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 Government Notice No. 58: The Exchange...
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Group Title: Official gazette, Bahamas
Title: Official gazette
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Permanent Link: http://ufdc.ufl.edu/UF00076860/00175
 Material Information
Title: Official gazette
Physical Description: Serial
Creator: Bahamas.
Publisher: Published by Authority
Publication Date: May 5, 1956
 Record Information
Bibliographic ID: UF00076860
Volume ID: VID00175
Source Institution: University of Florida
Holding Location: University of Florida
Rights Management: All rights reserved by the source institution and holding location.
Resource Identifier: ahk7292 - LTUF
19872904 - OCLC
001583356 - AlephBibNum

Table of Contents
    Main
        Page 141
        Page 142
        Page 143
        Page 144
        Page 145
        Page 146
        Page 147
        Page 148
        Page 149
        Page 150
    Government Notice No. 58: The Exchange Control Regulations 1956
        A-1
        A-2
        A-3
        A-4
        A-5
        A-6
        A-7
        A-8
        A-9
        A-10
        A-11
        A-12
        A-13
        A-14
        A-15
        A-16
        A-17
        A-18
        A-19
        A-20
        A-21
        A-22
        A-23
        A-24
        A-25
        A-26
        A-27
        A-28
        A-29
        A-30
        A-31
        A-32
        A-33
    Government Notice No. 59: The Exchange Control Regulations (Commencement) Order 1956
        A-34
        A-35
Full Text



















OFFICIAL


GAZETTE


BAHAMAS

PUBLISHED BY AUTHORITY


NASSAU MAY 5th, 1956 18.

GOVERNMENT NOTICES

COLONIAL SECRETARY'S OFFICE
The following Government Notices are published as a Sup-
plement to this Gazette:-
No. 58-The Exchange Control Regulations 1956-M.P. 14162.

No. 59-The Exchange Control Regulations (Commencement)
Order 1956-M.P. 14162.


No. 60.
His Excellency the Governor has approved the following ap-
pointments:-
Major R. C. D. Oliver, Deputy Controller of Exchange to be
Acting Controller of Exchange with effect from the 24th
April, 1956-M.P. P.145.
Major Edward Fitzgerald Spencer Harty, Deputy Commissioner
of Police to be Acting Commissioner of Police with effect
from the 3rd May, 1956-M.P. P. 125.
Mr. U. T. Knowles to be Acting Clerk to the Executive Council
with effect from the 1st May, 1956.-M.P. 13424.
Dr. Katherine Patricia Prendiville to be an Assistant Medical
Officer with effect from the 28th April, 1956-M.P. P. 931.

No. 61.
The following staff movements are notified for general in-
formation:-


G, < 0









142 OFFICIAL GAZETTE

LEAVE
Mr. R. W. Taylor, C.M.G., C.B.E., Controller of Exchange, 12
weeks vacation leave with effect from the 24th April,
1956, to be followed by 12 weeks and 1 day leave on
half pay.-M.P. P. 144.
RESIGNATION
Mr. Clifford T. Storr of his appointment as a Clerk Grade III
with effect from the 5th May, 1956-M.P. P. 31.

No. 62.
His Excellency the Governor has been informed by the Right
Honourable the Secretary of State for the Colonies that Her
Majesty the Queen will not be advised to exercise Her power of
disallowance with respect to the following Act of the Legislature
of the Bahama Islands.
No. 2 of 1955-The Export Control Regulations Act 1955.
M.P. 15263.
The foregoing notices numbered 58 to 62 are published by
command.

F. M. NOAD,
Acting Colonial Secretary.


DEPARTMENTAL NOTICES

Registrar General's Office,
Nassau, Bahamas.
23rd April, 1956.
A Specification having been filed in this office under The Patent
Act by The Honourable Harry P. Sands Attorney for Ernest
Victor Faver of Crosby House, Manor Road, Chigwell Row,
Essex, England, a British subject, Engineer, in respect of an
invention entitled "Folding beds adapted to be folded so as to
be of table height", Letters Patent have been granted to the said
Ernest Victor Faver in accordance with the provisions of The
Patent Act.
N. C. ROBERTS,
Asst. Registrar General.


SUPPLY AND INSTALLATION OF ELECTRICAL
EQUIPMENT FOR THE PROPOSED PASSENGER
HANDLING BUILDINGS, AT WINDSOR FIELD,
NASSAU.
The Airports Board, Nassau, Bahamas, invite Tenders for the
supply and installation of Electrical Conduit, Wiring and Equip-
ment in the Proposed Terminal Building at Windsor Field.
Copies of the invitation to Tender, General Conditions of Con-
tract, Specifications and Drawings may be obtained at the office
of the Resident Engineer, Civil Aviation Department, during
normal working hours, on payment of a deposit of 20. 0. 0.
returnable on receipt of a bona-fide Tender and the return of
the drawings in good condition. Detailed drawings of the
buildings may be inspected at the office of the Resident Engineer.
Tenders which must be submitted in a sealed envelope
endorsed "Tender for Electrical Installation" will be received by
the Chairman of the Airports Board until noon on Tuesday,
May 22nd, 1956.










OFFICIAL GAZETTE


The successful Tenderer will be required to enter into a bond
in the sum of 2,000 for the due performance of the work.
Bidders will be invited to be present when the Tenders are
opened and will be notified in advance of the time and place.
The Airports Board reserve the right to reject the lowest or
any Tender.
F. H. CHRISTIE,
Chairman, Airports Board.

Registrar General's Office,
Nassau, Bahamas.
27th April, 1956.
A Specification has this day been filed in this Office under The
Patent Act by Godfrey K. Kelly, Esq., Attorney for Serge Tche-
litcheff, a citizen of France, of 16 Avenue Rouget de l'Isle, Vitry
s/Seiue, France, for an invention in respect of "Improvements in
or relating to antibiotic substances".
N. C. ROBERTS,
Asst. Registrar General.

Registrar General's Office,
27th April, 1956.
The following persons have resigned their appointments as
Marriage Officers:-
Reverend Edmund Hall,
Reverend Hubert Dalhimer,
Reverend Fabian Freiders,
Reverend Aloysius Gibbs.
N. C. ROBERTS,
Asst. Registrar General.


BOARD OF EDUCATION
OUT ISLAND HEAD TEACHERS
The Board of Education invites applications from qualified
certificated teachers for employment (on Contract) as Headteach-
ers in the Out Islands. The post carries a salary of 1,000 per
annum. A free house, with a rent of 5% the value of the furniture
supplied, is provided.
Applications should be lodged with the undersigned on or
before May 15th, 1956.
THOSE. E. HUTCHINSON, M.A., B.Sc.,
Director of Education.


IN THE SUPREME COURT
Probate Side
No. 51/1956.
WHEREAS Shirley Anne Dunkley, of the Eastern District
in the Island of New Providence, has made application to the
Chief Justice of the Supreme Court of the Bahama Islands for
letters of Administration of the real and personal estates of Maude
Sawyer, late of the City of Nassau in the Island of New Provi-
dence, Divorcee, deceased.
NOTICE is hereby given that such application will be heard
by the said Chief Justice at the expiration of fourteen days from
the date hereof.
JAMES LIDDELL,
Registrar.
The Registry,
Supreme Court.
28th April, 1956.












OFFICIAL GAZETTE


IN THE SUPREME COURT
Probate Side
No. 54/1956.
WHEREAS Deborah Forbes, of the Southern District in the
Island of New Providence, Widow, has made application to the
Chief Justice of the Supreme Court of the Bahama Islands
for letters of Administration of the real and personal estates of
Cecil Henry Forbes, late of the Southern District, New Provi-
dence, Porter, deceased.
NOTICE is hereby given that such application will be heard
by the said Chief Justice at the expiration of fourteen days from
the date hereof.
JAMES LIDDELL,
Registrar.
The Registry,
Supreme Court.
28th April, 1956.

IN THE SUPREME COURT
Probate Side
No. 55/1956.
WHEREAS Clara Beatrice Rolle, of the Western District in
the Island of New Providence, Widow, has made application to
the Chief Justice of the Supreme Court of the Bahama Islands
for letters of Administration of the real and personal estates of
James Solomon Rolle, late of the Western District, New Provi-
dence, deceased.
NOTICE is hereby given that such application will be heard
by the said Chief Justice at the expiration of fourteen days
from the date hereof.
JAMES LIDDELL,
Registrar.
The Registry,
Supreme Court.
28th April, 1956.

IN THE SUPREME COURT
Probate Side
No. 56/1956.
WHEREAS Milton Martin, of the settlement of Wemyss
Bight in the Island of Eleuthera, one of the Bahama Islands,
Farmer, has made application to the Chief Justice of the Supreme
Court of the Bahama Islands for letters of Administration of the
real and personal estates of Uriah Martin, late of Deadman's
Reef in the Island of Grand Bahama, Bahamas, Farmer, deceased.
NOTICE is hereby given that such application will be heard
by the said Chief Justice at the expiration of twenty-eight days
from the date hereof.
JAMES LIDDELL,
Registrar.
The Registry,
Supreme Court.
28th April, 1956.

