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Short title and commencement}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 \par 2.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725\charrsid6507725 Interpretation}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 \par 3.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725\charrsid6507725 Registration and incorporation}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 \par 4.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725\charrsid6507725 Issue of bearer debentures}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 \par 5.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725\charrsid6507725 New section 35A}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 \par 6. Issue and effect of share warrants to bearer \par 7. Power to issue debentures \par 8. Instrument of transfer \par 9. Official register \par 10. Schedule 2}{\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 }{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 - Table A \par 11. Transitional \par 13. Application \par \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 ----------------------------------------}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid6507725\charrsid3890502 2003, No. 5 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3890502 {\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 An Act to amend the International Companies Act 1981}{ \fs24\ul\lang2057\langfe5129\langnp2057\insrsid6507725\charrsid6507725 -}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 82 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 \par }\pard \qr \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (7 May 2003 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid6507725\charrsid6507725 \par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid923160 BE IT ENACTED}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 by the Parliament of the Cook Islands in Session assembled and by the authority of the same as follows: \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 1.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 Short title and commencement}{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 }{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (1) This Act may be cited as the International Companies Amendment Act 2003 and shall be read together with and deemed part of the International Companies Act 1981}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 -}{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 82 (}{\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 the principal Act}{ \fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 ). \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (2)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 This Act comes into force on a date to be determined by the Queen}{\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 s Representative by Order in Executive Council. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 2}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 . }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 Interpretation}{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 }{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (1) Section 2(1) of the principal Act is amended by }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6507725 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (a)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 inserting immediately after the definition of }{\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 Audit period}{ \fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 , the following new definition }{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 -}{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 ""}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 Bearer}{ \fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 means the owner for the time }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6507725 being of any bearer instrument;}{\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 (b) }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 repealing the definition of }{ \fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 Bearer debentu}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 re}{\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{ \fs24\lang2057\langfe5129\langnp2057\insrsid6507725 and inserting the following-}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10170375 {\fs24\lang2057\langfe5129\langnp2057\insrsid10170375 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid1401318 {\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 ""}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 Bearer debenture}{ \fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 means any debenture of an international company which is either payable to or enforceable by or both payable to or enforc eable by any person who for the time being is the bearer thereof;}{\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid1401318 {\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (c)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 inserting immediately before the definition of }{\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 Board}{ \fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 , the following new definition }{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 -}{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid1401318 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid1401318 {\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 ""}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 Bearer instrument}{ \fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 means any bearer share, warrant to bearer or any other membership interest transferable by delivery, and any form of bearer security issued by an international company including bearer debentures, bearer bonds and share warrants to bearer;}{\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid1401318 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid1401318 {\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (d)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 inserting immediately before the definition of }{\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 Creditor}{ \fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid1401318 , the following new definition-}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid1401318 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid1401318 {\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 ""}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 Custodian}{ \fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 means any person which is, from time to time, a licensed}{\fs24\lang2057\langfe5129\langnp2057\insrsid1401318 financial institution;}{\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid1401318 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid1401318 {\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (e)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 inserting immediately before the definition of }{\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 Insolvent}{ \fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 , the following new definition }{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 -}{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1401318 {\fs24\lang2057\langfe5129\langnp2057\insrsid1401318 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid1401318 {\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 ""}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 Holder}{ \fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 in relation to any bearer instrument means the bea}{\fs24\lang2057\langfe5129\langnp2057\insrsid13642689 rer thereof for the time being;}{\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid1401318 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid1401318 {\fs24\lang2057\langfe5129\langnp2057\insrsid1401318 (f) }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 inserting immediately before the definition of }{\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 