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8 CAP. 157) Exchange Control

(4) Where a person has become bound under this section
to offer or cause to be offered any gold or specified currency
for sale to an authorized dealer, he shall not be deemed to
comply with that obligation by any offer made or caused
to be made by him, if the offer is an offer to sell at a price
exceeding that authorized by the Financial Secretary or
without payment of any usual and proper charges of the
authorized dealer, or otherwise on any unusual terms.

(5) Where a person has become bound under this section
to offer or cause to be offered any gold or specified currency
for sale to an authorized dealer and has not complied with
that obligation, the Governor-General may direct that that
gold or currency shall vest in the Financial Secretary, and
it shall vest in the Financial Secretary accordingly free from
any mortgage, pledge or charge, and the Financial Secretary
may deal with it as he thinks fit, but the Financial Secretary
shall pay to the person who would but for the direction be
entitled to the gold or currency such sum as he would have
received therefor if he had sold it to an authorized dealer
in pursuance of an offer made under this section at the time
when the vesting occurred.

(6) In any proceedings in respect of a failure to comply
with the provisions of this section, it shall be presumed, until
the contrary is shown, that the gold or currency in question
has not been offered for sale to an authorized dealer.

Bailees of gold
and foreign
currency.

5 . (1) Every person in Antigua and Barbuda by
whom or to whose order (whether directly or indirectly) any
gold or any specified currency in the form of notes is held
in Antigua and Barbuda but who is not entitled to sell it
or procure its sale shall notify the Financial Secretary in
writing that he so holds that gold or currency.

(2) The Financial Secretary may direct any person in
Antigua and Barbuda by whom or to whose order (whether
directly or indirectly) any gold or any specified currency in
the form of notes is held in Antigua and Barbuda whether
or not he is entitled to sell it or procure its sale to cause
that gold or currency to be kept at all times in the custody
of such banker as may be specified in the direction.

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Exchange Control (CAP. 157 9

6. (1) This section applies to any document of a kind :;:T:~~.
intended to enable the person to whom the document is issued
to obtain foreign currency from some other person on the
credit of the person issuing it, and in particular to any
traveller's cheque or other draft or letter of credit so intended.

(2) For the purposes of this Act, the person issuing a
document to which this section applies, and the person to
whom it is issued, shall be deemed respectively to sell and
buy foreign currency and where foreign currency is obtained
by means of the document to sell and buy that foreign
currency.

(3) Any such document not expressed in terms of sterl-
ing or dollars shall, if it is of a kind, intended to enable the
person to whom it is issued to obtain any specified currency,
be treated also for the purposes of this Act as itself being
specified currency.

(4) Every person in Antigua and Barbuda who holds
or to whose order there is held any document to which this
section applies, being a document expressed in terms of sterl-
ing or dollars shall encash it or cause it to be encashed in
the scheduled territories with the person issuing it or with
a banker, unless the Financial Secretary consents to his
retention and use thereof and, where in his application for
that consent he has stated that he requires it for a particular
purpose, unless also he still requires it for that purpose.

(5) A person who acquires any document to which the
last preceding subsection applies from an authorized dealer
shall be treated for the purposes of that subsection as if the
Financial Secretary had consented to the retention and use
by him of that document (subject, however, to any conditions
notified to him in accordance with subsection (3) of section 3),
and as if any statement made by him in an application for
that document as to the purpose for which he requires it
had been made by him in an application for the Financial
Secretary's consent to his retention and use thereof.

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CAP. 157) Exchange Control

PART I1

Payments in
Antigua and

7. Except with the permission of the Financial
Barbuda. Secretary, no person shall do any of the following things in

Antigua and Barbuda, that is to say-

( a ) make any payment to or for the credit of a
person resident outside the scheduled territories; or

(6) make any payment to or for the credit of a
person resident in the scheduled territories by order or
on behalf of a person resident outside the scheduled
territories; or

(c) place any sum to the credit of any person resi-
dent outside the scheduled territories:

Provided that where a person resident outside the
scheduled territories has paid a sum in or towards the satis-
faction of a debt due from him, paragraph (c) shall not
prohibit the acknowledgement or recording of the payment.

Payments outside
Antigua and

8. ( 1 ) Except with the permission of the Financial
Barbuda. Secretary, no person resident in the scheduled territories shall,

subject to the provisions of this section, in Antigua and
Barbuda do any act which involves, is in association with,
or is preparatory to, the making of any payment outside
Antigua and Barbuda to or for the credit of a person resi-
dent outside the scheduled territories.

(2) Nothing in this section shall prohibit the doing
of anything otherwise lawful by any person with any foreign
currency obtained by him in accordance with the provisions
of Part I, or retained by him in pursuance of a consent of
the Financial Secretary.

Compensation
deals.

9. ( 1 ) Except with the permission of the Financial
Secretary, no person shall in Antigua and Barbuda make
any payment to or for the credit of a person resident in the
scheduled territories, and no person resident in the scheduled
territories shall in Antigua and Barbuda do any act which
involves, is in association with, or is preparatory to, the
making of any such payment outside Antigua and Barbuda,
as consideration for or in association with-

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Exchange Control (CAP. 157 11

(a) the receipt by any person of a payment made
outside the scheduled territories, or the acquisition by
any person of property which is outside the scheduled
territories; or

(b) the transfer to any person, or the creation in
favour of any person, of a right (whether present or
future, and whether vested or contingent) to receive a
payment outside the scheduled territories or to acquire
property which is outside the scheduled territories.

(2) Nothing in this section shall prohibit the making
of any payment in accordance with the terms of a permis-
sion or consent granted under this Act.

PART I11

10. (1) Except with the permission of the Governor- Issue of
securities.

General, no person shall in Antigua and Barbuda issue any
security or do any act which involves, is in association with,
or is preparatory to, the issuing outside Antigua and Barbuda
of any security which is registered or to be registered in
Antigua and Barbuda, unless the following requirements are
fulfilled, that is to say-

' (a) neither the person to whom the security is to
be issued nor the person, if any, for whom he is to be
a nominee is resident outside the scheduled territories;
and

(b) the prescribed evidence is produced to the
person issuing the security as to the residence of the
person to whom it is to be issued and that of the person,
if any, for whom he is to be a nominee.

(2) The subscription of the memorandum of associa-
tion of a company to be formed under the Companies Act,
by a person resident outside the scheduled territories, or by
a nominee for another person so resident, shall, unless he
subscribes the memorandum with the permission of the
Governor-General, be invalid in so far as it would on registra-
tion of the memorandum have the effect of making him a
member of or shareholder in the company, so, however, that
this provision shall not render invalid the incorporation of

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12 CAP. 157) Exchange Control

the company; and if by virtue of this subsection the number
of the subscribers of the memorandum who on its registra-
tion become members of the company is less than the
minimum number required to subscribe the memorandum,
the provisions of the said Act relating to the carrying on of
business of a company the number of whose members is
reduced below the legal minimum shall apply to the com-
pany as if the number of its members had been so reduced.

Transfer of
securities and

1 . (1) Except with the permission of the Financial
coupons. Secretary, a security registered in Antigua and Barbuda shall

not be transferred, and a security not so registered shall not
be transferred in Antigua and Barbuda, unless, in either case,
the following requirements are fulfilled, that is to say-

(a) neither the transferor nor the person, if any,
for whom he is a nominee is resident outside the
scheduled territories; and

(6) the transferor delivers to the transferee at or
before the time of the transfer the prescribed declara-
tions as to his residence and that of the person, if any,
for whom he is a nominee; and

(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
Antigua and Barbuda otherwise than in a subsidiary
register, the Financial Secretary is satisfied that the
requirements of paragraph (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 paragraph
(a) were not fulfilled unless the transferee or,
as the case may be, his agent, knew or had
reason to believe that those requirements 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 (4 have not been fulfilled

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Exchanfe Control (CAP. 157 13

unless, in the case of a non-fulfilment of the
requirements of the said paragraph ( c ) , the
transferor or, as the case may be, his agent,
knew or had reason to believe that those re-
quirements were not fulfilled.

(2) Except with the permission of the Financial
Secretary, a security not registered in Antigua and Barbuda
shall not be transferred outside Antigua and Barbuda if either
the transferor or the transferee, or the person, if any, for
whom the transferor or transferee is or is to be nominee,
is resident in Antigua and Barbuda.

(3) Except with the permission of the Financial
Secretary-

( a ) no coupon shall be transferred in Antigua and
Barbuda if either the transferee or the person, if any,
for whom he is to be a nominee is resident outside the
scheduled territories;

( 6 ) no person shall in Antigua and Barbuda do any
act which involves, is in association with, or is
preparatory to, the transfer of any coupon outside
Antigua and Barbuda if either the transferor or
transferee, or the person, if any, for whom the transferor
or transferee is or is to be a nominee, is resident in
Antigua and Barbuda.

12. Except with the permission of the Governor- :z;fizf2;y;;
General, no person shall, in Antigua and Barbuda, issue .Ou,Ons. -
any bearer certificate or coupon or so alter any document
that it becomes a bearer certificate or coupon, and no per-
son resident in the scheduled territories shall in Antigua and
Barbuda do any act which involves, is in association with,
or is preparatory to, such issue or alteration outside Antigua
and Barbuda.

13. Except with the permission of the Financial substitution of
securities and

Secretary- certificates ouside
Antigua and
Barbuda.

(1) No person in Antigua and Barbuda shall do any
act with intent to secure-

(a) that a security which is-

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14 CAP. 157) Exchange Control

(i) registered in Antigua and Barbuda; or

(ii) transferable by means of a bearer certificate
in Antigua and Barbuda, becomes, or is
replaced by, a security registered outside
Antigua and Barbuda or a security transferable
by means of a bearer certificate outside
Antigua and Barbuda; or

(b) that a certificate of title to any other security,
is issued outside Antigua and Barbuda in substitution
for or in addition to a certificate of title thereto which
is in, or is or has been lost or destroyed in, Antigua
and Barbuda.