Registrar General's Office,
28th April, 1956.
The following Minister of Religion having been duly regis-
tered shall be deemed to be appointed a Marriage Officer of the
Colony with effect from 26th April, 1956:-
Name Address
Reverend Talmage F. Butler, The Assemblies of God of the
Bahamas.
JAMES LIDDELL,
Registrar General.









OFFICIAL GAZETTE 145

Custom House,
Nassau, N.P.,
30th April, 1956.
RETURN of Goods remaining in Government Warehouses on
the 30th day of April, 1956, which have not been entered as
provided under Chapter 130, Sec. 63.
Marks or Packages and Name of Ship Date of
Address Description of Goods Arrival

EAST STREET WAREHOUSE
Stewards 1 ctn. Dry Goods Betty K. II 23-3-55
C. C. Adams 1 ctn. Misc. Goods Betty K. 29-6-55
Arlene
Rahming 1 pkg. Groceries -do- -do-
Ira Wallace 3 Auto Tyres Betty K. II 7-7-55
Mary Lewis 1 Used Radio do- 3-8-55
Lightbourn
Trading 4 ctns. Adv. Matter Nassau 21-2-55
G.E.C. 4 c/s Folders Ebro 7-3-55
S.G. Ltd. 1 bag Nuts and Bolts -do- -do-
W.A.B. 2 ctns. Car Spares Albemarle 11-4-55
Acme 20 ctns. Cake Mix Can. Leader 10-11-55
J.C. 25 c/s Whiskey Axel Gorthon 8-1-56
C.L.Y. 32 ctns. Insect Screening Nassau 30-1-56
C.A. Wells 15 ctns. Carts Inagua Trader 7-7-55
Richard
Campbell Ltd. 1 ctn. Repair Parts Noel Roberts 11-11-55
Dudley Miller 1 ctn. Baby Food Mereghan 16-11-55
Notice is hereby given that if these goods are not
duly entered on or before the 19th May, 1956, they
will be sold under the authority hereinbefore quoted.
S. A. ELDON,
Comptroller of Customs.


Registrar General's Office,
Nassau, N.P.,
Bahamas.
1st May, 1956.
THE TRADE MARKS ACT
TRADE MARK NO. 641
CLASS 42
I hereby give notice that the Registration of the Trade Mark
above referred to of Nestle's Products Limited of 309 North side
of Bay Street, Nassau, Bahamas, registered on the 1st day of
May, 1928, has been renewed as and from the 1st day of May,
1956.
N. C. ROBERTS,
Asst. Registrar General.


Tenders are invited from bona fide contractors for the con-
struction and oiling of the following roads and causeway in North
Andros:-
(a) The Stafford Creek to Morgans Bluff road from the point
where previous construction ended to Morgans Bluff
a distance of approximately four miles.
(b) A road from Nicoll's Town to Lowe Sound a distance
of approximately six and a half miles.
(c) A causeway at Lowe Sound approximately three hundred










OFFICIAL GAZETTE


feet in length to be built up, widened and a road to be
constructed on the surface.
A sketch plan and specifications of the road construction
may be seen at the office of the Out Island Department. The
right to refuse any or all tenders is reserved. Tenders should
reach the undersigned not later than 31st May, 1956.
(Sgd.) H. P. JAMES,
Chief Out Island Commissioner,


Registrar General's Office,
Nassau,
2nd May, 1956.
NOTICE is hereby given that any person interested in op-
posing the registration of any Mark appearing hereunder, may,
within one month from the date of this Notice, lodge, at the
Registrar General's Office, Nassau, N.P., Bahamas, a notice of
opposition, in duplicate, in the Form 7 in the Second Schedule,
Trade Mark Rules, 1947.
On filing Notice of opposition, a fee of 4 is payable in
respect of each application opposed.
CLASS 39

BLUE-CROSS
2647
Application No. 2647 in Class 39 in respect of printed matter,
stationery, pamphlets, newspaper advertising and the like.
Applicants:- American Hospital Association, a corporation under
the laws of the State of Illinois, having a place of business
at 18 East Division Street, Chicago, Illinois, U.S.A., trading
as American Hospital Association who claim to be the pro-
prietors of the above mark.
Applicants' Address for service in the Bahamas:- The Honourable
Harry P. Sands, of Chambers, Bay Street, Nassau, Bahamas.
Date of Application 2nd May, 1956.
N. C. ROBERTS,
Asst. Registrar General.

Registrar General's Office,
2nd May, 1956.
The following Minister of Religion having been duly regis-
tered shall be deemed to be appointed a Marriage Officer of the
Colony with effect from 1st May, 1956:-
Reverend Joshua Storr St. John The Baptist Church,
United Estates, San Salvador.
N. C. ROBERTS,
Asst. Registrar General.


NOTICE OF SITTING OF THE LICENSING AUTHORITY
THE LIQUOR LICENCES ACT 1938.
NOTICE is hereby given that a sitting of the Licensing Authority
for the Island of New Providence, will be held at the Magistrate's
Court on Thursday the 10th day of May, 1956, at 4:00 o'clock for
the purpose of granting licences (and transfers of licences) under the
above Act.
The undermentioned persons have applied for a grant of the
licences specified below.













OFFICIAL GAZETTE


LICENCES

Name and Address Description Description
of the Applicant of Licence of Premises


264. Arthur Percy
Laing,
East Street,
Nassau, N.P.
265. Wilfred Robinson,
St. James Road,
Nassau, N.P.
266. Lewis T. Chea,
Chippingham,
Nassau, N.P.


267. Brusil Brown,
The Eastern
District,
Nassau, N.P.
268. Richard Chester
Thompson,
Nassau, N.P.



269. Aubrey Malcolm,
Dog Flea Alley,
Nassau, N.P.
270. George S.
Robertson,
Nassau, N.P.


Wholesale One storey stone build-


Wholesale


Wholesale




Wholesale



Restaurant





Wholesale


Wholesale


ing situate, East Street
opp. Hay Street.

One storey stucco
building situate, St.
James Road.
The western portion of
a one storey stone
building, situate Infant
View Road, Chipping-
ham.
One storey stucco
building, situate on the
northern side of Mon-
trose Avenue.
The ground floor of a
two storey stone build-
ing, known as the
Black Beard's Tavern,
situate south side of
Bay Street.
One storey stone build-
ing, situate Boyd
Road.
One storey stone build-
ing, situate New Base
Road.


OUT ISLAND RENEWALS


213. Howard Sweeting,
Gregory Town,
Eleuthera.

214. Chestley Burrows,
The Bight,
Cat Island.
215. Arthur T. Bain,
Bain's Town,
Cat Island.
216. Salathiel Mackey,
Lexington
Avenue,
Nassau, N.P.
217. John Wells,
Old Bight,
Cat Island.
218. Elisha Rolle,
Old Bight,
Cat Island.
219. Israel Dawkins,
Old Bight,
Cat Island.
220. Elisha
Lightbourne,
Knowles',
Cat Island.


Proprietary Club



General


General


General



General


General


Wholesale and Retail


General


One storey stone build-
ing, situate Main
Street, Gregory Town,
Eleuthera.
One storey stone build-
ing, situate Devil's
Point, Cat Island.
One storey stone build-
ing, situate Bain's
Town, Cat Island.
One storey stone build-
ing, situate Devil's
Point, Cat Island.

One storey stone build-
ing, situate Main Road,
Old Bight, Cat Island.
One storey building,
situate Main Road, Old
Bight, Cat Island.
One storey stone build-
ing, situate Main Road,
Old Bight, Cat Island.
One storey stone build-
ing, situate Main Road,
Knowles', Cat Island.


Dated at Nassau the 3rd day of May, 1956.


L. A. WHYLLY,
Clerk of the Licensing Authority.












148 OFFICIAL GAZETTE

THE SHOP LICENCES ACT 1933.


NOTICE is hereby given that a sitting of the Licensing Authority
for the Island of New Providence, will be held at the Magistrate's
Court on Thursday the 10th day of May, 1956, at 4:00 o'clock for
the purpose of granting licences (and transfers of licences) under the
above Act.
The undermentioned persons have applied for a grant of the
licences specified below.

LICENCES

Name and Address Description Description
of the Applicant of Licence of Premises


76. Lawrence
Burrows,
East Street,
South,
Nassau, N.P.
77. Harry
Papageorge,
Nasau, N.P.

78. Clifford Randall
Goodman,
Nassau Street,
Nassau, N.P.
79. Birdie Johnson,
Wulff Road,
Nassau, N.P.

80. Alex
Constantakis,
Market Street,
Nassau, N.P.


81. Eugine Gibson,
Milton Street,
Nassau, N.P.
82. Ronald W.
Turnquest,
Mason's Addition,
Nassau, N.P.
83. Myrtle Ealfour,
Pinedale Avenue,
Nassau, N.P.

84. Basil Johnson,
John Evans Road,
Nassau, N.P.
85. Arthur Newman,
West St., South,
Nassau, N.P.
86. Kenneth Moncur,
Rupert Dean
Lane,
Nassau, N.P.
87. Sadie Adderley,
East Street,
Nassau, N.P.