Foreign Company}{\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 , the following new definition }{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1401318 {\fs24\lang2057\langfe5129\langnp2057\insrsid1401318 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid1401318 {\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 ""}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 Licensed financial institution}{ \fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 has the same meaning given in section 2 of the Financial S}{\fs24\lang2057\langfe5129\langnp2057\insrsid13642689 upervisory Commission Act 2003;}{\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid1401318 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13244924 {\fs24\lang2057\langfe5129\langnp2057\insrsid13244924 (g) }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 inserting immediately before the definition of }{\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 Trust}{\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 the following new definition }{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid1401318 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid13244924 {\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 ""}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 Supervisory authority}{ \fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 has the same meaning given in section 2 of the Financial Transactions Reporting Act 2003}{ \fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 . \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid13244924 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 3.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid16410275 Registration and incorporation}{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 }{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 Section 14 of the principal Act is amended by }{ \fs24\lang2057\langfe5129\langnp2057\insrsid16410275 \endash }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 }{\fs24\lang2057\langfe5129\langnp2057\insrsid16410275 \par \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16410275 {\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (a)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 inserting in subsection (10), after paragraph (a)(iv), the following new paragraph }{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 -}{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid16410275 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid16410275 {\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (v)}{ \fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 includes, unless that person requests that a debenture should not be issued, the trustee company that person n ominates to be the Custodian for the purposes of section 15; and}{\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid16410275 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16410275 {\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (b)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 repealing subsection (19) and substituting the following }{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid16410275 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid16410275 {\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (19)}{ \fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 After incorporation any person who agrees to become a member of an international company and whose name is entered into the Register of Members or who becomes the bearer of a share certificate issued to bearer shall be a member of the company.}{\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid16410275 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 4.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid16259486 Issue of bearer debentures}{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 }{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 Section 15 of the principal Act is amended by }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6507725 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid147432 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid147432 {\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (a)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 repealing subsections (1), (2) and (3),}{\fs24\lang2057\langfe5129\langnp2057\insrsid147432 and substituting the following-}{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid147432 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid147432 {\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (1)}{ \fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 Unless a person desiring the incorporation of an international company by a trustee company under section 14(10) delivers to the trustee company together with the unsigned memorandum, a written request that a debentur e should not be issued, the international company shall, as soon as is}{\fs24\lang2057\langfe5129\langnp2057\insrsid147432 convenient after incorporation-}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid147432 \par }\pard \ql \li2160\ri0\widctlpar\faauto\adjustright\rin0\lin2160\itap0\pararsid147432 {\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (a)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 prepare a form of bearer debenture which shall incorporate the provisions set forth in Table B; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid147432 {\fs24\lang2057\langfe5129\langnp2057\insrsid147432 \par }\pard \ql \li2160\ri0\widctlpar\faauto\adjustright\rin0\lin2160\itap0\pararsid147432 {\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (b)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 shall cause the same to be signed by the resident director, which form of bearer debenture shall be expressed to secure to the bearer a sum equal to the fees paid to the trustee company under section 14(10)(b)(ii), expressed in dollars. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid147432 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid802232 {\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (2)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 A bearer deben ture issued by an international company shall not take effect as a debenture, nor shall it give rise to rights against the company, until there is annexed to the debenture an acknowledgement signed by the Custodian nominated under section 14(10)(a)(v) tha t it holds that debenture in custody for the person who nominated that Custodian or for such other person as he directs. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid802232 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid596464 {\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (3)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 When the requirements in subsection (2) have been satisfied, the bearer debenture shall be entered in the records of the company an d thereupon the company shall be deemed to have resolved to issue the bearer debenture and the same shall thereupon be a specialty debt due from the company to the bearer situate in}{\fs24\lang2057\langfe5129\langnp2057\insrsid802232 the place where the bearer is.