(2) No person resident in the scheduled territories shall
in Antigua and Barbuda do any act which involves, is in
association with, or is preparatory to, any such transaction
outside Antigua and Barbuda as is referred to in sub-
paragraph (a) or (b) above.

Payment of
capital moneys

14. Except with the permission of the Financial
outside Antima Secretary-
and ~ a r b u d l .

(1) No person in Antigua and Barbuda shall do any
act with intent to secure that capital moneys payable on a
security registered in Antigua and Barbuda are paid outside
Antigua and Barbuda. or that. where the certificate of title "
to a security is in Antigua and Barbuda, capital moneys
payable on the security are paid outside Antigua and Barbuda
without production of the certificate to the person making
the payment.

(2) No person resident in the scheduled territories shall
in Antigua and Barbuda do any act which involves, is in
association with, or is preparatory to, any such transaction
outside Antigua and Barbuda as is referred to in
subsection (I).

Duties of persons
keeping registers.

15. Except with the permission of the Financial
Secretary, no person concerned with the keeping of any
register in Antigua and Barbuda shall-

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Exchanfe Control (CAP. 157 15

( a ) enter in the register the name of any person
in relation to any security unless there has been pro-
duced to him the prescribed evidence that the entry does
not form part of a transaction which involves the doing
of anything prohibited by this Act; or

( b ) enter in the register, in respect of any security,
an address outside the scheduled territories, except for
the purpose of any transaction for which the permis-
sion of the Financial Secretary has been granted with
the knowledge that it involved the entry of that address;
or

(c) do any act in relation to the register which
recognizes or gives effect to any act appearing to him
to have been done with such intent as mentioned in the
two last preceding sections, whether done by a person
in or resident in Antigua and Barbuda or not.

16. (1) Where- Additional
~rovisions as to

( a ) the holder of the security is a nominee and the KE;~,~T;E.
person for whom he is a nominee is resident outside
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 Financial Secretary,
no person resident in Antigua and Barbuda shall do any act
whereby the holder becomes his nominee in respect of the
security.

(2) Except with the permission of the Financial
Secretary, a person resident in Antigua and Barbuda 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 otherwise than
as his nominee; or

(b) the holder, not being a person resident outside
the scheduled territories, holds the security as nominee
for a person resident outside the scheduled territories.

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CAP. 157) Exchange Control

(3) Where the holder of a security is a nominee, then
except with the permission of the Financial Secretary, neither
he, if he is resident in Antigua and Barbuda, nor any per-
son resident in Antigua and Barbuda 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 hekecognizes or gives effect
to the substitution of another person as the person from
whom he directly receives his instructions unless both
the person previously instructing him and the person
substituted for that person were, immediately before the
substitution, resident in the scheduled territories and
not elsewhere; or

( 6 ) 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 Antigua and Barbuda, then, except with the
permission of the Financial Secretary, he shall not do any
act whereby he becomes the nominee of another person in
respect of the security, unless that other person is resident
in the scheduled territories and not elsewhere.

(5) No person resident in the scheduled territories shall
in Antigua and Barbuda do any act which involves, is in
association with, or is preparatory to, any such transaction
outside Antigua and Barbuda as is referred to in this section.

Deposit of
certificates of

17. (1) This and the next following section apply to
title. any security except-

(a) a security which is registered in Antigua and
Barbuda otherwise than in a subsidiary register, and
on which none of the dividends or interest is payable
on presentment of a coupon; and

( b ) any such other securities as may be prescribed,
and in the following provisions of this section and in
the next following section the expressions, "security",
"certificate of title7' and "coupon" mean respectively
a security to which the said sections apply, a certificate

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Exchange Control (CAP. 157 17

of title to such a security, and a coupon representing
dividends or interest on such a security.

(2) It shall be the duty of every person by whom or
to whose order (whether directly or indirectly) a certificate
of title is held in Antigua and Barbuda, and of every person
resident in Antigua and Barbuda by whom or to whose order
(whether directly or indirectly) a certificate of title is held
outside Antigua and Barbuda, to cause the certificate of title
to be kept at all times, except with the permission of the
Financial Secretary, in the custody of an authorized
depositary, and nothing in this Part shall prohibit the doing
of anything for the purpose of complying with the re-
quirements of this subsection.

(3) Except with the permission of the Financial
Secretary, an authorized depositary shall not part with any
certificate of title or coupon required under this section to
bc in the custody of an authorized depositary:

Provided that this subsection shall not prohibit an
authorized depositary-

(a) from parting with a certificate of title or coupon
to or to the order of another authorized depositary,
where the person from whom the other authorized
depositary is to receive instructions in relation thereto
is to be the same as the person from whom he receives
instructions;

( 6 ) from parting with a certificate of title, for the
purpose of obtaining payment of capital moneys payable
on the security, to the person entrusted with payment
thereof;

(6) from parting with a coupon in the ordinary
course for collection.

(4) Except with the permission of the Financial
Secretary, no capital moneys, interest or dividends shall be
paid in Antigua and Barbuda on any security except to or
to the order of an authorized 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

LAM'S OF ANTIGUA AND BARBUDA

18 CAP. 157) Exchange Control

moneys, interest or dividends may be dealt with by the person
receiving them.

(5) Except with the permission of the Financial
Secretary, an authorized dipositary shall not do any act
whereby he recognizes 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 couDon. unless

L ,

there is produced to him the prescribed evidence that he is
not by so doing giving effect to any transaction which is pro-
hibited by this Act.

(6) Where a certificate of title which under this section
should for the time being be in the custody of an authorized
depositary is not in the custody of an authorized depositary,
then, except with the permission of the Financial Secretary,
no person shall in Antigua and Barbuda, buy, sell, transfer,
or do anything which affects his rights or powers in relation
to, the security, or do any act which involves, is in associa-
tion with, or is preparatory to, any such transaction outside
Antigua and Barbuda.

(7) Except with the permission of the Financial
Secretary, no person in or resident in Antigua and Barbuda
shall, in the case of a certificate of title with coupons (whether
attached or on separate coupon sheets), detach any of the
coupons otherwise than in the ordinary course for collection.

Additional
provisions as to

18. (1) Where a certificate of title to a security is by
deposited the last preceding section required to be and is in the custody
certificates. of an authorized depositary, the provisions of this section

shall, except so far as the Financial Secretary 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

(6) 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-
rized depositary wants, in order to render it

LAWS OF ANTIGUA AND BARBUDA

Exchange Control (CAP. 157 19

complete, any coupons which would not in the
ordinary course have been detached for
collection,

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
delivered to an authorized depositary and he has parted with
the certificate of title, paragraph (a) shall not again apply
on the certificate coming into custody of another authorized
depositary or again coming into his own custody.

(2) Except with the permission of the Financial
Secretary, the authorized depositary shall not part with or
destroy the certificate of title or any coupons belonging
thereto, otherwise than as mentioned in paragraphs ( 6 ) and
(c) of the proviso to subsection (3) of the last preceding sec-
tion, or do any act whereby he recognizes 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 autho-
rized depositary receives instructions in relation to any
certificate of title becomes bankrupt in Antigua and Barbuda
or dies, this subsection shall not prohibit the authorized
depositary from recognizing the trustee in bankruptcy or
personal representative as the person entitled to give instruc-
tions in relation to the certificate of title.

(3) The authorized 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
Financial Secretary.

19. (1) The Governor-General may, if in his opinion %'+i::ons as t
there are circumstances rendering it necessary or expedient dealines in - 0
so to do, by order direct that this section shall apply to such certain securities.
securities as may be prescribed, being securities on which
capital moneys, dividends or interest are payable in a specified
currency or as respects which the holder has an option to
require payment ofany capital moneys, dividends or interest
thereon in a specified currency.

LAWS OF ANTIGUA AND BARBUDA

2 0 CAP. 157) Exchange Control

(2) Except with the permission of the Financial
Secretary, no person shall, in Antigua and Barbuda, transfer,
or do anything which affects his rights or powers in relation
to, any security to which this section applies, and no person
resident in the scheduled territories shall in Antigua and
Barbuda do any act which involves, is in association with,
or is preparatory to, any such transaction outside Antigua
and Barbuda.

17alidation of
certain transfers.

20. (1) The title of any person to a security for which
he has given value on a transfer thereof, and the title of all
persons claiming through or under him, shall, notwith-
standing that the transfer, or any previous transfer, or the
issue of the security, was by reason of the residence of any
person concerned other than the first-mentioned person pro-
hibited by the provisions of this Act relating to the transfer
or issue of securities, be valid unless the first-mentioned
person had notice of the facts by reason of which it was
prohibited.

(2) Without prejudice to the provisions of subsection
( I ) , the Financial Secretary may issue a certificate declar-
ing, in relation to a security, that any acts done before the
issue of the certificate purporting to effect the issue or transfer
of the security, being acts which were prohibited by this Act,
are to be, and are always to have been, as valid as if they
had been done with the permission of the competent autho-
rity, and the said acts shall have effect accordingly.

(3) Nothing in this section shall affect the liability of
any person to prosecution for any offence against this Act.

Application of
Part 111 to

21. (1) This Part shall apply, with such modifications
secondary (if any) as may be prescribed, in relation to any such docu-
securities. ment as is mentioned in the following subsection, as if the

document created, and were the certificate of title to, a
security (hereafter in this Act referred to as a "secondary
security ").