88. Maxine Hepburn,
Anns Town,
Nassau, N.P.


Petty Shop


Dry Goods, Straw
Works, Footware
and other goods

Petty Shop



Petty Shop



Dry Goods





Cool Drink Stand


General Shop



Retail Grocery



Grocery


Grocery and Notions


Grocery



Fruits and Canned
Goods


Grocery


One storey stone build-
ing, situate Wulff Road
near St. Barnabas
Church.

The ground floor of a
two storey stone build-
ing, situate eastern
side of East Street.
One storey wooden
building, situate West-
ern District of the Is-
land.
One storey building,
situate Market Street,
South of the Police
Station.
The ground floor of a
two storey stone build-
ing, situate west side
of Market Street, next
door to Lowe's Pharm-
acy.
One storey wooden
building, situate Milton
Street.
One storey stone build-
ing, situate opp. the
Blue Rest Club, situate
Kemp Road.
One storey wooden
building, situate east-
ern side of Pinedale
Avenue.
One storey stone build-
ing, situate John Evans
Road.
One storey wooden
building, situate in the
Settlment of Adelaide.
One storey building,
situate Rupert Dean
Lane.

One storey wooden
building, situate Mark-
et Street near to Mil-
ton Street.
One storey stone build-
ing, situate K emp
Road.











OFFICIAL GAZETTE 149

Name and Address Description Description
of the Applicant of Licence of Premises


89. Prince A. Huyler, Dry Goods


Jr.,
Nassau, Street,
Nassau, N.P.
90. Gladys M. Kelly,
Nassau, N.P.

91. Mervin T.
Ferguson,
Gibbs Corner,
Nassau, N.P.
92. Ronald Emmanuel
Pratt,
Nassau, N.P.

93. Theodore Minnis,
Fox Hill,
Nassau, N.P.
94. Estel Stubbs,
Nassau, N.P.

94A. Arthur Curry,
Nassau, N.P.


95. Cephas Ferguson,
Choke Neck Alley,
Nassau, N.P.

96. Myrtle Balfour,
Pine Dale Avenue,
Nassau, N.P.
97. Richard Miller,
Wilkerson Street,
Nassau, N.P.



98. Moses A. Davis,
Rose Street,
Fox Hill,
Nassau, N.P.
99. Joseph C. Cooper,
Nassau, N.P.



100. John C. Cooper,
Nassau, N.P.



101. Lillian Janore,
Nassau Street,
South,
Nassau, N.P.
102. Stella Ingraham,
Oakes Field,
Nassau, N.P.



103. Valencia Brown,
William Street,
Nassau, N.P.


Dry Goods


Grocery and Notions



Grocery and Notions



Grocery


Notions and Baked
Goods

Grocery and
Vegetables


Butcher's Meat



Grocery


Sandwich Bar


Service Station and
Accessories etc.


Cool Drink Stand




Dry Goods and
Notions



Petty Shop



Dry Goods





Dry Goods


One storey stone build-
ing, situate Fox Hill.


The basement of a two
storey stone building,
situate Shirley Street.
One storey wooden
building, situate north-
ern side of Lily of the
Valley Corner.
One storey stone build-
ing, situate corner of
Hay Street and Com-
fort Street.
Comprised of a shed,
situate Fox Hill Main
Road.
One storey wooden
building, situate Mark-
et Street, South.
One storey wooden
building, situate near
the South Side Club
Wulff Road.
One storey stone build-
ing, situate Choke
Neck Alley off Market
Street.
One storey stone build-
ing, situate eastern
side of Pine Dale Road.
The ground floor of a
two storey stone build-
ing, situate Hospital
Lane.


One storey stone build-
ing, situate Main
Street, Fox Hill.

The ground floor of a
two storey stone build-
ing, situate Shirley
Heights opp. The Hide
Out Restaurant.
The ground floor of a
two storey stone build-
ing, situate Shirley
Heights opp. The Hide
Out Restaurant.
Petty Shop, Nassau,
Street.


The ground floor of a
two storey stone build-
ing, known as the Mos-
ko Building, situate
north side of Trinity
Place.
One storey stone build-
ing, situate Palmdale.















150 OFFICIAL GAZETTE

Name and Address Description Description
of the Applicant of Licence of Premises


104. Paul Roberts,
East Bay Street,
Nassau, N.P.

105. Lester Mortimer,
East Street,
Nassau, N.P.



106. Clifford Miller,
East Shirley
Street,
Nassau, N.P.


Cut Flowers, Plants
and Florist supplies
etc.

General Merchandise





Notions


One storey stone build-
ing, situate Bay Street
just west of Maura
Lumber Company.
The ground floor of a
two storey stone build-
ing, formerly occupied
by the Acme Bi-Rite
Food Store, situate
East Street.
The ground floor of a
two storey stone build-
ing, known as the May-
flower, situate Eliza-
beth Avenue.


Dated at Nassau the 3rd day of May, 1956.

L. A. WHYLLY,
Clerk of the Licensing Authority.

















SUPPLEMENT TO THE


OFFICIAL


GAZETTE


BAHAMAS

PUBLISHED BY AUTHORITY


NASSAU MAY 5th, 1956 18.

GOVERNMENT NOTICES

COLONIAL SECRETARY'S OFFICE
No. 58.
The subjoined Regulations made under The Exchange Control
Regulations Act 1952 (No. 44 of 1952) are published for general infor-
mation.
M.P.14162.
REGULATIONS
Made Under
THE EXCHANGE CONTROL REGULATIONS ACT 1952.
(No. 44 of 1952)
PART I.


GOLD AND FOREIGN CURRENCY
1. Dealings in gold and foreign currency.
2. Surrender of gold and foreign currency.
3. Bailees of gold and foreign currency.
4. Travellers' cheques, etc.


X
3 -i 7~


'9 -









PART II.
PAYMENTS
5. Payments in the Colony.
6. Payments outside the Colony.
7. Compensation deals.

PART III.
SECURITIES.
8. Issue of securities.
9. Transfer of securities and coupons.
10. Issue of bearer certificates and coupons.
11. Substitution of securities and certificates outside Colony.
12. Payment of capital moneys outside the Colony.
13. Duties of persons keeping registers.
14. Additional provisions as to nominee holdings.
15. Deposit of certificates of title.
16. Additional provisions as to deposited certificates.
17. Special provisions as to dealings in certain securities.
18. Validation of certain transfers.
19. Application of Part III to secondary securities.
20. Interpretation of Part III.

PART IV.
IMPORT AND EXPORT.
21. Restrictions on import.
22. General restrictions on export.
23. Payments for exports.

PART V.
MISCELLANEOUS.
24. Duty to collect certain debts.
25. Duty not to delay sale or importation of goods.
26. Property obtained by infringement of Regulations.
27. Provisions supplemental to preceding provisions of Part V.
28. Transfer of annuities, policies, etc.
29. Settlements.
30. Companies.

PART VI.
SUPPLEMENTAL.
31. Exemptions.
32. Blocked accounts.
33. Contracts, legal proceedings, etc.
34. Enforcement and administration.
35. Application to Crown.
36. Transitional provisions.
37. Other powers.
38. Financial provisions.
39. Branches.
40. Persons leaving the scheduled territories.
41. Determination of residence.

2










PART VII.
SPECIAL PROVISIONS.
42. Restriction on sale of Real Property.
43. Power of Controller to prohibit action on certain orders as to
gold etc.
PART VIII.
SHORT TITLE AND INTERPRETATION.
44. General provisions as to interpretation.
45. Power of Controller to make orders, etc.
46. Short title and commencement.
SCHEDULES:
First Schedule. The Scheduled Territories.
Second Schedule. Foreign Companies.
Third Schedule. Blocked Accounts.
Fourth Schedule. Enforcement.
Part I. General provisions as to evidence and information.
Part II. General provisions as to offences.
Part III. Import and export.
In exercise of the powers conferred upon him by Section 2 of
The Exchange Control Regulations Act 1952 the Governor in Council
hereby makes the following Regulations:
PART I.
GOLD AND FOREIGN CURRENCY.
1.(1) Except with the permission of the Controller, no person, Dealings in
other than an authorised dealer, shall, in the Colony buy or borrow gold and
any gold or foreign currency from, or sell or lend any gold or foreign rei" cur
currency to, any person other than an authorised dealer.
(2) Except with the permission of the Controller, no person
resident in the scheduled territories, other than authorised dealer,
shall, in the Colony, 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 the Colony.
(3) Where a person buys or borrows any gold or foreign
currency in the Colony 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 the Colony, 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 Controller.
(4) In these Regulations-
(a) the expression "foreign currency" does not include
any currency or notes issued by the Government or
under the law of any part of the scheduled territories
but, save as aforesaid, includes any currency other
than Bahamas pounds or sterling and any notes of
a class which are or have at any time been legal
tender in any territory outside the Colony, and any
reference to foreign currency, except so far as the
context otherwise requires, includes a reference to










