EXCHANGE CONTROL REGULATIONS [CH.360 – 47

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SCHEDULE The holder of the above-mentioned security is not resident

outside the scheduled territories and from facts known to us or from enquiries we have made is not to the best of our belief holding the security as the nominee of a person resident outside those territories.

EXCHANGE CONTROL REGULATIONS (PRESCRIBED SECURITIES) ORDER

(REGULATION 17) [Commencement 1st October, 1956]

Regulation 17 of the Exchange Control Regulations, shall apply to securities on which capital moneys, dividends or interest are payable in Canadian dollars or United States dollars, or as respects which the holder has an option to require payment of any capital moneys, dividends or interest thereon in either of those currencies.

EXCHANGE CONTROL REGULATIONS (IMPORT AND EXPORT) ORDER

(REGULATIONS 21 AND 31)

[Commencement 1st October, 1956] 1. Regulation 21 of the Exchange Control Regula-

tions shall in so far as it applies to importation into The Bahamas, apply to 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.

2. There shall be exempted from the provisions of subparagraph (1) of the said regulation 21 the importation into The Bahamas —

(a) on the person of or in the baggage of a traveller to The Bahamas in any ship or aircraft from some place outside The Bahamas of notes to which the said regulation 21 applies not exceeding fifty pounds sterling or one hundred and forty dollars in value;

G.N. 22.9/1956

G.N. 22.9/1956 G.N. 2.5/1959 G.N. 26.10/1959 G.N. 1.2/1963 G.N. 336/1964 S.I. 95/1965 S.I. 78/1966

Application.

Exemptions on imports.

G.N. 336/1964.

S.I. 78/1966.

CH.360 – 48] EXCHANGE CONTROL REGULATIONS

STATUTE LAW OF THE BAHAMAS [Original Service 2001]

(b) of the certificate of title to any security which is registered in the scheduled territories and is not and cannot without the necessity for an entry in the register in the scheduled territories become registered outside the scheduled territories, or is registered both in the scheduled territories and outside the scheduled territories, but on a transfer cannot without the necessity for an entry in the register in the scheduled territories become registered outside the scheduled terri- tories in the name of the transferee and on which none of the dividends or interest is payable on presentment of a coupon.

3. (1) There shall be exempted from the provisions of subparagraph (1) of regulation 22 of the Exchange Control Regulations the exportation from The Bahamas —

(a) by any traveller on his person or in his baggage if he is about to leave The Bahamas for any other destination, of notes which are or have at any time been legal tender in the United Kingdom or any part of the United Kingdom not exceeding twenty-five pounds sterling in value and in addition thereto of notes which have at any time been legal tender in any other territory not exceeding two hundred and fifty pounds or seven hundred dollars in value provided that —

(i) if and so long as there is in force a permission granted under subparagraph (1) of the said regulation 22 authorising that person to take any notes to which the said regulation 22 applies out of The Bahamas, he shall not be entitled to any exemption under this subparagraph; and

(ii) nothing in this subparagraph shall be deemed to authorise the contravention of any of the provisions of regulation 1 which relates to dealing in gold and foreign currency or regulation 6 which relates to payments outside The Bahamas;

(b) in any manner other than on the person of a traveller or in a traveller’s baggage, to any of the scheduled territories of notes to any amount expressed in the currency of the territory to which the notes are exported;

Exemptions on exports.

S.I. 95/1965.

S.I. 78/1966.

EXCHANGE CONTROL REGULATIONS [CH.360 – 49

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(c) in any manner other than on the person of a traveller, or in a traveller’s baggage, to any of the scheduled territories of postal orders;

(d) to any of the scheduled territories of any policy of assurance expressed in terms of the currency of any of the scheduled territories;

(e) of any bill of exchange or promissory note expressed in terms of the currency of any of the scheduled territories not being a bill or note which is or has at any time been legal tender in any of those territories;

(f) of any bill of exchange or promissory note expressed in terms of a currency other than sterling and issued by an authorised dealer or in pursuance of a permission granted by the Controller;

(g) of the certificate of title to any security which is registered in the scheduled territories and is not and cannot without the necessity for an entry in the register in the scheduled territories become registered outside the scheduled territories or is registered both in the scheduled territories and outside the scheduled territories but on a transfer cannot without the necessity for an entry in the register in the scheduled territories become registered outside the scheduled territories in the name of the transferee and on which none of the dividends or interest is payable on present- ment of a coupon;

(h) by any traveller not resident in The Bahamas on his person or in his baggage of any traveller’s cheque or letter which has been imported by that traveller.

(2) For the purposes of the last foregoing paragraph the sterling value of any notes which are or have at any time been legal tender in any territory other than the United Kingdom shall be calculated —

(a) at the rate at which they could be sold by an authorised dealer on the day on which they are to be exported; or, if such rate is not readily ascertainable;

(b) at the rate determined or to be determined by the Controller for the currency concerned.

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4. The exemptions granted by this Order shall not apply —

(a) to ships’ and aircraft personnel; (b) to H.M. Forces and others travelling on official

duty. 5. In this Order the expressions “authorised dealer”

and “scheduled territories” have the meanings ascribed to them by subparagraph (1) of regulation 44 of the Exchange Control Regulations.

EXCHANGE CONTROL REGULATIONS (BAILEES EXEMPTION) ORDER

(REGULATION 31) [Commencement 1st October, 1965]

1. There shall be exempted from the obligation imposed by the provisions of regulation 3 of the Exchange Control Regulations, any banker to the extent that he shall not be required to notify the Controller of Exchange as provided in the said regulation 3 in any case where he is satisfied that the person for whom or by whose order any gold or any specified currency in the form of notes is held is not required by virtue of the provisions of regulation 2 of the Exchange Control Regulations, to offer that gold or specified currency, or cause it to be offered, for sale to an authorised dealer.

2. The Controller of Exchange may at any time direct that the exemption conferred by this Order shall not apply as may be specified in the direction.

EXCHANGE CONTROL REGULATIONS (LENDING TO BANKS EXEMPTION) ORDER

(REGULATION 31) [Commencement 11th August, 1966]

1. (1) There shall be exempted from the provisions of paragraph (3) of regulation 30 of the Exchange Control Regulations the lending of money or securities by any

Non-application.

Interpretation.

G.N. 22.9/1956

Exemptions.

Non-application.

S.I. 62/1966

Exemption.