(2) The documents referred to in the preceding subsec-
tion are any letter of allotment which may be renounced,
any letter of rights, any warrant conferring an option to
acquire a security, any deposit certificate in respect of
securities (but not including a receipt by an authorized

LAM'S OF ANTIGUA AND BARBUDA

Exchange Control (CAP. 157 2 1

depositary for any certificate of title deposited in pursuance
of this Part) and such other documents conferring, or con-
taining evidence of, rights as may be prescribed.

22. (1) In this Part- Interpretation of
Part 111.

(a ) the expression "registered" includes inscribed;

(6) the expression "registered in Antigua and
Barbuda" and "registered outside Antigua and
Barbuda" mean respectively, registered in a register in,
and registered in a register outside Antigua and
Barbuda;

(c) the expression "security which is registered in
Antigua and Barbuda otherwise than in a subsidiary
register" means a security which either-

(i) is registered in Antigua and Barbuda and is
not and cannot without the necessity for an
entry in the register in Antigua and Barbuda
become, registered outside; or

(ii) is registered both in Antigua and Barbuda and
outside but on a transfer cannot, without the
necessity for an entry in the register in Antigua
and Barbuda, become registered outside in the
name of the transferee; and

(4 the expression "a register" includes any book,
file or index in which securities are registered.

(2) For the purposes of any provision of this Part pro-
hibiting the transfer of securities, a person shall be deemed
to transfer a security if he executes any instrument of transfer
thereof, whether effective or not, and shall be deemed to
transfer it at the place where he executes the instrument.

(3) References in this Part to the person holding a certi-
licate of title or coupon shall be construed as references to
rht. person having physical custody of the certificate of title
o r coupon:

Provided that where the certificate of title or coupon
i s deposited with any person in a locked or sealed receptacle
from which he is not entitled to remove it without the autho-
rity of somc other person, that other person shall be deemed

LAWS OF ANTIGUA AND BARBUDA

22 CAP . 157) Exchange Control

for the purposes of this provision to have the physical custody
thereof.

(4) In this Part, the expression "holderW-

( a ) in relation to a security transferable by means
of a bearer certificate or to a coupon, includes the person
holding the certificate or coupon; and

(b ) in relation to a security which is registered in
the name of a deceased person or of any person who,
by reason of bankruptcy, unsoundness of mind or any
other disability is incapable of transferring the security,
means the personal representative, trustee in bankruptcy
or other person entitled to transfer the security.

(5) The holder of a security or coupon shall be deemed
for the purposes of this Part to be a nominee in respect thereof
if, as respects the exercise of any rights in respect thereof,
he is not entitled to exercise those rights except in accord-
ance with instructions given by some other person, and
references in this Part to the person for whom the holder
of a security or coupon is a nominee shall be construed as
references to the person who is entitled to give instructions,
either directly or through the agency of one or more persons,
as to the exercise of any rights in respect of the security or
coupon and is not in so doing himself under a duty to com-
ply with instructions given by some other person:

Provided that-

(a ) a person shall not by reason only that he has
a controlling interest in a body corporate be deemed
for the purposes of this subsecton to be entitled to give
instructions to that body corporate as to the exercise
of rights in respect of any security or coupon of which
it is the holder; and

(6 ) a person shall not be deemed to hold a security
or coupon as a nominee by reason only that he holds
it as trustee if he is entitled to transfer the security or
coupon without permission from any other person.

(2) A certificate of title shall not for the purposes of
this Part be treated as in the custody of an authorized
depositary if either-

LAWS OF ANTIGUA AND BARBUDA

Exchange Control (CAP. 157

( a ) the depositary has no notice of the nature of
the certificate; or

( 6 ) the certificate is deposited with him in a locked
or sealed receptacle from which he is not entitled to
remove it without the authority of some other person.

(7) Where a certificate of title outside Antigua and
Harbuda is by this Part required to be kept in the custody
of an authorized depositary, it shall be deemed to be in the
custody of an authorized depositary if-

( a ) by his direction or with his assent it is in the
custody of some other person who holds it on behalf
of and to the order of the authorized depositary; and

( 6 ) the certificate is not deposited with that other
person in a locked or sealed receptacle from which he
is not entitled to remove it without the authority of a
person other than himself;

and where a certificate of title is by virtue of this subsection
deemed to be in the custody of an authorized depositary,
references in this Part to the depositary parting with the
certificate or a coupon belonging thereto shall be construed
as references to his permitting the person having the actual
custody thereof to part with it otherwise than to the
depositary, and references to his destroying the certificate
or such a coupon shall be construed as references to his
permitting it to be destroyed.

PART IV

IMPORT AND EXPORT

23. (1) The importation into Antigua and Barbuda kF::!ions On
of-

(a) any notes of a class which are or have at any
time been legal tender in the United Kingdom or any
part of the United Kingdom; and

( b ) any such other notes as may be specified by
order of the Governor-General, being notes issued by
a bank or notes of a class which are or have at any time
been legal tender in any territory; and

LAWS OF ANTIGUA AND BARBUDA .
2 4 CAP. 157) Exchanfe Control

(c) any certificate of title to any security including
such certificate which has been cancelled, and any docu-
ment certifying the destruction, loss or cancellation of
any certificate of title to a security,

is hereby prohibited except with the permission of the
Financial Secretary.

(2) In this section the expression "note" includes part
of a note and the expression "security" includes a second-
ary security.

General
restrictions on

24. (1) The exportation from Antigua and Barbuda
export. of-

(a) any notes of a class which are or have at any
time been legal tender in the United Kingdom or any
part of the United Kingdom or in any other territory;
and

(b) any postal orders; and

(c) any gold; and

(d) any of the following documents (including any
such document which has been cancelled), that is to
say-

(i) any certificate of title to a security and any
coupon; and

(ii) any policy of assurance; and

(iii) any bill of exchange or promissory note
expressed in terms of a currency other than
that of a scheduled territory and payable other-
wise than within the scheduled territories; and

(iv) any document to which section 6 applies not
issued by an authorized dealer or in pursuance
of a permission granted by the Financial
Secretary;

and any document certifying the destruction, loss or
cancellation of any of the documents aforesaid; and

(e) any such articles exported on the person of a
traveller or in a traveller's baggage as may be prescribed,

is hereby prohibited except with the permission of the
Financial Secretary.

LAWS OF ANTIGUA AND BARBUDA

Exchange Control (CAP. 157 25

(2) In this section, the expression "note" includes part
of a note, the expression "security" includes a secondary
security and the expression "coupon" shall be construed in
accordance with the meaning of ' 'security".

25. ( 1 ) The exportation of goods of any class or Payment for
exports.

description from Antigua and Barbuda to a destination in
any such territory as may be prescribed is hereby prohibited
cxcept with the permission of the Financial Secretary, unless
the Comptroller of Customs is satisfied-

( a ) that payment for the goods has been made to
a person resident in Antigua and Barbuda in such
manner as may be prescribed in relation to goods of
that class or description exported to a destination in that
territory, or is to be so made not later than six months
after the date of exportation; and

(b) that the amount of the payment that has been
made or is to be made is such as to represent a return
for the goods which is in all the circumstances satis-
factory in the national interest:

Provided that the Financial Secretary may direct that,
in cases to which the direction applies, paragraph ( a ) shall
have effect as if for the reference to six months there were
substituted a reference to such longer or shorter period as
may be specified in the direction, or as if the words "or is
to be so made not later than six months after the date of
exportation" were omitted.

( 2 ) For the purpose of satisfying himself in the case of
any goods as to the matters specified in subsection ( I ) , the
Comptroller of Customs may require the person making entry
of the goods for export to deliver to the Comptroller or other
proper officer together with the entry such declarations signed
by such persons as he may require, and where any such
declaration has been so required the goods shall not be
exported until it has been delivered as aforesaid.

(3) Where the Comptroller of Customs is not satisfied
in the case of any goods as to the matters specified in
paragraph ( 6 ) of the said subsection ( I ) , he shall give his
reasons to the person making entry of the goods for export

LAWS OF ANTIGUA AND BARBUDA

26 CAP. 157) Exchanxe Control

and shall take into consideration any representations made
by him.

(4) Any reference in this section to the destination of
any goods includes a reference to the ultimate destination
thereof.

PART V

Duty to collect
certain debts.

26. (1) Except with the permission of the Financial
Secretary, no person resident in Antigua and Barbuda who
has a right (whether present or future and whether vested
or contingent) to receive any specified currency, or to receive
from a person resident outside the scheduled territories a
payment in sterling or dollars, shall do, or refrain from doing,
any act with intent to secure or shall do any act which
involves, is in association with, or is preparatory to, any
transaction securing-

(a) that the receipt by him of the whole or part
of that currency or, as the case may be, of that pay-
ment in sterling, or dollars is delayed; or

(6) that the currency or payment ceases, in whole
or in part to be receivable by him:

Provided that nothing in this subsection-

(i) shall, unless the Financial Secretary otherwise
directs, impose on any person any obligation,
in relation to any debt arising in the carrying
on of any trade or business, to procure the pay-
ment thereof at an earlier time than is
customary in the course of that trade or
business; or

(ii) shall, unless the Financial Secretary otherwise
directs, prohibit any transfer to a person resi-
dent in Antigua and Barbuda and not
elsewhere of any right to receive any specified
currency or payment in sterling or dollars.