any right to receive foreign currency in respect of
any credit or balance at a bank; and
(b) the expression "the scheduled territories" means the
territories specified in the First Schedule to these
Regulations.
ILurender or 2.(1) Every person in the Colony who is entitled to sell or to
gold nd procure the sale of, any gold, or any foreign currency to which
currency. this Regulation applies, and is not an authorised dealer, shall offer
it, or cause it to be offered, for sale to an authorised dealer, unless
the Controller consents to his retention and use thereof, or he disposes
thereof to any other person with the permission of the Controller.
The foreign currency to which this Regulation applies is such
foreign currency (hereafter in these Regulations referred to as
"specified currency") as may from time to time be specified by order
of the Controller.
(2) If a person who has obtained the consent of the Controller
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 paragraph shall thereupon apply to him in
relation to that gold or currency as if the Controller had revoked
his consent to his retention and use thereof.
(3) A person who acquires any gold or specified currency from
an authorised dealer shall be treated for the purposes of this Regula-
tion as if the Controller 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 paragraph (3) of the preceding
Regulation) 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 Controller's
consent to his retention and use thereof.
(4) Where a person has become bound under this Regulation
to offer or cause to be offered any gold or specified currency for
sale to an authorised 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 authorised by
the Controller, or without payment of any usual and proper charges
of the authorised dealer, or otherwise on any unusual terms.
(5) Where a person has become bound under this Regulation
to offer or cause to be offered any gold or specified currency for
sale to an authorised dealer and has not complied with that obligation,
the Governor may direct that that gold or currency shall vest in
the Controller, and it shall vest in the Controller accordingly free
from any mortgage, pledge or charge, and the Controller may deal
with it as he thinks fit, but the Controller 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 therefore if he had sold it to
an authorised dealer in pursuance of an offer made under this Regula-
tion at the time when the vesting occurred.
(6) In any proceedings in respect of a failure to comply with
the provisions of this Regulation, it shall be presumed, until the









contrary is shown, that the gold or currency in question has not
been offered for sale to an authorised dealer.
3.(1) Every person in the Colony by whom or to whose order Bailees of
(whether directly or indirectly) any gold or any specified currency old and fo
in the form of notes is held in the Colony but who is not entitled
to sell it or procure its sale shall notify the Controller in writing
that he so holds that gold or currency.
(2) The Controller may direct any person in the Colony by
whom or to whose order (whether directly or indirectly) any gold
or any specified currency in the form of notes is held in the Colony,
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.
4.(1) This Regulation applies to any document of a kind in- Travellers'
tended to enable the person to whom the document is issued to cheques, etc.
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 these Regulations, the person issuing
a document to which this Regulation 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 Bahamas
pounds or sterling 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 these Regulations as itself, being
specified currency.
(4) Every person in the Colony who holds or to whose order
there is held any document to which this Regulation applies, being
a document expressed in terms of Bahamas pounds or sterling, shall
encash it or cause it to be encashed in the scheduled territories
with the person issuing it or with a banker, unless the Controller
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 paragraph applies from an authorised dealer shall be
treated for the purposes of that paragraph as if the Controller had
consented to the retention and use by him of that document (sub-
ject, however, to any conditions notified to him in accordance with
paragraph (3) of Regulation 1 of these Regulations), 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 Controller's consent to his retention and use
thereof.
PART II.
PAYMENTS.
5. Except with the permission of the Controller, no person shall Payments in
do any of the following things in the Colony, that is to say- the Colony...









(a) make any payment to or for the credit of a person resident
outside the scheduled territories; or
(b) 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 resident outside
the scheduled territories:
Provided that where a person resident outside the scheduled
territories has paid a sum in or towards the satisfaction of a debt
due from him, paragraph (c) of this Regulation shall not prohibit
the acknowledgement or recording of the payment.
Payments 6.(1) Except with the permission of the Controller, no person
outside the in the Colony shall, subject to the provisions of this Regulation,
Colony.
make any payment outside the Colony to or for the credit of a
person resident outside the scheduled territories, and no person resi-
dent in the scheduled territories shall in the Colony do any act
which involves, is in association with or is preparatory to the making
of any such payment.
(2) Nothing in this Regulation 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 of
these Regulations or retained by him in pursuance of a consent of
the Controller.

Comlmensa- 7.(1) Except with the permission of the Controller, no person
tion deals. shall in the Colony 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 the Colony do any act which
involves, is in association with or is preparatory to the making of
any such payment outside the Colony, as consideration for or in
association with-
(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 Regulation shall prohibit the making of
any payment in accordance with the terms of a permission or consent
granted under these Regulations.

PART III.
SECURITIES.

securities. 8.(1) Except with the permission of the Controller, no person
issue of shall in the Colony issue any security or do any act which involves,
is in association with or is preparatory to the issuing outside the
Colony of any security which is registered or to be registered in
the Colony, 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 association 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 Controller, be invalid in so far as it would
on registration 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 the company;
and if by virtue of this paragraph the number of the subscribers
of the memorandum who on its registration 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 company
as if the number of its members had been so reduced.

9.(1) Except with the permission of the Controller, a security Transfer of
registered in the Colony shall not be transferred, and a security securities
and coupons.
not so registered shall not be transferred in the Colony, unless, in
either case, the following requirements are fulfilled, that is to say-
(a) neither the transferer nor the person, if any, for whom
he is a nominee is resident outside the scheduled territories;
and
(b) the transferor delivers to the transferee at or before the
time of the transfer the prescribed declarations 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 the Colony other-
wise than in a subsidiary register, the Controller is satisfied
that the requirements of sub-paragraph (c) of this para-
graph are fulfilled:
Provided that-
(i) neither the transferee nor his agent shall be deemed to
have committee an offence by reason only that the require-
ments of sub-paragraph (a) of this paragraph 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 sub-paragraphs (c) and (d) of this para-
graph have not been fulfilled unless, in the case of a non-
fulfilment of the requirements of the said sub-paragraph










(c), the transferor or, as the case may be, his agent, knew
or had reason to believe that those requirements were not
fulfilled.
(2) Except with the permission of the Controller, a security
not registered in the Colony shall not be transferred outside the
Colony 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 the Colony.
(3) Except with the permission of the Controller-
(a) no coupon shall be transferred in the Colony if either the
transferee or the person, if any, for whom he is to be
nominee is resident outside the scheduled territories;
(b) no person shall in the Colony do any act which involves,
is in association with or is preparatory to the transfer
of any coupon outside the Colony 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 the Colony.

Issue of 10. Except with the permission of the Controller, no person
be cate shall, in the Colony, issue any bearer certificate or coupon or so
certificates
and coupons. alter any document that it becomes a bearer certificate or coupon,
and no person resident in the scheduled territories shall in the Colony
do any act which involves, is in association with or is preparatory
to such issue or alteration outside the Colony.

Substitution 11. Except with the permission of the Controller-
tf securities (1) No person in the Colony shall do any act with intent to
and certif-
icates out. secure-
Colone (a) that a security which is-
(i) registered in the Colony; or
(ii) transferable by means of a bearer certificate in the
Colony, becomes, or is replaced by, a security registered
outside the Colony or a security transferable by means
of a bearer certificate outside the Colony; or
(b) that a certificate of title to any other security, is issued
outside the Colony in substitution for or in addition to
a certificate of title thereto which is in, or is or has been
lost or destroyed in, the Colony.
(2) No person resident in the scheduled territories shall in
the Colony do any act which involves, is in association with or is
preparatory to any such transaction outside the Colony as is referred
to in sub-paragraphs (a) or (b) of paragraph (1) of this Regulation.

Payments of 12. Except with the permission of the Controller-
'apital (1) No person in the Colony shall do any act with intent
moneys out- to secure that capital moneys payable on a security registered in
side the
colony. the Colony are paid outside the Colony, or that, where the certificate
of title to a security is in the Colony, capital moneys payable on
the security are paid outside the Colony without production of the
certificate to the person making the payment.
(2) No person resident in the scheduled territories shall in
the Colony do any act which involves, is in association with or is
preparatory to any such transaction outside the Colony as is referred
to in paragraph (1) of this Regulation.










13. Except with the permission of the Controller, no person Duties of
concerned with the keeping of any register in the Colony shall- persns
(a) enter in the register the name of any person in relation registers.
to any security unless there has been produced to him
the prescribed evidence that the entry does not form part
of a transaction which involves the doing of any thing
prohibited by these Regulations; 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 permission of the Controller
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 is mentioned in the two last preceding
sections, whether done by a person in or resident in the
Colony or not.

14.(1) Where- Additional
(a) the holder of a security is a nominee and the person for provisions
as to nomi-
whom he is a nominee is resident outside the scheduled nee holdings.
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 Controller, no person resident
in the Colony shall do any act whereby the holder becomes his
nominee in respect of the security.

(2) Except with the permission of the Controller, a person
resident in the Colony 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.
(3) Where the holder of a security is a nominee, then, except
with the permission of the Controller, neither he, if he is resident
in the Colony, nor any person resident in the Colony 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 he recognizes 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, resi-
dent in the scheduled territories and not elsewhere; or
(b) 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 else-
where.