}{\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid802232 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid596464 {\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (b)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 repealing subsection (6) and substituting the following }{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid802232 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid596464 {\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (6)}{ \fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 Subject to subsection (10) in the event of a form of bearer debenture of the kind referred to in subsection (1) not having been issued by the expiration of 3 months from the date of incorporation of the international company, the share issued to the trustee company under section 14 and any income, rights and accruals t}{\fs24\lang2057\langfe5129\langnp2057\insrsid596464 hereto shall, from that time on-}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid596464 \par }\pard \ql \li2160\ri0\widctlpar\faauto\adjustright\rin0\lin2160\itap0\pararsid596464 {\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (a)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 be held by that trustee company upon trust for the person or persons, if any, nominated under section 14(10); or, \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid596464 \par }\pard \ql \li2160\ri0\widctlpar\faauto\adjustright\rin0\lin2160\itap0\pararsid596464 {\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (b)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 if there is no such nomination, for the person who made the request referred to in section 14(10), \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid596464 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid16343609 {\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 and the trustee company shall be entitled to be indemnified out of the assets of the international company for its reasonable costs and expenses in administering th e trusts upon which that share is held and in making payment of such fees and charges payable by the international company as it sees fit to make on behalf of the international company.}{\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid16343609 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16343609 {\fs24\lang2057\langfe5129\langnp2057\insrsid16343609 (c) }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 inserting at the beginning of subsection (8), the words }{\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 Subject to subsection (10)}{ \fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 ; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid16343609 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16343609 {\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (d)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 inserting after subsection (9), the following new subsections }{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid16343609 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid16343609 {\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (10)}{ \fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 Notwithstanding the provisions of subsections (6) and (8) no trustee company shall hold any share on trust for either the person or persons nominated under section 14(10), or for any person or persons who made the request referred to in section 14(10) until that trustee company has rec eived satisfactory evidence as to the identity of that person or those persons. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid16343609 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid6899464 {\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (11)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 The evidence of identity a trustee company is required to obtain pursuant to subsection (10) sha}{\fs24\lang2057\langfe5129\langnp2057\insrsid16343609 ll be prescribed by regulation.}{ \fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid16343609 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 5.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6899464 New section 35A }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6507725 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 The principal Act is amended by inserting after section 35, the following new section }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6507725 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6899464 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6899464 {\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 35A. }{ \fs24\ul\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6899464 Transfer and custody of bearer instruments}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 }{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 -}{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (1) Notwithstanding any other provision in this Act }{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid6899464 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid6899464 {\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (a) an international company shall not deliver bearer instruments to any person o ther than a Custodian and no Custodian shall hold any bearer instrument unless the Custodian has first received satisfactory evidence as to the identity of the bearer of the bearer instrument; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid6899464 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid6899464 {\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (b)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 a Custodian shall not deliver a bearer instrument to any p erson other than another Custodian or to the international company which issued the bearer instrument for the purpose of surrendering that instrument; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6899464 {\fs24\lang2057\langfe5129\langnp2057\insrsid6899464 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid6899464 {\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (c)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 subject to the provisions of this section, a Custodian shall hold any bearer instrument for and subject to the directions of the bearer thereof. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid6899464 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (2)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 Where the bearer of a bearer instrument requests that }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6507725 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6899464 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6899464 {\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (a)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 a bearer instrument be redeemed or converted to any other type of bearer instrument; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6899464 {\fs24\lang2057\langfe5129\langnp2057\insrsid6899464 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6899464 {\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (b)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 a bearer instrument be converted to a registered share; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6899464 {\fs24\lang2057\langfe5129\langnp2057\insrsid6899464 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6899464 {\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (c)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 a bearer instrument be converted to an ordinary debenture; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6899464 {\fs24\lang2057\langfe5129\langnp2057\insrsid6899464 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6899464 {\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (d)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 the ownership or beneficial ownership of the bearer instrument be transferred, \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid6899464 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 any such request shall be given to the Custodian holdin g the said instrument who shall take such steps as may be required of the Custodian to meet the request upon receipt of satisfactory evidence as to the identity of every person who as a result of the request, will }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6507725 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6899464 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6899464 {\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (e)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 be paid the redemption proceeds by the international company, or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid6899464 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6899464 {\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (f)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 become a registered shareholder or ordinary debenture holder; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid6899464 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6899464 {\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (g)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 become the bearer or otherwise a holder of an interest in the bearer instrument or another bearer instrument where the original bearer instrument is converted. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid6899464 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2125609 {\fs24\lang2057\langfe5129\langnp2057\insrsid2125609\charrsid6507725 (3)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2125609 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid2125609\charrsid6507725 Where a bearer instrument is delivered to a Custodian that is not the trustee company providing the registered office for the international company that issued the bearer instrument, then that Custodian shal l provide written notice to the international company at its registered office identifying the bearer instrument in respect of which it is acting as a Custodian. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid2125609 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid2125609\charrsid6507725 (4)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2125609 }{\fs24\lang2057\langfe5129\langnp2057\insrsid2125609\charrsid6507725 The evidence of identity a Custodian is required to obtain from the bearer of any bearer instrument, and manner and form of records, shall be prescribed by regulation.}{\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{ \fs24\lang2057\langfe5129\langnp2057\insrsid2125609\charrsid6507725 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid2125609 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6899464 6. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6899464 Issue and effect of share warrants to bearer}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6507725 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 Section 36 of the principal Act is }{\fs24\lang2057\langfe5129\langnp2057\insrsid6899464 amended by}{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 }{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6899464 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5193920 {\fs24\lang2057\langfe5129\langnp2057\insrsid5193920\charrsid6507725 (a)}{\fs24\lang2057\langfe5129\langnp2057\insrsid5193920 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid5193920\charrsid6507725 repealing subsection (1) and substituting the following }{\fs24\lang2057\langfe5129\langnp2057\insrsid5193920 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid5193920\charrsid6507725 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5193920 {\fs24\lang2057\langfe5129\langnp2057\insrsid5193920 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid5193920 {\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid5193920\charrsid6507725 (1)}{ \fs24\lang2057\langfe5129\langnp2057\insrsid5193920 }{\fs24\lang2057\langfe5129\langnp2057\insrsid5193920\charrsid6507725 An inter national company may, unless its articles otherwise provide, upon the request of a holder of any fully paid up registered share, or the Custodian of a bearer share acting on the instructions of the bearer thereof, exchange a share certificate in respect o f that registered or bearer share for a share warrant to bearer.}{\fs24\lang2057\langfe5129\langnp2057\insrsid5193920 }{\fs24\lang2057\langfe5129\langnp2057\insrsid5193920\charrsid6507725 Upon the surrender of the certificate of the registered or bearer share, the international company shall issue a share warrant bearing the same number (if any) as the certificate}{\fs24\lang2057\langfe5129\langnp2057\insrsid5193920 so surrendered.}{ \fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid5193920\charrsid6507725 ;}{\fs24\lang2057\langfe5129\langnp2057\insrsid5193920 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5193920 {\fs24\lang2057\langfe5129\langnp2057\insrsid5193920 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5193920 {\fs24\lang2057\langfe5129\langnp2057\insrsid5193920 (b) }{\fs24\lang2057\langfe5129\langnp2057\insrsid5193920\charrsid6507725 inserting at the end of subsection (7) the words }{\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid5193920\charrsid6507725 in accordance with}{\fs24\lang2057\langfe5129\langnp2057\insrsid5193920 the provisions of section 35A.}{\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid5193920\charrsid6507725 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid6899464 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 7.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid2245627 Power to issue debentures}{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 }{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 Section 57 of the principal Act is amended by }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6507725 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid2245627 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2245627 {\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (a)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 repealing paragraph (d) of subsection (4) and substituting the following }{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 -}{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid2245627 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid2245627 {\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid2245627\charrsid6507725 (d)}{ \fs24\lang2057\langfe5129\langnp2057\insrsid2245627 }{\fs24\lang2057\langfe5129\langnp2057\insrsid2245627\charrsid6507725 a statement of the name of the debenture holder except or where the debenture is a bearer debenture, the name of the Custodian of that bearer debenture;}{\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{ \fs24\lang2057\langfe5129\langnp2057\insrsid2245627\charrsid6507725 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid2245627 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2125609 {\fs24\lang2057\langfe5129\langnp2057\insrsid2125609\charrsid6507725 (b)}{\fs24\lang2057\langfe5129\langnp2057\insrsid2125609 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid2125609\charrsid6507725 inserting in subsection (6) after the words }{\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid2125609\charrsid6507725 Subject to the provisions of section 58(17),}{\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid2125609\charrsid6507725 the words }{\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{ \fs24\lang2057\langfe5129\langnp2057\insrsid2125609\charrsid6507725 and section 35A,}{\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid2125609\charrsid6507725 . \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid2125609 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 8.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid9594618 Instrument of transfer}{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 }{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 Section 66 of the principal Act is amended by }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6507725 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid9594618 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9594618 {\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (a)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 deleting in subsection (3), the words }{\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 sections 35 and 36}{ \fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 and substituting the words }{\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 sections 35, 35A and 36}{\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 ; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9594618 {\fs24\lang2057\langfe5129\langnp2057\insrsid9594618 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9594618 {\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (b)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 repealing subsection (4) and substituting the following }{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid2125609 {\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (4)}{ \fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 Bearer debentures shall be transferable in accordance with the provisions in section 35A and any provision in any trust deed or terms of issue relating thereto.}{\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid2125609 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 9.