(2) Where a person has contravened the provisions of
subsection (1) in relation to any specified currency or pay-
ment in sterling, or dollars, the Financial Secretary may give

LAWS OF ANTIGUA AND BARBUDA

Exchanfe Control (CAP. 157 27

to him or to any other person who appears to the Financial
Secretary to be in a position to give effect thereto (being
a person in or resident in Antigua and Barbuda) such direc-
tions as appear to the Financial Secretary to be expedient
for the purpose of obtaining or expediting the receipt of the
currency or payment in question, and, without prejudice to
the generality of the preceding provisions of this subsection,
may direct that there shall be assigned to the Financial
Secretary or to such person as may be specified in the direc-
tions, the right to receive the currency or payment or enforce
any security for the receipt thereof.

27. (1) Where- D U ~ Y not to
delay sale or

(a) any permission or consent has been granted tation ion
under this Act. or under any corresponding provision
of the law in force in any territory comprised in the
scheduled territories, subject to a condition providing
that, or on the faith of an application stating an inten-
tion that, any goods should be sold outside the scheduled
territories; or

(6) any statement of declaration has been made
under any provision of this Act or any such corres-
ponding provision as aforesaid that any goods are to
be sold outside the scheduled territories; or

(c) any currency has been obtained in, or by any
person resident in, the scheduled territories on the faith
of an application stating an intention that any goods
should be sold outside the scheduled territories,

then, except with the permission of the Financial Secretary,
no person resident in Antigua and Barbuda who is entitled
to sell or procure the sale of the said goods shall do, or refrain
from doing, any act with intent to secure or shall do any
act which involves, is in association with, or is preparatory
to any transaction securing-

(i) that the said sale is delayed to an extent which
is unreasonable having regard to the ordinary
course of trade; or

(ii) that, on the said sale, any payment made for
the goods is not made in the manner indicated
by the condition, statement, or declaration,
as the case may be.

L4NrS OF ANTIGUA AND BARBUDA

2 8 CAP. 157) Exchange Control

(2) Where-

(a) any permission or consent has been granted
under this Act, or under any corresponding provisions
of the law in force in any territory comprised in the
scheduled territories, subject to a condition providing
that, or on the faith of an application stating an inten-
tion that, any goods should be imported from outside
the scheduled territories into any part of the scheduled
territories; or

(6) any currency has been obtaincd in or by any
person resident in, the scheduled territories on the faith
of an application stating an intention that any goods
should be so imported,

then except with the permission of the Financial Secretary,
no person resident in Antigua and Barbuda who is entitled
to procure the importation of the said goods shall do, or
refrain from doing, any act with intent to secure that the
importation thereof is delayed to an extent which is
unreasonable having regard to the ordinary coursc of trade.

(3) Where in any such case as is specified in paragraph
(a), (6) or (c) of subsection ( I ) , or paragraph (a) or (b) of
subsection (2)-

(a) the goods have not been sold or imported as
indicated by the condition, statement or declaration
within the time thereby indicated or, i f n o tirne is thereby
indicated, a reasonable time, or (in cither case) within
such further time as may be allowed by the Financial
Secretary; or

(b) it appears to the Financial Secretary that the
goods cannot be sold or imported as indicated by the
condition, statement or declaration,

the Financial Secretary may give to any person resident in
Antigua and Barbuda who appears to the Financial Secretary
to be in a position to give effect thereto such directions as
appear to him to be expedient as to the manner in which
the goods are to be dealt with.

(4) Without prejudice to the generality of the provisions
of the last preceding subsection, the power conferred thereby
on the Financial Secretary to give directions shall extend to

LAWS OF ANTIGUA AND BARBUDA

Exchanpe Control (CAP. 157 2 9

(he giving of directions that the goods shall be assigned to
the Financial Secretary or to a person specified in the
directions.

(5) I'he power conferred by the two last preceding
subsections in relation to any goods shall extend to the giving
of directions with respect to any goods produced or manu-
factured therefrom, and, where goods to be sold outside the
scheduled territories or to be imported were to be produced
or manufactured from other goods, to the giving of direc-
lions with respect to those other g o d s and any goods
produced or manufactured from those other goods.

28. (1) Where a person- Property
obtained bv

( a ) has made any payment which is prohibited by ~ ~ ~ ~ n g c m c n t Of
tliis Act; or

( h ) being bound under this Act to offer or cause
to be offered any specified currency to an authorized
dealer, has otherwise disposed of that currency,

thc Financial Secretary may direct him to scll or procure
thc sale of any property which he is entitled to sell or of
which he is entitled to procure the sale, being property which
represents, whether directly or indirectly, that payment or
that specified currency as the case may be, and may by the
Tame or a subsequent direction specify the manner in which,
the persons to whom and the terms on which the property
1s to be sold.

(2) Without prejudice to the generality of the provisions
of subsection (1) the power conferred thereby on the Financial
Secretary to give directions shall extend to the giving of direc-
tions that the property shall be assigned to the Financial
Secretary or to a person specified in the directions.

29. (1) Where, under the preceding provisions of f;;;P:;g;ta, to
this Part, the Financial Secretary has power to give direc- preceding
tions that any right to receive any currency or payment in provisions of

Part V.
sterling or dollars to enforce any security for the receipt
thereof, any goods or any other property shall be assigned
to the Financial Secretary, the Financial Secretary shall also
have power to direct that the right, goods or property shall
vest in the Financial Secretary, and it or they shall vest in
thc Financial Secretary accordingly free from any mortgage,

LAWS OF ANTIGUA AND BARBUDA

3 0 CAP. 157) Exchange Control

pledge or charge, and the Financial Secretary may deal with
it or them as he thinks fit.

(2) Where, in pursuance of directions under the said
provisions, any right, goods or property is or are assigned
to the Financial Secretary or to a person specified in the
directions, or any right, goods or property vests or vest in
the Financial Secretary, in pursuance of directions given
under subsection ( I ) , the Financial Secretary shall pay the
net sum recovered by him in respect of the right, goods or
property to the person making the assignment or, in the case
of any right, goods or property vested in the Financial
Secretary under subsection ( I ) , to the person who, but for
the directions, would be entitled to the rights, goods or
property.

Transfer of
annuities,

30. (1) Except with the permission of the Financial
policies, etc. Secretary, no person resident in Antigua and Barbuda shall

transfer to a person resident outside the scheduled territories,
or who is to be a nominee for a person resident outside the
scheduled territories, any right to the sums assured by any
policy of assurance, so, however, that where the person liable
for the sums so assured makes any payment thereof to a
person resident in the scheduled territories and not elsewhere
or makes, with the permission of the Financial Secretary,
any payment thereof to any other person-

(a) he shall not be bound to enquire as to the
residence of any person other than the person to whom,
and (if it is not the same person) the person to whose
order the payment is made; and

(b) the payment shall, to the extent of the sums
paid, discharge him from his liability under the policy,
notwithstanding that the payment is made to or to the
order of a person who was not entitled thereto other-
wise than by virtue of a transfer prohibited by this
subsection.

(2) Subsections (2) and (3) of section 20 shall apply in
relation to any transfer prohibited by this section as they
apply in relation to a transfer prohibited by this Act of a
security.

LAWS OF ANTIGUA AND BARBUDA

Exchange Control (CAP. 157 3 1

(3) In this section, the expression "nominee" has, in
rclation to any policy, annuity or insurance, the same mean-
ing as the said expression has in Part 111 in relation to a
security.

31. (1) Except with the permission of the Financial Settlements.
Srcretary, no person resident in Antigua and Barbuda shall
settle any property, otherwise than by will, so as to confer
,In interest in the property on a person who, at the time of
the settlement, is resident outside the scheduled territories,
o r shall exercise, otherwise than by will, any power of
appointment, whether created by will or otherwise, in favour
of' a person who, at the time of the exercise of the power,
1 5 resident outside the scheduled territories.

(2) A settlement or exercise of a power of appointment
shall not be invalid by reason that it is prohibited by this
srction, except so far as it purports to confer any interest
o n any person who, at the time of the settlement or the
t'xcrcise of the power, is resident outside the scheduled
tc.r ritories.

(3) Subsections (2) and (3) of section 20 shall apply in
relation to a settlement or the exercise of a power of
appointment prohibited by this section as they apply in
rclation to a transfer prohibited by this Act of a security.

(4) For the purposes of this section-

(a) any reference to settling property includes a
reference to the making of any disposition, covenant,
agreement or arrangement whereby the property
becomes subject to a trust, or (in the case of a resettle-
ment) to a different trust; and

( 6 ) a person shall be deemed to have an interest
in property if he has any beneficial interest therein,
whether present or future, and whether vested or con-
tingent, or falls within a limited class of persons in whose
favour a discretion or power in respect of the property
is exercisable; and

( c ) the expression "will" includes any testamen-
tary disposition.

LAWS OF ANTIGUA AND BARBUDA

CAP. 157) Exchange Control

Companies.

(5) No person resident in the scheduled territories shall
in Antigua and Barbuda do any act which involves, is in
association with, or is preparatory to, any such transaction
outside Antigua and Barbuda as is referred to in this section.

32. (1) Where there is served on any person resident
in Antigua and Barbuda a notice in writing that the Financial
Secretary wishes any such requirements as are hereinafter
mentioned to be complied with by any such body corporate
as is specified in the Second Schedule (hereafter in this subsec-
tion referred to as a "foreign company7'), and that person
can, by doing or refraining from doing any act,

(a ) cause the foreign company to comply with any
of the requirements; or

(b) remove any obstacle to the foreign company
complying with any of the requirements; or

(6) render it in any respect more probable that the
foreign company will comply with any of the
requirements,

then, except so far as permission to the contrary may be
given by the Financial Secretary, that person shall do, or,
as the case may be, refrain from doing, that act.

