Exchange Control Amendment Regulations 1998
EXCHANGE CONTROL AMENDMENT REGULATIONS 1998

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BR 77 /1998

EXCHANGE CONTROL ACT 1972

1972 : 109

THE EXCHANGE CONTROL AMENDMENT REGULATIONS 1998

In exercise of the powers conferred upon him by section 2 of the
Exchange Control Act 1972, the Minister of Finance makes the following
Regulations:

Citation
1 These Regulations may be cited as the Exchange Control
Amendment Regulations 1998.

Amendment of reg 12 of S.R.&O. 21/1973
2 Regulation 12 of the Exchange Control Regulations 1973 is
amended by adding the following new paragraphs—

" (3) For the purposes of paragraph (1), where—

(a) an amalgamated company is registered under
section 108(1) of the Companies Act 1981 or
other enactment relating to the registration of
amalgamated companies in Bermuda; and

(b) one or more of the amalgamating companies
was a body incorporated outside of Bermuda,

the registration shall be deemed to be an issue of a security to
each person who held a security in that incorporated body and
each such person will, as a result of such registration, be
deemed to hold a security in the amalgamated company.

EXCHANGE CONTROL AMENDMENT REGULATIONS 1998

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(4) For the purposes of paragraph (1), the registration
of the memorandum of continuance under section 132C(4) of the
Companies Act 1981 or other enactment relating to registering
the continuation of companies in Bermuda shall be deemed to be
the issue of a security to each person who will, as a result of
such registration, hold a security in the continued company.".

Commencement
3 These Regulations come into operation on 1998.

Dated this 4th day of December 1998

Minister of Finance