(4) Where the holder of a security is not a nominee and is
resident in the Colony, then, except with the permission of the Controller,
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 the
Colony do any act which involves, is in association with or is preparatory
to any such transaction outside the Colony as is referred to in this
Regulation.

Deposit of 15. (1) This and the next following Regulation apply to any security
certificates of except-
title.
(a) a security which is registered in the Colony 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 Regulation, and in the next following
Regulation the expressions "security", "certificate of title" and
"coupon" mean respectively a security to which the said Regula-
tions apply, a certificate 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
the Colony, and of every person resident in the Colony by whom or
to whose order (whether directly or indirectly) a certificate of title is
held outside the Colony, to cause the certificate of title to be kept at all
times, except with the permission of the Controller, in the custody of an
authorised depositary, and nothing in this Part of these Regulations shall
prohibit the doing of anything for the purpose of complying with the
requirements of this paragraph.
(3) Except with the permission of the Controller, an authorised
depositary shall not part with any certificate of title or coupon required
under this Regulation to be in the custody of an authorised depositary:
Provided that this paragraph shall not prohibit an authorised de-
positary-
(a) from parting with a certificate of title or coupon to or to the
order of another authorised depositary, where the person from
whom the other authorised depositary is to receive instructions
in relation thereto is to be the same as the person from whom
he receives instructions;
(b) from parting with a certificate of title, for the purpose of
obtaining payment of capital moneys payable on the security,
to the person entrusted with payment thereof;
(c) from parting with a coupon in the ordinary course for collection.
(4) Except with the permission of the Controller, no capital
moneys, interest or dividends shall be paid in the Colony on any security,
except to or to the order of an authorised depositary having the custody
of the certificate of title to that security, so, however, that this paragraph
shall not be taken as restricting the manner in which any sums lawfully
paid on account of the capital moneys, interest or dividends may be
dealt with by the person receiving them.
(5) Except with the permission of the Controller, an authorised
depositary shall not do any act whereby he 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 coupon,
unless there is produced to him the prescribed evidence that he is not
by so doing giving effect to any transaction which is prohibited by these
Regulations.
(6) Where a certificate of title which under this Regulation
should for the time being be in the custody of an authorised depositary
is not in the custody of an authorised depositary, than, except with
the permission of the Controller, no person shall in the Colony, 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 association
with or is preparatory to any such transaction outside the Colony.
(7) Except with the permission of the Controller, no person in
or resident in the Colony 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.

16.(1) Where a certificate of title to a security is by the last Additional
provisions as
preceding Regulation required to be and is in the custody of an authorised to deposit
depositary, the provisions of this Regulation shall, except so far as the certificates.
Controller 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
(b) 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 authorised de-
positary wants, in order to render it 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 authority depositary and he has parted with the certificate of title,
sub-paragraph (a) of this paragraph shall not again apply on the cer-
tificate coming into the custody of another authorised depositary or again
coming into his own custody.
(2) Except with the permission of the Controller, the authorised
depositary shall not part with or destroy the certificate of title or any
coupons belonging thereto, otherwise than as mentioned in sub-paragraphs
(b) and (c) of the provise to paragraph (3) of the last preceding
Regulation, 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 authorised depositary
receives instructions in relation to any certificate of title becomes bankrupt
in the Colony or dies, this paragraph shall not prohibit the authorised
depositary from recognizing the trustee in bankruptcy or personal repre-
sentative as the person entitled to give instructions in relation to the
certificate of title.
(3) The authorised 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 sum received to be dealt with except with the
permission of the Controller.
Special 17.(1) The Controller may, if in his opinion there are circumstances
a isions l- rendering it necessary or expedient so to do, by order direct that this
ings in Regulation shall apply to such securities as may be prescribed, being
certain se-
curities. 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 of any capital moneys, dividends or interest thereon
in a specified currency.
(2) Except with the permission of the Controller, no person shall,
in the Colony, transfer, or do anything which affects his rights or powers
in relation to, any security to which this Regulation applies, and no
person resident in the scheduled territories shall in the Colony do any
act which involves, is in association with or is preparatory to any such
transaction outside the Colony.

validation 18.(1) The title of any person to a security for which he has
ransferas given value on a transfer thereof, and the title of all persons claiming
through or under him, shall, notwithstanding 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
prohibited by the provisions of these Regulations 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 paragraph (1) of
this Regulation, the Controller may issue a certificate declaring, 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 these Regulations, are to be, and are always
to have been, as valid as if they had been done with the permission of the
Controller, and the said acts shall have effect accordingly.
(3) Nothing in this Regulation shall affect the liability of any
person to prosecution for any offence against these Regulations.
Application 19.(1) This Part of these Regulations shall apply, with such mod-
of Part III ifications (if any) as may be prescribed, in relation to any such document
to secondary
securities, as is mentioned in the following paragraph, as if the document created
and were the certificate of title, to, a security (hereafter in these Regu-
lations referred to as a "secondary security").
(2) The documents referred to in the preceding paragraph or
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
authorised depositary for any certificate of title deposited in pursuance
of this Part of these Regulations), and such other documents conferring,
or containing evidence of, rights as may be prescribed.

Interpreta- 20.(1) In this Part of these Regulations-
tion of part (a) the expression "registered" includes inscribed;
fm. (b) the expressions "registered in the Colony" and "registered out-
side the Colony" mean respectively, registered in a register
in, and registered in a register outside the Colony;
12











(c) the expression "security which is registered in the Colony other-
wise than a subsidiary register" means a security which either-
(i) is registered in the Colony and is not and cannot without
the necessity for an entry in the register in the Colony
become, registered outside; or
(ii) is registered both in the Colony and outside but on a
transfer cannot, without the necessity for an entry in
the register in the Colony, become registered outside in the
name of the transferee; and
(d) the expression "a register" includes any book, file or index in
which securities are registered.
(2) For the purpose of any provision of this Part of these
Regulations prohibiting 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 of these Regulations to the person
holding a certificate of title or coupon shall be construed as references
to the person having physical custody of the certificate of title or coupon;
Provided that where the certificate of title or coupon is deposited
with any person in a locked or sealed receptacle from which he is not
entitled to remove it without the authority of some other person, that
other person shall be deemed for the purposes of this provision to have
the physical custody thereof.
(4) In this Part of these Regulations, the expression "holder"-
(a) in relation to a security transferable by means of a bearer
certificate or to a coupon, includes the person holding the cer-
tificate 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 bank-
ruptcy, 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 of these Regulations 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 accordance with
instructions given by some other person, and references in this Part of
these Regulations 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
comply 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
paragraph to be entitled to give instructions to that body cor-
porate as to the exercise of rights in respect of any security or
coupon of which it is the holder; and

13











(b) 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.
(6) A certificate of title shall not for the purposes of this Part
of these Regulations be treated as in the custody of an authorised de-
positor if
(a) the depositary has no notice of the nature of the certificate;
or
(b) 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 the Colony is by this
Part of these Regulations required to be kept in the custody of an
authorised depositary, it shall be deemed to be in the custody of an author-
ised 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
authorised depositary; and
(b) 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 paragraph deemed
to be in the custody of an authorised depositary, references in this Part
of these Regulations to the depositary parting with the certificate or
a coupon belonging thereto shall be construed as references to his per-
mitting 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 per-
mitting it to be destroyed.
PART IV.
IMPORT AND EXPORT.
21.(1) The importation into the Colony of-
Restric- (a) any notes of a class which are or have at any time been
tions on
Import. 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
Controller, 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
(c) any certificate of title to any security, including any such cer-
tificate which has been cancelled, and any document certifying
the destruction, loss or cancellation of any certificate of title
to a security.
is hereby prohibited except with the permission of the Controller.
(2) In this section the expression "note" includes part of a note
and the expression "security" includes a secondary security.
22.(1) The exportation from the Colony of
General (a) any notes of a class which are or have at any time been
restrictions legal tender in the United Kingdom or any part of the United
on expert. 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 terri-
tory and payable otherwise than within the scheduled
territories; and
(iv) any document to which Regulation four of these Regula-
tions applies not issued by an authorised dealer or in
pursuance of a permission granted by the Controller; and
any document certifying the destruction, loss or cancella-
tion of any of the documents aforesaid; and
(e) any such articles exported on the person of a traveller or in
a traveller's bakgage as may be prescribed, is hereby prohibited
except with the permission of the Controller.
(2) In this Regulation, 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".
23.(1) The exportation of goods of any class or description from Payment
the Colony to a destination in any such territory as may be prescribed for exports.
is hereby prohibited except with the permission of the Controller, unless
the Comptroller of Customs is satisfied-
(a) that payment for the goods has been made to a person resident
in the Colony 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 satisfactory in the national interest:
Provided that the Controller may direct that, in cases to which the
direction applies, sub-paragraph (a) of this paragraph 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 paragraph (1) of this Regulation, the
Comptroller of Customs may require the person making entry of the
goods for export to deliver to the collector or other proper officer together
with the entry such declarations signed by such persons as he may require,
and where and 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 sub-paragraph (b) of the
said paragraph (1), he shall give his reasons to the person making entry
of the goods for export and shall take into consideration any represen-
tations made by him.