The requirements with respect to which such a notice
may be given are as follows, that it to say, that the foreign
company shall-

(i) furnish to the Financial Secretary, such parti-
culars as to its assets and business as may be
mentioned in the notice;

(ii) sell or procure the sale to an authorized dealer
of any gold or specified currency mentioned
in the notice, being gold or specified currency
which it is entitled to sell or of which it is
entitled to procure the sale;

(iii) declare and pay such dividend as may be
mentioned in the notice;

(iv) realise any of its assets mentioned in the notice
in such manner as may be so mentioned;

(v) refrain from selling, transferring or doing
anything which affects its rights or powers in

LAWS OF ANTIGUA AND BARBUDA

Exchanfe Control (CAP. 157 33

relation to any such securities as may be men-
tioned in the notice.

(2) Except with the permission of the Financial
Secretary, no person resident in Antigua and Barbuda shall
do any act whereby a body corporate which is by any means
controlled (whether directly or indirectly) by persons resident
in Antigua and Barbuda ceases to be controlled by persons
resident in Antigua and Barbuda:

Provided that this subsection shall not prohibit any per-
son from selling any securities authorized to be dealt in on
any recognized stock exchange in Antigua and Barbuda if
the sale takes place in pursuance of an agreement entered
into in the ordinary course of business on that exchange.

No person resident in the scheduled territories shall in
Antigua and Barbuda do any act which involves, is in associa-
tion with, or is preparatory to, any such transaction outside
Antigua and Barbuda as is referred to in this subsection.

(3) Except with the permission of the Financial
Secretary, no person resident in Antigua and Barbuda shall
Irnd any money or securities to any body corporate resident
in the scheduled territories which is by any means controlled
(whether directly or indirectly) by persons resident outside
the scheduled territories:

Provided that this subsection shall not apply where the
lender after making such inquiries as are reasonable in the
circumstances of the case does not know and has no reason
to suspect that the body corporate is controlled as aforesaid.

No person resident in the scheduled territories shall in
Antigua and Barbuda do any act which involves, is in associa-
tion with, or is preparatory to, any such transaction outside
Antigua and Barbuda as is referred to in this subsection.

(4) For the purposes of this section and of the Second
Schedule, persons resident in Antigua and Barbuda or out-
side the scheduled territories shall be deemed to control a
bcjdy corporate notwithstanding that other persons are
associated with them in the control thereof if they can together
override those other persons.

(5) In this section the expression "security" includes
a secondary security.

LAWS OF ANTIGUA AND BARBUDA

3 4 CAP. 157) Exchange Control

Exemptions.

PART VI

33. Any provision of this Act imposing any obliga-
tion or prohibition shall have effect subject to such exemptions
as may be granted by order of the Governor-General and
any such exemption may be either absolute or conditional.

Blocked accounts. 34. Where-
(a) under any provision contained in Part 11, the

permission of the Financial Secretary is required for the
making of a payment or the placing of any sum to the
credit of any person resident outside the scheduled
territories; or

( 6 ) any payment falls to be made by an authorized
dealer on the sale of any gold or specified currency by
any foreign company within the meaning of subsection
(1) of the concluding section of Part V, being a sale
made to comply with any requirement notified under
that subsection,

the Financial Secretary may direct that the sum payable or
to be credited shall be paid or credited to a blocked account
only, and, where such a direction is given, the provisions
of the Third Schedule shall have effect in relation to the pay-
ment or crediting of the sum.

Contracts, legal
proceedings, etc.

35. (1) It shall be an implied condition in any con-
tract that, where, by virtue of this Act, the permission or
consent of the Financial Secretary is at the time of the contract
required for the performance of any term thereof, that term
shall not be performed except in so far as the permission
or consent is given or is not required:

Provided that this subsection shall not apply in so far
as it is shown to be inconsistent with the intention of the
parties that it should apply, whether by reason of their having
contemplated the performance of that term in despite of the
provisions of this Act or for any other reason.

(2) Notwithstanding anything in the Bills of Exchange
Cap. 48. Act, neither the provisions of this Act, nor any condition,

whether express or to be implied having regard to those
provisions, that any payment shall not be made without the

LAWS OF ANTIGUA AND BARBUDA

Exchange Control (CAP. 157 3 5

permission of the Financial Secretary under this Act, shall
be deemed to prevent any instrument being a bill of exchange
or promissory note.

(3) The provisions of the Fourtth Schedule shall have
effect with respect to legal proceedings, arbitrations,
bankruptcy proceedings, the administration of the estates of
deceased persons, the winding-up of companies, and pro-
ceedings under deeds of arrangement or trust deeds for behoof
of creditors.

36. (1) The provisions of the Fifth Schedule shall have Enforcement and
administration. effect for the purpose of the enforcement of this Act.

(2) Persons belonging to the following classes, that is
to say-

(a) bankers, authorized dealers, authorized
depositaries;

(b) persons to whom any powers of the competent
authority under this Act are delegated;

(c) persons who with the permission of the com-
petent authority are in possession of documents which
would, but for the permission, have to be in the custody
of an authorized depositary;

(d) persons concerned with the keeping of any
register in Antigua and Barbuda; and

( e ) persons entrusted with the payment of capital
moneys, dividends or interest in Antigua and Barbuda,

shall comply with such directions as may be given to them
rrspectively by the Financial Secretary being-

(i) in the case of any such persons directions as
respects the exercise of any functions
exercisable by them by virtue of, or by virtue
of anything done under, any provisions of this
Act; or

(ii) in the case of authorized dealers, such direc-
tions as aforesaid or directions as to the terms
on which they are to accept gold or foreign
currency or directions requiring them to offer
their gold or specified currency for sale to the

LAWS OF ANTIGUA AND BARBUDA

36 CAP. 157) Exchange Control

Bank of England on such terms as may be
specified in any such directions.

Application to
Crown.

37. This Act shall bind the Crown and shall apply
to transactions by a Government department or other person
acting on behalf of the Crown, and the competent authority
shall not, by virtue of any contract made by them or on their
behalf in relation to any securities, be under any obligation
to grant any permission under Part I11 or any exemption
from the provision of the said Part 111.

Governor-
General's Orders

38. (1) The Governor-General may by order make
and ~ ~ ~ ~ l ~ t i ~ ~ ~ . such transitional provisions as appear to him necessary or

expedient in consequence of the exercise by him of any other
power to make orders under this Act.

(2) The Governor-General may make such regulations
to replace the Defence (Finance) Regulations specified in the
Sixth Schedule or any one or more of them as are, in his
opinion, necessary for purposes ancillary to the principal
objects of this Act.

Other powers. 39. (1) Any permission, consent or authority, granted
under this Act-

( a ) may be either general or special; and

(b) may be revoked by the compctent authority;
and

(c) may be absolute or conditional; and

(4 may be limited so as to expire on a specified
date, unless renewed; and

( e ) shall be published in such a way as in the
opinion of the competent authority, t o give any person
entitled to the benefit of it an adequate opportunity of
getting to know of it, unless in his opinion publication
is not necessary for that purpose.

(2) Any directions givcn under any provision of this
Act-

(a) may br either general or special; and

LAWS OF ANTIGUA AND BARBUD.4

Exchange Control (CAP. 157 37

(6) may be revoked or varied by subsequent direc-
tions; and

(c) shall be given to such persons and in such
manner as the competent authority thinks appropriate
and if so given shall be valid for all purposes.

(3) Notwithstanding paragraph (e) of the last preceding
subsection, a person shall not by virtue of any direction given
by the competent authority under this Act, be convicted of
an offence against this Act, unless the direction was served
on him or he knew, or avoided getting to know, of the giving
thereof:

Provided that where reasonable steps were taken for the
purpose of bringing the purport of the direction to his notice,
i t shall be for him to show that he neither knew nor avoided
getting to know of the giving thereof.

(4) The competent authority may, to such extent and
subject to such restrictions and conditions as he may think
proper, delegate or authorize the delegation of any of his
powers (other than any power to make orders or to give
authority to apply for a search warrant) to any person, or
class or description of persons, approved by him, and
references in this Act shall be construed accordingly.

(5) Any document stating that any permission, consent,
authority or direction is given under any of the provisions
of this Act by the competent authority, and purporting to
be signed on his behalf, shall be evidence of the facts stated
in the document.

40. Any expenses incurred under or by virtue of this ~ ~ : ~ ~ , " ~ s .
Act by any Government department shall be paid out of
moneys provided by Parliament, and any sums received
under or by virtue of this Act by any Government depart-
ment shall be paid to the Financial Secretary.

41. (1) The Governor-General may by order or direc- Branches.
tion provide that, for such of the purposes of this Act as may
be -specified in the order or direction-

LAWS OF ANTIGUA AND BARBUDA

38 CAP. 157) Exchange Control

(a) any transaction with or by a branch of any
business, whether carried on by a body corporate or
otherwise, shall be treated in all respects as if the branch
were a body corporate resident where the branch is
situated; and

(6) the making of any book entry or other state-
ment recording a debit against a branch of any business
in favour of any other branch of that business, shall
be treated as a payment to that other branch; and

(c) any property held by or on behalf of the person
carrying or, the business shall be deemed to be held by
such of the branches of the business as may be deter-
mined in accordance with the order or direction,

and any such order or direction which makes, for any of
the purposes of Part 111, such provision as is mentioned in
paragraph (c) may contain provisions declaring the circum-
stances in which a branch is to be treated as nominee for
any other branch.

(2) Any reference in subsection (1) to a branch of a
business shall be deemed to include a reference to the head
office of that business.

(3) Subsections (1) and (2) shall apply in relation to
any body of persons (whether corporate or unincorporate)
carrying on any activity, whether for the purpose of profit
or not, as they apply in relation to a business.

Persons leaving
the scheduled
territories.