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid2125609 Official Register}{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 }{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 Section 67 of the Principal Act is amended by deleting from section (6), the words }{\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 or bearer}{ \fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 . \par \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid2125609 10. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid2125609 Schedule 2}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6507725 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 Table A }{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 -}{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 Schedule 2 of the Principal Act is amended by }{\fs24\lang2057\langfe5129\langnp2057\insrsid16404282 \endash \par \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16404282 {\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (a)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 deleting Article 9 and substituting the following }{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid2125609 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid16404282 {\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 9.}{ \fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 Coupons shall be issued payable to bearer, of such number as the directors shall think fit, providing for the payment of the dividends upon and in respect of the shares or stock provided for share warrants , and the directors shall provide, as they from time to time think fit, for the issue of fresh coupons to the bearers for the time being of share warrants when the coupons attached thereto shall be exh}{\fs24\lang2057\langfe5129\langnp2057\insrsid2125609 austed.}{\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 ; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid2125609 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2125609 {\fs24\lang2057\langfe5129\langnp2057\insrsid2125609 (b) }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 deleting Article s 16, 17, 18, 19 and 20 and substituting the following }{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid2125609 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid16404282 {\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 16.}{ \fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 No person sh all as bearer of a share warrant be entitled to attend or vote, or exercise in respect thereof any of the rights of a member, at any general meeting of the company, or sign any requisition for or aid in calling any general meeting, unless 7 days at least b efore the day appointed for the meeting, in the first case, and unless before the requisition is left at the office, in the second case, the Custodian of the share warrant shall have confirmed to the company in writing that that person is the bearer there of entitled to the rights contained therein.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 The names of more than one as joint holders of a share warrant shall not be received. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid16404282 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid16404282 {\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 17.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 There shall be delivered to the person confirmed by the Custodian to be the bearer a certificate stating the bearer}{\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 '}{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 s name and address and the number of shares or the amount of stock represented by the bearer}{\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 '}{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 s share warrant and a voting card specifying the number of votes which the warrant entitles him to cast at a specified general meeting. The production of such a voting card at that specified general meeting shall entitle the bearer thereof to attend and vote at that general meeting in the same way as if he were a registered member of the company in respect of the shares or stocks specified in the said certificate. The c ertificate may be as follows }{\fs24\lang2057\langfe5129\langnp2057\insrsid16404282 \endash }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid16404282 {\fs24\lang2057\langfe5129\langnp2057\insrsid16404282\charrsid6507725 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid16404282 {\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 ....................................... International Company \par No. ................................... \par This is to certify that ................................. of .......................................... is entitled to atte nd the general meeting of the company to be held at .................................................................. on the .................... day of .............................. 20..... \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid16404282 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid16404282 {\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 DATED this .................... day of .................................20.... \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid16404282 {\fs24\lang2057\langfe5129\langnp2057\insrsid16404282 \'85\'85\'85\'85\'85. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 Secretary \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16404282 {\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 18.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 In respect of general meetings no person as bearer of any warrant shall be entitled to exercise any of the rights of a member, save as hereinbefore expressly provided. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid16404282 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16404282 {\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 19.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 If the bearer of a share warrant wishes to have it surrendered he shall notify the company and the Custodian thereof. When the Custodian lodges the share warrant together with the name and address of the bearer thereof the bearer shall be entitled to have his name entered as a member in the regist er of members of the company in respect of the shares specified in the share warrant so surrendered. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid16404282 {\fs24\lang2057\langfe5129\langnp2057\insrsid16404282 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16404282 {\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 20.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 Every share warrant shall be transferable in accordance with these articles and the provisions of the Act.}{\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 "}{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid16404282 11.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid16404282 Transitional}{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 }{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (1)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 Where}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 at}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 any time}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 later than}{ \fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 12}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 months}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 after the commencement date of this Act, a bearer instrument is not delivered to a Custodian then all rights held by the bearer thereof pursuant to that instrument and the shares, warrants or debenture referred to in the bearer instrume nt shall be suspended until such time as the bearer instrument is delivered to a Custodian and notice of the same has been received by the international company at its registered office in the Cook Islands. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid16404282 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (2)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 Nothing in subsection (1) shall affect the o bligations or liabilities of the bearer to the international company or the rights of third parties against the bearer thereof or the international company or of the international company against the bearer thereof or any third parties pursuant to or aris ing from that instrument and the shares, warrants or debenture referred to in the bearer instrument. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid16404282 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (3)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 During any p eriod in which the rights pertaining to a bearer instrument are suspended in accordance with the provisions of this subsection (1) then for all purposes including but without limitation }{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 -}{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid16404282 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16404282 {\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (a)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 the declaration of dividends, \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid16404282 {\fs24\lang2057\langfe5129\langnp2057\insrsid16404282 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16404282 {\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (b)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 the redemption of shares, \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid16404282 {\fs24\lang2057\langfe5129\langnp2057\insrsid16404282 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16404282 {\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (c)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 the passing of resolutions including resolutions of a class of members, \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid16404282 {\fs24\lang2057\langfe5129\langnp2057\insrsid16404282 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16404282 {\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (d)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 distributions on a liquidation or otherwise, \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid16404282 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 the directors, liquidator, officers and members of the international company shall, subject to subsection (4), proceed on the bas is that the bearer instrument and any shares, warrants or debentures referred to in the bearer instrument are not on issue and in the event that at a later time the rights attaching to the bearer instrument are no longer suspended the validity of any reso l ution or other action of the international company during the period of suspension shall not be affected and no adjustments or compensation shall be made or paid in respect of any sum or benefit that would otherwise have accrued in respect of the bearer i nstrument during the period of suspension. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid16404282 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (4)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 During any period in which the rights pertaining to a bearer instrument are suspended in accordance with the provisions of this section the Court may, on the application of a trustee company, Registrar, any di rector, liquidator or member of the international company,}{\fs24\lang2057\langfe5129\langnp2057\insrsid16404282 }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 order on such terms as it sees fit that a Custodian be appointed to exercise such rights as the Court may specify as would be exercisable if the Custodian owned that bearer instrument and the Court may further order that the Custodian shall hold any property to which the holder of that bearer instrument is entitled on such trusts as the Court may direct provided that no property held pursuant to any such trust shall be distributable until such time as the bearer instrument has been surrendered to a Custodian and that Custodian has satisfactory evidence of the identity of the owner of the bearer instrument. \par \par (5)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 Any party making an application under subsection (4) of this section shall be entitled to be indemnified out of the assets of the international company for its reasonable costs and expenses in connection with proceeding in accordance with this section or in accordance with any Court order made pursuant to this section. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid16404282 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (6)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 In respect to any sh are a trustee company is at the date of commencement of this Act a trustee of pursuant to subsection (6) or (8) of section 15 of the principal Act, if that trustee company has not received within 12 months of the date of commencement of this Act for the p e rson or persons nominated under section 14(10), or for any person or persons who made the request referred to in section 14(10) of the principal Act the same evidence as the trustee company is required to obtain on becoming trustee under that section, the trusteeship shall end and the trustee shall, until such evidence is obtained, hold such share or shares as if the three month period referred to in subsection (6) and (8) of section 15 of the principal Act had not elapsed. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid16404282 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (7)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 Any Custodian, trustee compa ny, international company, any officer, director, agent or employee thereof, that does any act or is responsible for any omission which contravenes any provision in this section shall be guilty of an offence and liable to a fine not exceeding USD5,000. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid16404282 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (8)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 Any person who pursuant to this section gives to an international company or to a Custodian, or to any officer, director, agent or employee thereof, any information which is in a material respect misleading or untrue shall be guilty of an offence and lia ble to a fine not exceeding USD50,000. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid16404282 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 12.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6433199 A}{ \fs24\ul\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid16404282 pplication}{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 }{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 -}{ \fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (1) Except where expressly provided to the contrary in this Act the provisions of this Act shall apply to every international company, whether incorporated or registered before or after the commence ment of this Act, and to all matters relating to or concerning every such international trust, or the interested parties to every such international trust. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid16404282 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 (2)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6507725 }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283\charrsid6507725 Nothing in this Act shall apply to or affect any proceedings commenced in the Court before the coming into force of this Act. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6948283 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid16404282 {\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 --------------------------------------------}{\fs24\lang2057\langfe5129\langnp2057\insrsid16404282 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6507725 {\fs24\lang2057\langfe5129\langnp2057\insrsid16404282\charrsid6507725 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3890502 {\fs24\lang2057\langfe5129\langnp2057\insrsid16404282 The Act is administered by the Office of the Commissioner}{\fs24\lang2057\langfe5129\langnp2057\insrsid3890502 of Offshore Financial Services}{\fs24\lang2057\langfe5129\langnp2057\insrsid16404282 \par }}