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

PART V.

MISCELLANEOUS.
Duty to 24.(1) Except with the permission of the Controller, no person
collect cer-
tain debts. resident in the Colony 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 Bahamas pounds or sterling, 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 payment in sterling, is delayed;
or
(b) that the currency or payment, ceases, in whole or in part, to
be receivable by him:
Provided that nothing in this sub-paragraph-
(i) shall, unless the Controller otherwise directs, impose of
any person any obligation, in relation to any debt arising
in the carrying on of any trade or business, to procure
the payment thereof at an earlier time than is customary
in the course of that trade or business; or
(ii) shall, unless the Controller otherwise directs, prohibit any
transfer to a person resident in the Colony and not else-
where of any right to receive any specified currency or
payment in sterling.

(2) Where a person has contravened the provisions of paragraph
(1) of this Regulation in relation to any specified currency or payment
in Bahamas pounds or sterling, the Controller may give to him or to any
other person who appears to the Controller to be in a position to give
effect thereto (being a person in or resident in the Colony) such directions
as appear to the Controller 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
paragraph, may direct that there shall be assigned to the Controller, or
to such person as may be specified in the directions, the right to receive
the currency or payment or enforce any security for the receipt thereof.

Duty not to 25.(1) Where-
odelr ale (a) any permission or consent has been granted under these Regu-
tation of lations or under any corresponding provision of the law in force
gods in any territory comprised in the scheduled territories, subject
to a condition providing that, or on the faith of an application
stating an intention that, any goods should be sold outside the
scheduled territories; or
(b) any statement or declaration has been made under any provision
of these Regulations or any such corresponding 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 Controller, no person resident
in the Colony 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 un-
reasonable 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.
(2) Where-
(a) any permission or consent has been granted under these Regu-
lations, 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 intention that, any goods should be im-
ported from outside the scheduled territories into any part of
the scheduled territories; or
(b) 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 so imported,
then, except with the permission of the Controller, no person resident
in the Colony 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 course of trade.
(3) Where in any such case as is specified in sub-paragraph
(a) (b) or (c) of paragraph (1), or sub-paragraph (a) or (b) of
paragraph (2), of this Regulation- g
(a) the goods have not been sold or imported as indicated by the
condition, statement or declaration within the time thereby in-
dicated or, if no time is thereby indicated, a reasonable time,
or (in either case) within such further time as may be allowed
by the Controller; or
(b) it appears to the Controller that the goods cannot be sold or
imported as indicated by the condition, statement or declaration,
the Controller may give to any person resident in the Colony who
appears to the Controller to be in a position to give effect thereto such
direction 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 paragraph, the power conferred thereby on the Controller
to give directions shall extend to the giving of directions that the goods
shall be assigned to the Controller or to a person specified in the direc-
tions.
(5) The powers conferred by the two last preceding paragraphs
in relation to any goods shall extend to the giving of directions with
respect to any goods produced or manufactured 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-
tions with respect to those other goods and any goods produced or manu-
factured from those other goods.

Property 26. (1) Where a person
obtained by (a) has made any payment which is prohibited by these Regulations;
infringe-
ment of or
Regulations. (b) being bound under these Regulations to offer or cause to be
offered any specified currency to an authorised dealer, has
otherwise disposed of that currency,
the Controller may direct him to sell or procure the 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 same or a subsequent direction specify the manner in which, the
persons to whom and the terms on which the property is to be sold.
(2) Without prejudice to the generality of the provisions of para-
graph (1) of this Regulation, the power conferred thereby on the Controller
to give directions shall extend to the giving of directions that the property
shall be assigned to the Controller or to a person specified in the direc-
tions.

Provisions 27.(1) Where, under the preceding provisions of this Part of these
l to pro- Regulations, the Controller has power to give directions that any right
ceeding to receive any currency or payment in Bahamas pounds or sterling or
provisions
of Part n. to enforce any security for the receipt thereof, any goods, or any other
property shall be assigned to the Controller, the Controller shall also
have power to direct that the right, goods or property shall vest in
the Controller, and it or they shall vest in the Controller accordingly
free from any mortgage, pledge or charge, and the Controller may deal
with it or them as he thinks fit.
(2) Where, in pursuance of directions under the said provisions,
2iy right, goods or property is or are assigned to the Controller or to
a person specified in the directions, or any right, goods or property
vests or vest in the Controller in pursuance of directions given under
paragraph (1) of this Regulation, the Controller 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 Controller under paragraph (1) of this Regulation, to the
person who, but for the directions, would be entitled to the right, goods
or property.

Transfer of 28.(1) Except with the permission of the Controller, no person
annuities, resident in the Colony shall transfer to a person resident outside the
policies etc. 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 Controller, any payment thereof to any other person, -
(a) he shall not be bound to inquire 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 otherwise than by virtue of a transfer
prohibited by this paragraph.
(2) Paragraphs (2) and (3) of Regulation 18 of these Regula-
tions shall apply in relation to any transfer prohibited by this Regulation
as they apply in relation to a transfer prohibited by these Regulations
of a security.
(3) In this Regulation, the expression "nominee" has, in relation
to any policy, annuity or insurance, the same meaning as the said ex-
pression has in Part III of these Regulations in relation to a security.
29.(1) Except with the permission of the Controller, no person Settlements.
resident in the Colony shall settle any property, otherwise than by will,
so as to confer an interest in the property on a person who, at the
time of the settlement, is resident outside the scheduled territories, or
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, is 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 Regulation, except
so far as it purports to confer any interest on any person who, at the
time of the settlement or the exercise of the power, is resident outside
the scheduled territories.
(3) Paragraphs (2) and (3) of Regulation 18 of these Regula-
tions shall apply in relation to a settlement or the exercise of a power
of appointment prohibited by this Regulation as they apply in relation
to a transfer prohibited by these Regulations of a security.
(4) For the purpose of these Regulations-
(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 resettlement) to a different trust; and
(b) 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 contingent, or falls within a limited
class or persons in whose favour a discretion of power in respect
of the property is exercisable; and
(c) the expression "will" includes any testamentary disposition.
(5) No person resident in the Scheduled Territories shall in the
Colony do any act which involves, is in association with or is preparatory
to any such transaction outside the Colony as is referred to in this
Regulation.
30. (1) Where there is served on any person resident in the Colony companies.
a notice in writing that the Controller wishes any such requirements
as are hereinafter mentioned to be complied with by any such body cor-
porate as is specified in the Second Scheduled to these Regulations
(hereafter in this paragraph referred to as a "foreign company"), and
that person can, by doing or refraining from doing any act.
(a) cause the foreign company to comply with any of the require-
ments; or










(b) remove any obstacle to the foreign company complying with
any of the requirements; or
(c) 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
Controller, 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 is to say, that the foreign company shall-
(i) furnish to the Controller such particulars as to its assets
and business as may be mentioned in the notice;
(ii) sell or procure the sale to an authorised 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 relation to, any such
securities as may be mentioned in the notice.
(2) Except with the permission of the Controller, no person
resident in the Colony shall do any act whereby a body corporate which
is by any means controlled (whether directly or indirectly) by persons
resident in the Colony ceases to be controlled by persons resident in
the Colony:
Provided that this paragraph shall not prohibit any person from
selling any securities authorised to be dealt in on any recognized stock
exchange in the Colony if the sale takes place in pursuance of an agree-
ment entered into in the ordinary course of business on that exchange.
No person resident in the Scheduled Territories shall in the Colony
do any act which involves, is in association with or is preparatory to
any such transaction outside the Colony as is referred to in this paragraph.
(3) Except with the permission of the Controller, no person
resident in the Colony shall lend 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 paragraph 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 the Colony
do any act which involves, is in association with or is preparatory to
any such transaction outside the Colony as is referred to in this paragraph.
(4) For the purposes of this Regulation and of the Second
Schedule to these Regulations, persons resident in the Colony or outside
the scheduled territories shall be deemed to control a body corporate
notwithstanding that other persons are associated with them in the control
thereof if they can together override these other persons.
(5) In this Regulation the expression "security" includes a sec-
ondary security.









PART VI.
SUPPLEMENTAL.
31. Any provision of these Regulations imposing any obligation or Exemptions.
prohibition shall have effect subject to such exemptions as may be granted
by order of the Controller, and any such exemption may be either absolute
or conditional.
32. Where Blocked
(a) under any provision contained in Part II of these Regulations accounts.
the permission of the Controller 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
(b) any payment falls to be made by an authorised dealer on the
sale of any gold or specified currency by any foreign company
within the meaning of paragraph (1) of the concluding Regu-
lation of Part V of these Regulations, being a sale made to
comply with any requirement notified under that paragraph,
the Controller 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 to these Regulations shall
have effect in relation to the payment or crediting of the sum.
33.(1) It shall be an implied condition in any contract that, where, contracts,
by virtue of these Regulations, the permission or consent of the Controller leal pro-
ceedings,
is at the time of the contract required for the performance of any term etc.
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 paragraph 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 these Regulations or for
any other reason.
(2) Notwithstanding anything in the Bills of Exchange Act,
neither the provisions of these Regulations, nor any condition, whether
express or to be implied having regard to those provisions, that any
payment shall not be made without the permission of the Controller
under these Regulations, shall be deemed to prevent any instrument being
a bill of exchange or promissory note.