42. Where a person resident in Antigua and Barbuda
leaves the scheduled territories, the Financial Secretary may,
before, at or after the time he leaves the scheduled territories,
direct that, for such period as may be specified in the direc-
tion, payments by him or on his behalf and to him or to
his credit and transactions in or in relation to securities or
secondary securities in which he is in any way concerned
shall, whether or not he continues to be resident in Antigua
and Barbuda, be subject to such restrictions as may be
specified in the direction.

Determination of 43. (1) For the purposes of this Act, a personal
residence.

representative of a deceased person shall, unless the Financial
Secretary otherwise directs, be treated as resident in the

LAWS OF ANTIGUA AND BARBUDA

Exchange Control (CAP. 157 3 9

territory where the deceased person was resident for the
purposes in question at the time of his death and as not
resident elsewhere, so far as relates to any matters in which
the personal representative is concerned solely in his capacity
as such.

(2) The Financial Secretary may give directions
declaring that for all or any of the purposes of this Act a
person is to be treated as resident or not resident in such
territories as may be specified in the directions.

44. This Act shall come into force on such day as :;y;:;ment
the Governor-General may by Proclamation appoint, and-

(a) different days may be appointed for different
purposes and for different provisions thereof; and

( 6 ) the power of the Governor-General to make
transitional provisions consequent on the making of an
order under this Act shall extend to the revocation, in
consequence of any order made under this subsection,
of any of the provisions of the Defence (Finance) Regula-
tions, 1939.

FIRST SCHEDULE S. 3

T H E SCHEDULED TERRITORIES

1. The fully self-governing countries of the Commonwealth
cxcept Canada.

2. Any Colony under the dominion of Her Majesty.

3. Any territory administered by the government of any
part of Her Majesty's dominions under the trusteeship system of
rhc United Nations.

4. Any British protectorate or British protected state.

5. South West Africa

6. The Irish Republic.

7. Iraq.

LAWS OF ANTIGVA AND BARBUDA

40 CAP. 157) Exchange Control

8. Iceland.

9. Burma.

10. The Hashemite Kingdom of the Jordan

11. The United Kingdom of Libya.

SECOND SCHEDULE S. 32 and 34

1. The bodies corporate in question are bodies corporate
not incorporated under the law of Antigua and Barbuda in the
case of which any of the following conditions is fulfilled-

(a) that the body corporate is by any means controlled
(whether directly or indirectly) by persons resident in Antigua
and Barbuda;

(b) that more than one-half of the sums which, on a
liquidation thereof would be receivable by the holders of share
or loan capital would be receivable directly or indirectly by
or for the benefit of persons resident in Antigua and Barbuda;

(6) that more than one-half of the assets which, on a
liquidation thereof, would be available for distribution after
the payment of creditors would be receivable directly or
indirectly by or for the benefit of persons resident in Antigua
and Barbuda; or

(d) that more than one-half-

(i) of the interest payable on its loans and loan capital
if any; or

(ii) of the dividends payable on its preference share
capital, if any; or

(iii) of the dividends payable on its share capital, if any,
not being preference share capital,

is receivable, directly or indirectly, by or for the benefit of
persons resident in Antigua and Barbuda .

2. Where the identity of the persons by whom or for whose
benefit any sum, assets, interest or dividends are directly or
indirectly receivable depends on the exercise by a person resident

LAWS OF ANTIGUA AND BARBUDA

Exchange Control (CAP. 157 41

in Antigua and Barbuda of a power of appointment or similar
power, the sum, assets, interest or dividends shall, for the purposes
of this Schedule, be deemed to be receivable directly or indirectly
by or for the benefit of persons resident in Antigua and Barbuda.

T H I R D SCHEDULE

1. In this Schedule, the expression "a blocked account"
means an account opened as a blocked account at an office or
branch in Antigua and Barbuda in favour of any person by a banker
authorized by the Financial Secretary to open blocked accounts,
and the expression "the banker" means, in relation to any person,
a banker who opens a blocked account in favour of that person.

2. Where a direction is given that a payment is to be made
to a blocked account only, then, subject to the next following
paragraph-

(a) the manner in which the payment may be made shall
be either-

(i) to the banker, with a direction that it is to be credited
to a blocked account of that person (which direc-
tion may, in the case of a payment by means of
a cheque or warrant, be made by marking the
cheque or warrant with the words "blocked account
o f ' (naming the person in question) or words to
the same effect); or

(ii) by a crossed cheque or warrant drawn in favour of
that person, marked with the words "payable only
to blocked account of payee" or words to the same
effect; and

(6) the sum collected shall be credited by the banker to
a blocked account of that person.

3. Where a direction is given that a sum is to be aid or "
c-rcdited to a blocked account only, then, notwithstanding the
direction, the sum may, with the consent of the person to whom
i t is to be paid or credited, and subject to the requirements of
Part I11 of this Act, be invested instead in the purchase for that
person of any such investments as may be prescribed for the
purposes of paragraph (a) of the proviso to the next following

WWS OF ANTIGUA AND BARBUDA

42 CAP. 157) Exchange Control

4. Any sum standing to the credit of a blocked account
shall not be dealt with except with the permission of the Financial
Secretary:

Provided that, subject to compliance with the requirements
of Part I11 of this Act-

(a) the whole or any part of any such sutn may, at the
request of the person in whose name the account stands, be
invested through the banker in such investments as may be
prescribed; and

( b ) nothing in this Schedule shall be construed as restric-
ting the manner in which the investments acquired may be
dealt with.

5 . Where a person in whose name a blocked account is
standing becomes bankrupt in Antigua and Barbuda or dies, the
banker may, notwithstanding anything in paragraph 4 of this
Schedule, transfer the account to the name of the trustee in
bankruptcy or personal representative, but, save as aforesaid, no
change shall, except with the permission of the Financial Secretary,
be made in the name in which the account stands; and where
any such change is made (whether or not the permission of the
Financial Secretarv is necessarv therefor) the account shall remain
a blocked account notwithstanding the change, and the provisions
of this Schedule shall apply accordingly.

6. Where-
(a) a sum is due from any person to any other person

but the Financial Secretary directs that it shall be paid or
credited to a blocked account only; and

( b ) the person to whom the sum is due nominates such
an account to the person from whom the sum is due,

the last mentioned person is under a duty to the person to whom
the sum is due to cause the sum to be paid or credited to that
blocked account, and the crediting of any sum to a blocked account
in pursuance of a direction of the Financial Secretary shall, to
the extent of the sum credited, be a good discharge to the person
from whom the sum is due:

Provided that in the case of a sum due under a contract this
paragraph shall not apply in so far as it is shown to be incon-
sistent with the intention of the parties that it should apply.

LAWS OF ANTIGUA AND BARBUDA

Exchange Control (CAP. 157

F O U R T H SCHEDULE S. 35

1. T h e provisions of Part I1 of this Act shall apply to sums
required to be paid by any judgment o r order of any court o r
by any award as they apply in relation to other sums, and it shall
be implied in any judgment or order of any court in Antigua and
Barbuda, and in any award given under the law of Antigua and
KarLuda, that any sum required to be paid by the judgment, order
or award (whether as a debt, as damages or otherwise) to which
~ h c said provisions apply shall not be paid except with the
permission of the Financial Secretary.

2. Nothing in this Act shall be construed as preventing the
payment by any person of any sum into any court in Antigua
and Barbuda but the provisions of Part I1 of this Act shall apply
t o the payment of any sum out of court, whether under an order
o f the Court or otherwise, to or for the credit of any person resident
outside the scheduled territories.

3. Without prejudice to the provisions of any enactments
relating to the making of rules of court, rules of court-

(a) enabling any person who is required by any judg-
ment, order or award to pay any sum, if he apprehends that
the payment of that sum is unlawful under this Act except
with the permission of the Financial Secretary. to pay that
sum into court; and

(6) declaring that payment of a sum into court by virtue
of the preceding subparagraph, together with the delivery
to the other party concerned of such evidence of the pay-
ment as may be prescribed by the rules, shall, to the extent
of the payment, be a good discharge to the person making
the payment; and

(c) so regulating the process of execution which may issue
in respect of any sum required to be paid by any judgment,
order or award as to secure that, unless it is shown, in such
manner as may be prescribed by the rules, that the permis-
sion of the Financial .Secretary for the payment of the sum
is not required under this Act or has been given without con-
ditions, the proceeds of the execution will be paid into court,
and, so far as is necessary for that purpose, varying the form
of any writ of execution or other similar document or the
duties of the sheriff or other officer to whom any such writ
o r other similar document is directed,

LAWS OF ANTlCUA AND BARBUDA

CAP. 157) Exchange Control

may be made, as respects the High Court, o r any other court,
by such authority as may be designated in that behalf by the Chief
,Justice:

Provided that-

(i) the form of any bankruptcy notice shall be such as
may be prescribed by the Financial Secretary; and

(ii) nothing in this paragraph shall affect thc provisions
of any legislation which requires rules of court fbr
inferior courts to have the concurrence of the rule-
making authority for the High Court.

4. (1) In any proceedings in a prescribed court and in any
arbitration proceedings, a claim for the recovery of any debt shall
not be defeated by reason only of the debt not being payable without
the permission of the Financial Secretary and of that permission
not having been given or having been revoked.

(2) No court shall be prescribed for the purpose of this
paragraph unless the Financial Secretary is satisfied that adequate
provision has been made therefor by rules of court for the purposes
specified under the last preceding paragraph.

5 . (1) In any bankruptcy, in the winding up of any corn-
pany or in the administration of the estate of any deceased person
(being a bankruptcy, winding up or administration carried under
the law of Antigua and Barbuda), a claim for a sum not payable
without permission of the Financial Secretary shall, notwithstanding
that the permission has not been given or has been revoked, be
admitted to proof as if it had been given and had not been revoked:

Provided that nothing in this subparagraph shall be construed
as aff'ecting the application of the provisions of Part I1 of this Act
to payments by any trustee, liquidator, personal representative
or other person in any such bankruptcy, winding up or
administration.

(2) T h e provisions of this Act restricting the making of settle-
ments shall not apply to any deed of arrangement made for the
benefits of creditors generally, and the provisions of subparagraph
(1) of this paragraph shall apply in relation to proceedings under
any deed of arrangement as they apply in relation to proceedings
in bankruptcy.

6. A debt for the payment of which the permission of the
Treasury is required under this Act shall, if in other respects it
complies with the requirements of subsection (1) of section 4 of
the Bankruptcy Act to be allowed to be a good petitioning creditor's

LAWS OF ANTIGUA AND BARBUDA

Exchange Control (CAP. 157 45

debt, notwithstanding the said requirement, if and to the extent
that the debt can be satisfied either by a payment into court or
by a payment to a blocked account.

FIFTH SCHEDULE

PART I

General provisions as to evidence and information

1. (1) Without prejudice to any other provisions of this Act,
the Financial Secretary may give to any person in or resident in
Antigua and Barbuda directions requiring him, within such time
and in such manner as may be specified in the directions, to furnish
to him, or to any person designated in the directions as a person
authorized to require it, any information in his possession or con-
trol which the Financial Secretary or the person so authorized,
as the case may be, may require for the purpose of securing com-
pliance with or detecting evasion of this Act.

(2) A person required by any such directions as aforesaid
to furnish information shall also produce such books, accounts
or other documents (hereafter in this Part of this Schedule refer-
red to as "documents") in his possession or control as may be
required for the said purpose by the Financial Secretary or by
the person authorized to require the information, as the case may
be.

(3) Nothing in the preceding provisions of this paragraph
shall be taken to require any person who has acted as counsel
or solicitor for any person to disclose any privileged communica-
tion made to him in that capacity.

(4) Where a person is convicted on indictment for failing to
give information or produce documents when required so to do
under this paragraph, the court may make an order requiring the
offender within such period as may be specified in the order, to
comply with the requirement to give the information or produce
the documents.

2. (1) If a justice of the peace is satisfied by information
on oath given by a person authorized by the Financial Secretary
to act for the purposes of this paragraph either-

LAWS OF ANTIGUA AND BARBUDA

46 CAP. 157) Exchange Control

(a) that there is reasonable ground for suspecting that
an offence against this Act has been or is being committed
and that evidence of the commission of the offence is to be
found at any premises specified in the information, or in any
vehicle, vessel or aircraft so specified; or

( 6 ) that any documents which ought to have been
produced under the preceding paragraph and have not been
produced are to be found at any such premises o r in any
such vehicle, vessel o r aircraft,

he may grant a search warrant authorizing any police officer,
together with any other persons named in the warrant and any
other police officers, to enter the premises specified in the infor-
mation or, as the case may be, any premises upon which the vehicle,
vessel or aircraft so specified may be, at any time within one month
from the date of the warrant, and to search the premises, or, as
the case may be, the vehicle, vessel o r aircraft.

(2) A person authorized by any such warrant as aforesaid
to search any premises or any vehicle, vessel or aircraft, may search
every person who is found in, or whom he has reasonable ground
to believe to have recently left or to be about to enter, those premises
or that vehicle, vessel o r aircraft, as the case may be, and seize
any article found in the premises or on or in the vehicle, vessel,
or aircraft, which he has reasonable ground for believing to be
evidence of the commission of any offence against this Act or any
documents which he has reasonable ground for believing ought
to have been produced under the preceding paragraph:

Provided that no female shall, in pursuance of any warrant
issued under this paragraph, be searched except by a female.

( 3 ) Where, by virtue of this paragraph, a person has any
power to enter any premises, he may use such force as is reasonably
necessary for the purpose of exercising that power.

3. (1) Any article coming into possession of a n executive
authority (whether in consequence of the seizure of the article under
or by virtue of this Act o r otherwise) which the authority has
reasonable ground for believing to be evidence of the commission
of an offence against this Act may be retained for a period of three
months or, if within that period there are commenced proceedings
in respect of such an offence in which the article is, or can properly
be, adduced in evidence, until the final determination of those
proceedings.

(2) For the purposes of this paragraph, any person to whom
any powers of the competent authority under this Act are delegated

LAWS OF ANTIGUA AND BARBUDA

Exchange Control (CAP. 157

or on whom any functions are conferred by or by virtue of this
Act, including any police officer, shall be deemed to be an executive
authority.

(3) For the purposes of this paragraph, any proceedings shall
be deemed not to have been finally determined so long as there
is pending any appeal in the matter of the proceedings, and an
appeal in that matter shall be deemed to be pending during the
ordinary time within which such a n appeal may be lodged, and,
if such an appeal is duly lodged, the appeal shall be deemed to
be pending until it is decided or withdrawn.

'(4) The powers conferred by this paragraph in relation to
any article shall be in addition to, and not in derogation of, any
powers otherwise exercisable in relation thereto.

4. No person in or resident in Antigua and Barbuda shall-
(a) with intent to evade the provisions of this Act destroy,

mutilate, deface, secrete or remove any documents;

( 6 ) in furnishing any information for any of the purposes
of this Act make any statement which he knows to be false
in a material particular, or recklessly make any statement
which is false in a material particular;

(c) obstruct any person in the exercise of any powers
conferred on him by virtue of this Part of this Schedule.

P A R T I1

1. (1) Any person in or resident in Antigua and Barbuda
who contravenes any restriction or requirement imposed by or
under this Act, and any such person who conspires or attempts,
or aids, abets, counsels or procures any other person, to contravene
any such restriction or requirement as aforesaid, shall be guilty
of an offence punishable under this Part of this Schedule:

Provided that an offence punishable by virtue of Part I11 of
this Schedule shall not be punishable under this Part of this
Schedule.

(2) Where an offence punishable under this Part of this
Schedule has been committed by a body corporate, any person
who at the time of the commission of the offence was a director,

LAWS OF ANTIGUA AND BARBUDA

48 CAP. 157) Exchange Control

general manager, secretary or other similar officer of the body
corporate, o r was purporting to act in any such capacity, shall
be deemed to be guilty of that offence, unless he proves that the
contravention was committed without his consent or connivance
and that he exercised all such diligence to prevent the commis-
sion of the offence as he ought to have exercised having regard
to the nature of his functions, in that capacity and to all the
circumstances.

(3) Any person who commits a n offence punishable under
this Part of this Schedule shall be liable-

(a) on summary conviction, to imprisonment for not
more than three months o r to a fine or to both;

(6) on conviction on indictment, to imprisonment for
not more than two years or to a fine or to both;

and where the offence is concerned with any currency, any security,
any gold, any goods or any other property, the court may, if it
thinks fit so to do, order the currency, security, gold, goods or
property to be forfeited.

(4) Except in the case of a body corporate convicted on
indictment, the maximum fine which may be imposed for a n
offence punishable under this Part of this Schedule shall be-

(a) on summary conviction twenty-four thousand dollars;
and

(b) on conviction on indictment forty-eight thousand
dollars;

so, however, that (in either case) where the offence is concerned
with any currency, any security, any payment, any gold, any goods
or any other property, and does not consist only of a failure to
give information or produce books, accounts or other documents
with respect thereto when required so to d o under Part I of this
Schedule, a larger fine may be imposed not exceeding three times
the amount o r value of the currency, security, payment, gold,
goods or property.

2. (1) No proceedings for an offence punishable under this
Part of this Schedule shall be instituted, except by or with the
consent of the Attorney-General o r appropriate officer:

Provided that this subparagraph shall not prevent the issue
or execution of a warrant for the arrest of any person in respect
of such an offence, o r the remanding in custody or on bail of any
person charged with such a n offence.

LAWS OF ANTIGUA AND BARBUDA

Exchange Control (CAP. 157 49

(2) Proceedings against any person in respect of an offence
punishable under this Part of this Schedule may be taken before
the appropriate court in Antigua and Barbuda having jurisdiction
in the place where that person is for the time being.

(3) Any proceeding under a law establishing summary
jurisdiction which may be taken against any person in respect of
any offence punishable under this Part of this Schedule may, not-
withstanding anything to the contrary in that law, be taken at
any tirue within twelve months from the date of the commission
of the offence or within three months from the date on which
evidence sufficient in the opinion of the Financial Secretary to
justify the proceedings comes to the knowledge of the Financial
Secretary, whichever period last expires, or , where the person in
question was outside Antigua and Barbuda at the date last-
mentioned, within twelve months from the date on which he first
arri\.es in Antigua and Barbuda thereafter.

(4) For the purposes of this paragraph a certificate of the
Financial Secretary as to the date on which such evidence as
aforesaid came to the knowledge of the Financial Secretary shall
be conclusive evidence thereof.

3. The maximum period of imprisonment that may be
imposed by a court of summary jurisdiction in Antigua and
Barbuda-

(a) in respect of the non-payment of a sum adjudged
to be paid by a conviction for an offence punishable under
this Part of this Schedule; or

(b) in respect of the default of a sufficient distress to satisfy
any such sum,

shall, in cases where the sum exceeds ninety-six dollars, be increased
in accordance with the following scale, that is to say-

lYhere the amount
I)? paid by the conk
the conviction-

of the sum adjudged to T h e said period
riction, as ascertained by shall not exceed-

Exceeds ninety-six dollars but does not
exceed four hundred and eighty dollars Four months.

Exceeds four hundred and eighty dollars Six months.