34.(1) The provisions of the Fouth Schedule to these Regulations Enforce-
shall have effect for the purposes of the enforcement of these Regulations. ment and
(2) Persons belonging to the following classes, that is to say- traction.
(a) bankers, authorised dealers, authorised depositaries;
(b) persons to whom any powers of the competent authority under
these Regulations are delegated;
(c) persons who with the permission of the competent authority
are in possession of document which would, but for the per-
mission, have to be in the custody of an authorised depositary;
(d) persons concerned with the keeping of any register in the Colony;
and
(e) persons entrusted with the payment of capital moneys, dividends
or interest in the Colony,
shall comply with such directions as may be given to them respectively
by the Controller, 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
these Regulations; or
((ii) in the case of authorised dealers, such directions as
aforesaid or directions as to the terms on which they
are to accept gold or foreign currency or directions re-
quiring them to offer their gold or specified currency for
sale to the Bank of England on such terms as may be
specified in any such directions.
Applications 35. These Regulations shall bind the Crown and shall apply to
to crown. transactions by a Government department or other person acting on
behalf of the Crown, and the Controller 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 III of these
Regulations or any exemption from the provisions of the said Part III.
Tran- 36. The Governor may by order make such transitional provisions
sitional
provisions. as appear to him necessary or expedient in consequence of the making
of any order under these Regulations.
Other 37.(1) Any permission, consent or authority granted under these
powers. Regulations-
(a) may be either general or special; and
(b) may be revoked by the Controller; and
(c) may be absolute or conditional; and
(d) 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
Controller, to 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 given under any provision of these Regula-
tions-
(a) may be either general or special; and
(b) may be revoked or varied by subsequent directions; and
(c) shall be given to such persons and in such manner as the
Controller thinks appropriate, and if so given shall be valid for
all purposes.
(3) Notwithstanding sub-paragraph (c) of the last preceding
paragraph, a person shall not by virtue of any direction given by the
Controller under these Regulations, be convicted of an offence against
these Regulations, 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, it shall be for him
to show that he neither knew nor avoided getting to know of the giving
thereof.
(4) The Controller may, to such extent and subject to such
restrictions and conditions as he may think proper, delegate or authorise
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 person, approved by him, and references in these
Regulations shall be construed accordingly.










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

38. Any expenses incurred under or by virtue of these Regula- Financial
tions by any Government department shall be paid out of moneys provisions.
provided by the Legislature, and any sums received under or by
virtue of these Regulations, by any Government department shall be
paid into the Public Treasury.

39. (1) The Controller may by order or direction provide that, Branches.
for such of the purposes of these Regulations as may be specified
in the order or direction-
(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
(b) the making of any book entry or other statement 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
on the business shall be deemed to be held by such of the
branches of the business as may be determined in accordance
with the order of direction,
and any such order or direction which makes, for any of the purposes
of Part III of these Regulations, such provision as is mentioned
in sub-paragraph (c) of this paragraph of this Regulation may con-
tain provisions declaring the circumstances in which a branch is to
be treated as nominee for any other branch.
(2) Any reference in paragraph (1) of this Regulation to
a branch of a business shall be deemed to include a reference to
the head office of that business.
(3) Paragraphs (1) and (2) of this Regulation shall apply
in relation to any body of persons (whether corporate or unin-
corporate) carrying on any activity, whether for the purpose of
profit or not, as they apply in relation to a business.

40. Where a person resident in the Colony leaves the scheduled Persons
territories, the Controller may, before, at or after the time he leaves 'leavindethe
the scheduled territories, direct that, for such period as may be territories.
specified in the direction, 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 the Colony, be subject
to such restrictions as may be specified in the direction.

41.(1) For the purposes of these Regulations, a personal rep- Determina-
resentative of a deceased person shall, unless the Controller otherwise tion of
directs, be treated as resident in the territory where the deceased residence.
person was resident for the purposes in question at the time of
23










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 Controller may give directions declaring that for
all or any of the purposes of these Regulations a person is to be
treated as resident or not resident in such territories as may be
specified in the directions.
PART VII.
SPECIAL PROVISIONS.
Restrictions 42.(1) Subject to such exemptions as may be granted by order
one sale of of the Controller, it shall not be lawful, except with permission
real prop-
erty. granted by the Controller and in accordance with any conditions
subject to which the permission was granted, for any person resident
in any of the scheduled territories to transfer, by way of sale,
exchange, gift or mortgage any land situate in the Colony or any
document of title thereto or conclude any transaction which forms
part of a series of transactions calculated to result in any such
transfer, to a person resident in any country, the currency of which
is a foreign currency, or to a person resident in any of the scheduled
territories who shall be a subject or citizen of or a company in-
corporated in any country the currency of which is a foreign currency.
(2) Subject to such exemptions as may be granted by order
of the Controller, it shall not be lawful, except with permission
granted by the Controller and in accordance with any conditions
subject to which the permission was granted, for any person who
is not a resident of any of the scheduled territories to transfer,
by way of sale, exchange, gift or mortgage, any land situate in
the Colony or conclude any transaction which forms a part of a
series of transactions calculated to result in any such transfer, to
any person resident in any of the scheduled territories.
rower of 43.(1) Where the Controller is satisfied that owing to the
to prohibit changes in the external or internal position of any country or territory
action on action is being, or is likely to be, taken to the detriment of the
certain or-
ters as to economic position of the Colony, the Controller may give general
gold. etc. 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 Controller, of any order
given by or on behalf of the government of that country or territory
or any person resident therein at the time when the directions were
given or at any later time while the directions are in force, in so
far as the order-
(a) requires the person to whom the order is given to make
any payment or to part with any gold or securities; or
(b) 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.
(2) Where any directions are given under this Regulation
with respect to any country or territory, a branch in that country
or territory of any business, whether carried on by a body corporate
or otherwise, shall, for the purposes of this Regulation, be treated
in all respects as if the branch were a body corporate resident in
that country or territory.









PART VIII.
SHORT TITLE AND INTERPRETATION.
44.(1) In these Regulations, except so far as the contrary is General pro-
expressly provided or the context otherwise requires, the following visions as to
interpre-
expressions have the meanings hereby assigned to them, that is to station.
say:-
"authorised dealer" means, in relation to gold or any foreign
currency, a person for the time being authorised by an
order of the Controller to act for the purposes of these
Regulations as an authorised dealer in relation to gold, or,
as the case may be, that foreign currency;
authorisedd depositary" means a person for the time being
authorised by an order of the Controller to act as an au-
thorised depositary for the purposes of Part III of these
Regulations;
"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;
"Controller" means the Controller of Exchange;
"coupon" means a coupon representing dividends or interest
on a security;
"foreign currency" has the meaning ascribed to it by Regula-
tion (1) of these Regulations;
"gold" means gold coin or gold bullion;
"policy of assurance" means any policy securing the payment
of a capital sum or annuity on the occurrence 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 hap-
pening of any contingency dependent on human life;
and
(b) any policy securing the payment of an immediate
annuity;
and the references in this definition to the occurrence 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 Regu-
lation one of these Regulations;
"secondary securities" has the meaning ascribed to it by Regu-
lation nineteen of these Regulations;
"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;

25










"specified currency" has the meaning ascribed to it by Regu-
lation two of these Regulations as extended by Regulation
four thereof;
"unit trust scheme" means any arrangements made for the
purpose, or having the effect, of providing for persons hav-
ing funds available for investments, facilities for the par-
ticipation by them, as beneficiaries under a trust, in profits
or income arising from the acquisition, holding management
or disposal of any property whatsoever;
"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 these Regulations (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 resi-
dence 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 provision of these Regulations 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
(b) 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 these Regulations 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 these Regulations shall be construed as re-
quiring the Controller to pay any sum otherwise than in Bahamas
pounds or sterling or otherwise than in the Colony, and any provision
of these Regulations requiring the Controller to pay any sum to
any person shall, where that sum is in a specified currency, be con-
strued as a provision that the Controller shall pay to that person
the amount in Bahamas pounds or sterling which he would have
received for the specified currency if he had sold it to an authorised
dealer in pursuance of an offer made under Regulation two of these
Regulations at the time when the said sum is paid.
(5) The obligations and prohibitions imposed by these Regu-
lations shall, subject to the express limitations contained therein,
apply to all persons, notwithstanding that they are not British sub-
jects.

Power of 45. Where in these Regulations there is any reference to the
controller making of an order or the giving of a direction by the Controller,
to make or-
ders, etc. the Controller shall be deemed to make such order or give such










direction, as the case may be, by virtue of the powers conferred
upon him by Section 3(c) of the Exchange Control Regulations Act
1952.