4. Where a corporation is charged, whether alone or jointly
with some other person, with an indictable offence punishable under
this Part of this Schedule, the Magistrate may, if he is of opinion
that the evidence offered on the part of the prosecution is sufficient

LAWS OF ANTIGUA AND BARBUDA

50 CAP. 157) Exchange Control

to put the accused corporation upon trial, commit the corpora-
tion for trial.

5 . Where an indictment has been filed against a corporation
in respect of an offence punishable as aforesaid, the corporation
may, on arraignment before the High Court enter in writing by
its representative a plea of guilty or not guilty, and if either the
corporation does not appear by a representative or, though it does
so appear, fails to enter as aforesaid any plea, the court shall order
a plea of not guilty to be entered and the trial shall proceed as
though the corporation had duly entered a plea of not guilty.

6. Any indictment filed against a corporation or other
document addressed to a corporation may be served upon the
corporation by leaving it at, or sending it by post to, the registered
office of the corporation or, if there be no such office in Antigua
and Barbuda, by leaving it at or sending it by post to, the
corporation at any place in Antigua and Barbuda at which it trades
or conducts business.

7. In this paragraph the expression "representative" in
relation to a corporation means a person duly appointed by the
corporation to represent it for the purpose of doing any act or
thing which the representative of a corporation is by this Part of
this Schedule authorized to do, but a person so appointed shall
not, by virtue only of being so appointed, be qualified to act on
behalf of the corporation before any court for any other purpose.

A representative for the purposes of this Part of this Schedule
need not be appointed under the seal of the corporation, and a
statement in writing purporting to be signed by a managing director
of the corporation or by any person (by whatever name called)
having, or being one of the persons having, the management of
the affairs of the corporation, to the effect that the person named
in the statement has been appointed as the representative of the
corporation for the purposes of this Part of this Schedule shall
be admissible without further proof as prima facie evidence that
that person has been so appointed.

PART I11

1. (1) The enactments relating to customs shall, subject
to such modifications, if any, as may be prescribed to adapt them
to this Act apply in relation to anything prohibited to be imported
or exported by any of the provisions of Part IV except with the
permission of the Financial Secretary as they apply in relation

LAWS OF ANTIGUA AND BARBUDA

Exchange Control (CAP. 157 5 1

to goods prohibited to be imported or exported by or under any
of the said enactments, and any reference in the said enactments
to goods shall be construed as including a reference to anything
prohibited to be imported or exported by any of the provisions
of the said Part IV except with the permission of the Financial
Secretary.

(2) References in this paragraph to the enactments relating
to Customs shall be taken as including references to the Customs
Duties Act as amended.

2. Any declaration required to be given under Part IV of
this Act shall, for the purposes of the Customs Duties Act as
amended, be deemed to be a declaration in a matter relating to
customs.

3. If anything prohibited to be exported by any provision
of the said Part IV is exported in contravention thereof, or is
brought to a quay or other place, or water borne, for the purpose
of being so exported, the exporter or his agent shall be liable to
the same penalty as that to which a person is liable for an offence
to which the Customs Duties Act as amended applies.

4. Without prejudice to any of the preceding provisions
of this Part of this Schedule, any person who, on any occasion,
is about to leave Antigua and Barbuda or arrives in Antigua and
Barbuda (which person is hereafter in this paragraph referred to
as "the traveller") shall, if on that occasion he is required so to
do by an officer of Customs or an immigration officer-

(a ) declare whether or not he has with him anything
prohibited to be imported or exported by any of the provi-
sions of the said Part IV except with the permission of the
Financial Secretary; and

( 6 ) produce any such thing as aforesaid which he has
with him,

and the officer may examine or search any article which the traveller
has with him for the purpose of ascertaining whether he is con-
veying or has in his possession any such thing, and, if the officer
has reasonable grounds for suspecting that the traveller has about
his person any such thing, search him, and may seize anything
produced as aforesaid or found upon such examination or search
as aforesaid as to which the officer has reasonable ground for
suspecting that it is prohibited to be imported or exported by any
of the provisions of the said Part IV except with the permission
of the Financial Secretary:

LAWS OF ANTIGUA AND BARBUDA

CAP. 157) Exchange Control

Provided that no female shall be searched in pursuance of
this paragraph except by a female.

5 . Subparagraph (2) of paragraph 1 of Part I1 of this
Schedule shall apply also to offences punishable by virtue of this
Part of this Schedule.

S I X T H S C H E D U L E S. 38

Power of 5 . Where the Governor-General is satisfied that owing to
Governor-General
to prohibit action the changes in the external o r internal position of any State, action
on certain orders IS being or is likely to be, taken to the detriment of the economic
as to gold, etc. position of Antigua and Barbuda the Governor-General may give

general or special directions prohibiting, either absolutely or to
such extent as may be specified in the directions, the carrying
out, except with permission granted by or on behalf of the
Governor-General, of any order given by or on behalf of-

(a) the State or the Sovereign thereof or any person resi-
dent therein, o r

(a) any body corporate which is incorporated under the
laws of that State o r is under the control of that State or
the Sovereign thereof o r any person resident therein,

in so far as the order-

(i) requires the person to whom the order is given to
make any payment or to part with any gold or
securities; or

(ii) requires any change to be made in the persons to
whose credit any sum is to stand or to whose order
any gold or securities are to be held.

Power to obtain 22. (1) The Governor-General may give to any person
information. directions requiring him, within such time and in such manner

as may be specified in the directions to furnish to him or to any
person designated in the directions as a person authorized to require
it, any infbrmation in his possession or control which the Governor-
General o r the person so authorized, as the case may be, may
require fbr the purpose of securing compliance with o r detecting
c.\,asion o f thesc Kegulations.

LAWS OF ANTIGUA AND BARBUDA

Exchange Control (CAP. 157 5 3

(2) A person required by any such directions as aforesaid
t o I'urnish information shall produce such books, accounts o r other
tlocrrrnents (hereinafter referred to as "documents") in his posses-
sion or control as may be required by the Governor-General or
1)). thc person authorized to require the information, as the case
I I I ; I ~ be, and for the purpose of inspecting any such documents
; I I I ~ person so authorized as afbresaid, or any person authorized
r c ) act on behalf of the Governor-General under this paragraph,
tllay enter any premises and may take possession of any of the
documents or take in relation thereto any other steps which appear
t o him necessary for preserving them and preventing interference
rl~c.rewith.

(3) No person shall, with intent to evade the provisions of
rhcse Regulations, destroy, mutilate, deface, secrete o r remove
,Inv documents.

(4) Any information given by a person in compliance with
1t11s regulation may be given in evidence against him notwith-
sranding that it may tend to incriminate him.

(5) T h e provisions of this regulation shall be without pre-
~ ~ i ( l i c c to any other provisions of these Regulations relating to the
qi\.ing of information and the provisions of the last foregoing
~ x ~ a g r a p h s all be without prejudice to any question as to the
,~tl~nissibility as evidence of infbrmation obtained under statutory
~ ) o w e r s in the absence of any such express provision.

23. (1) The provisions of Part VIII of the Defence Regula- ~ , " r ~ f ! ~ $ ~ v ~ ~ o n s
[ions, 1939, shall apply tbr the purpose of the enforcement of these the Defence
Kcgulations, and btherwise i

n

relation thereto, as if in the said Regulations 1939.
I'art VIII to those Regulations any reference to those Regula-
tions included a reference to these Regulations.

25. (1) In these Regulations, unless the context otherwise Interpretation.
l.cquires, the following expressions have the meanings hereby
respectively assigned to them, that is to say-

"bank notes" means bank notes or notes which are legal
tender in Antigua and Barbuda o r in the United
Kingdom or in any part thereof and bank notes legally
issued in Antigua and Barbuda and includes any bank

LAWS OF ANTIGUA AND BARBUDA

CAP. 157) Exchange Control

notes which have ceased or cease to be legal tender in
the United Kingdom;

" fbreign currency" means any currency other than sterling;

"gold" means gold coin or gold bullion;

"legal tender" means a tender of payment of money in the
case of currency notes and silver coins for the payment
of any amount, in the case of bronze coins for a pay-
ment of an amount not exceeding twenty-four cents;

"sil\,cr and bronzc. coins" means coins issuctl 1)). the Mint
in accordance with the Coinage Act, 1870 (United
Kingdom) (33 & 34 Vict. c . 10);

"owner" in relation to any security, includes any person who
has power to sell or transfer a security, or who has the
custody thereof, or who receives, whether on his own
behalf o r on behalf of any other person, dividends or
interest thereon or who has any other interest therein,
and also includes, in a case where securities are held
on any trust, o r dividends or interest thereon are paid
into a trust fund, any trustee o r any person entitled to
enforce the performance of the trust, o r to revoke or
vary, with or without the consent of any other person,
the trust or any of the terms thereof, or to control the
investment of the trust moneys;

" security" except in so far as is otherwise expressly provided,
includes-

(a) shares, stocks, bonds, notes, debentures, and
debenture stock;

( b ) , a deposit receipt in respect of the deposit of
securities;

(c) a unit o r sub-unit of a unit trust;

(4 a life assurance policy or other contract entered
into with an assurance company for securing the pay-
ment in the future of any capital sum o r sums or of
an annuity;

( e ) a warrant conferring an option to acquire a
security;

V) a share in an oil royalty;

LAWS OF ANTIGUA AND BARBUDA

Exchange Control (CAP. 157 5 5

but does not include a bill of exchange or a promissory
note;

" sterling area" means the United Kingdom, the Isle of Man,
and such other territories as may be declared by order
of the Governor-General to be included in the sterling
area.

(2) Any consent or permission granted by or on behalf of
rhc Governor-General under any of these Regulations may be
qranted either absolutely or subject to conditions.
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