46.(1) These Regulations may be cited as the Exchange Control Short title
Regulations 1956. and com-
mencement.
(2) These Regulations shall come into force on such day as neme
the Governor may by order appoint, and
(a) different days may be appointed for different purposes and
for different provisions thereof; and
(b) the power of the Governor to make transitional provisions
consequent on the making of an order under these Regula-
tions shall extend to the revocation, in consequence of any
order made under this paragraph, of any of the provisions
of the Defence (Finance) Regulations, 1943.
47. The Exchange Control Regulations 1955 are hereby revoked. Revokes Ex-
Made by the Governor in Council this 3rd day of May, 1956. Control
change
Regulations
T. KNOWLES, 1955.
Acting Clerk to the Executive Council.



SCHEDULES. Regulation 1.
FIRST SCHEDULE.
The Scheduled Territories
1. The fully self-governing countries of the British Common-
wealth except 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 the United Nations.
4. Any British protectorate or British protected state.
5. South West Africa.
6. The Irish Republic.
7. Iraq.
8. Iceland.
9. Burma.
10. The Hashemite Kingdom of the Jordan.
11. Libya.
SECOND SCHEDULE.
Regulations 30 and 32.
Foreign Companies.
1. The bodies corporate in question are bodies corporate not
incorporated under the law of the Colony 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 the Colony;
(b) that more than one-half of the sums which, on a liquidation
thereof, would be receivable by holders of share or loan
capital would be receivable directly or indirectly by or for
the benefit of persons resident in the Colony;










(c) that more than one-half of the assets which, on a liquidation
thereof, would be available for distribution after the pay-
ment of creditors would be receivable directly or indirectly
by or for the benefit of persons resident in the Colony;
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 the Colony.
2. Where the identity of the person 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 in the Colony
of a power of appointment or similar power, the sum, assets, interest
or dividends shall, for the purpose of this Schedule, be deemed to
be receivable directly or indirectly by or for the benefit of persons
resident in the Colony.
THIRD SCHEDULE.
Regulation 32.
Blocked Accounts
1. In this Schedule, the expression "a blocked account" means
an account opened as a blocked account at an office or branch in
the Colony in favour of any person by a banker authorised by the
Controller 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 para-
graph-
(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 direction
may, in the case of a payment by means of a cheque
or warrant, be made by marking the cheque or war-
rant with the words "blocked account of" (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
(b) 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 paid or
credited to a blocked account only, then, notwithstanding the direction,
the sum may, with the consent of the person to whom it is to be










paid or credited, and subject to the requirements of Part III of these
Regulations, 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 paragraph.
4. Any sum standing to the credit of a blocked account shall
not be dealt with except with the permission of the Controller:
Provided, that subject to compliance with the requirements of
Part III of these Regulations-
(a) the whole or any part of any such sum may, at the request
of the person in whose name the account stands, be invested
through the banker in such investments as may be pre-
scribed; and
(b) nothing in this Schedule shall be construed as restricting
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 the Colony or dies, the banker may, notwith-
standing anything in paragraph 4 of this Schedule, transfer the
account to the name of the trustee in bankruptcy or personal repre-
sentative, but, save as aforesaid, no change shall, except with the
permission of the Controller, be made in the name in which the
account stands; and where any such change is made (whether or
not the permission of the Controller is necessary therefore) 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 Controller 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 same 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 Controller 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 inconsistent
with the intention of the parties that it should apply.
FOURTH SCHEDULE.
Regulation 34.
Enforcement.
PART I.

GENERAL PROVISIONS AS TO EVIDENCE AND
INFORMATION

1.(1) Without prejudice to any other provisions of these Regu-
lations, the Controller may give to any person in or resident in
the Colony 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 authorised
to require it, any information in his possession or control which
the Controller or the person so authorised, as the case may be, may
require for the purpose of securing compliance with or detecting
evasion of these Regulations or the Defence (Finance) Regulations
1943.
(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 referred to
as "documents") in his possession or control as may be required
for the said purpose by the Controller or by the person authorised
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 communication
made to him in that capacity.
(4) Where a person is convicted for failing to give information
or produce document 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 require-
ment 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 authorised by the Controller to act for the
purposes of this paragraph either-
(a) that these is reasonable ground for suspecting that an offence
against these Regulations 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
(b) 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 or in any such vehicle,
vessel or aircraft,
he may grant a search warrant authorising any peace officer, together
with any other person named in the warrant and any other peace
officers, to enter the premises specified in the information 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 or aircraft.
(2) A person authorised 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 or aircraft, as the case may be, and may seize
any article found in the premises or in the vehicle, vessel or aircraft
which he has reasonable ground for believing to be evidence of the
commission of any offence against these Regulations 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 the possession of an executive
authority (whether in consequence of the seizure of the article under
or by virtue of these Regulations or otherwise) which the authority
has reasonable ground for believing to be evidence of the commission
of an offence against these Regulations may be retained for a period
of three months or, if within that period there are commenced pro-
ceedings 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 Controller under these Regulations are delegated
or on whom any functions are conferred by or by virtue of these
Regulations, including any peace 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 an 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.
No person in or resident in the Colony shall-
(a) with intent to evade the provisions of these Regulations,
destroy, multilate, deface, secrete or remove any documents;
(b) in furnishing any information for any of the purposes
of these Regulations, 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.

PART II.
GENERAL PROVISIONS AS TO OFFENCES.
1.(1) Any person in or resident in the Colony who contravenes
any restriction or requirement imposed by or under these Regulations,
and any such person who conspires or attempts, or aids, abets, counsels
or procures any other person, to contravene any such restriction
or requirements as aforesaid, shall be guilty of an offence punishable
under this Part of this Schedule:
Provided that an offence punishable by virtue of Part III 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, general
manager, secretary or other similar officer of the body corporate,
or 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 of connivance and that he exercise
all such diligence to prevent the commission 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.
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.
Provided that this sub-paragraph shall not prevent the issue
or execution of a warrant for the arrest of any person in respect
of such an offence, or the remanding in custody or on bail of any
person charged with such an offence.
(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 the Colony having jurisdiction in the place
where that person is for the time being.
(3) Any proceedings under a law establishing summary juris-
diction which may be taken against any person in respect of any
offence punishable under this Part of this Schedule may, notwith-
standing anything to the contrary in that law, be taken at any time
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 Controller to justify the proceedings comes
to the knowledge of the Controller, whichever period last expires,
or, where the person in question was outside the Colony at the date
last mentioned, within twelve months from the date on which he first
arrives in the Colony thereafter.
(4) For the purposes of this paragraph a certificate of the
Controller as to the date on which such evidence as aforesaid came
to the knowledge of the Controller shall be conclusive evidence thereof.

PART III.
IMPORT AND EXPORT.
1.(1)The enactment relating to customs shall, subject to such
modifications, if any, as may be prescribed to adapt them to these
Regulations apply in relation to anything prohibited to be imported
or exported by any of the provisions of Part IV of these Regulations
except with the permission, of the Controller as they apply in rela-
tion to goods prohibited to be imported or exported by or under
any of the said enactments, and any reference in the said enactments
goods shall be construed as including a reference to anything pro-
hibited to be imported or exported by any of the provisions of the
said Part IV except with the permission of the Controller.
(2) References in this part of the Schedule to the enactments
relating to' customs shall be taken as including references to any
Acts relating to the Post Office.
2. Any declaration required to be given under Part IV of these
Regulations shall, for the purpose of any Acts relating to Customs
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 waterborne, 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 Acts relating to customs apply.
4. Without prejudice to any of the proceeding provisions of this
Part of this Schedule, any person who, on any occasion, is about
to leave the Colony or arrives in the Colony (which person is here-
after 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 provisions of
the said Part IV except with the permission of the Con-
troller; and
(b) 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 conveying
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 grounds for suspecting that
it is prohibited to be imported or exported by any of the provisions
of the said Part IV except with permission of the Controller.
Provided that no female shall be searched in pursuance of this
paragraph except by a female.
5. Sub-paragraph5 (2) of paragraph 1 of Part II of this Sched-
ule shall apply also to offences punishable by virtue of this Part of
this Schedule.
















SUPPLEMENT TO THE


OFFICIAL GAZETTE


BAHAMAS

PUBLISHED BY AUTHORITY

NASSAU MAY 5th, 1956 18A.

GOVERNMENT NOTICES
COLONIAL SECRETARY'S OFFICE
No. 59.
The subjoined Order made under Regulation 46(2) of the
Exchange Control Regulations 1956 is published for general in-
formation.
M.P. 14162.
ORDER
Made Under
REGULATION 46(2) OF THE EXCHANGE CONTROL
REGULATIONS 1956
In exercise of the powers vested in him by Regulation 46(2)
of the Exchange Control Regulations 1956, His Excellency the
Governor hereby makes the following Order:
1. This Order may be cited as the Exchange Control Regula-
tions (Commencement) Order 1956.
2. The Exchange Control Regulations 1956 made by the
Governor in Council on the 3rd day of May 1956, shall come
into force on the Fifth day of May, 1956.
Made at Nassau this 4th day of May, 1956.
(Sgd.) RANFURLY,
Governor.




Publication Not Available

Supplements to
Bahamas Official Gazette
Issue 18
May 5, 1956

Government Notice no. 59




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