Exchange Control Act

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

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

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

26. Duty to collect certain debts
27. Duty not to delay sale or importation of goods
28. Property obtained by infringement of Act
29. Provisions supplemental to preceding provisions of Part VI
30. Transfer of annuities, policies, etc.
31. Settlements
32. Companies

33. Exemptions
34. Blocked accounts
35. Contracts, legal proceedings, etc.
36. Enforcement and administration
37. Application to Crown
38. Minister's orders
39. Other powers of competent authority
40. Financial provisions
41. Branches
42. Persons leaving Fiji
43. Determination of residence
44. Prohibitory directions by the Minister

Ordinances Nos. 22 of 1950, 32 of 1958, Legal Notices Nos. 112 of 1970, 118 of 1970, 34 of 1980, Acts Nos. 14 of 1975, 24 of 1979

AN ACT TO CONFER POWERS, AND IMPOSE DUTIES AND RESTRICTIONS, IN RELATION TO GOLD, CURRENCY, PAYMENTS, SECURITIES, DEBTS, AND THE IMPORT, EXPORT, TRANSFER AND SETTLEMENT OF PROPERTY, AND FOR PURPOSES CONNECTED WITH THE MATTERS AFORESAID

"authorised dealer" means, in relation to gold or any foreign currency, a person for the time being authorised by an order of the Minister to act for the purposes of this Act as an authorised dealer in relation to gold, or, as the case may be, that foreign currency;

"authorised depository" means a person for the time being authorised by an order of the Minister to act as an authorised depositary for the purposes of Part IV;

"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 deposit" means a document relating to money, in any currency, which has been deposited with the issuer or some other person, being a document which recognises an obligation to pay a stated amount to bearer or to order, with or without interest, and being a document by the delivery of which, with or without endorsement, the right to receive that stated amount, with or without interest, is transferable;

"certificate of title to securities" means any document of title whereby a person recognizes the title of another to securities issued to or 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;

"control" means, in the case of a body corporate, the power of a person to secure, by means of the holding of shares or the possession of voting power in, or in relation to that or any other body corporate or by virtue of any powers conferred by the Articles of Association or other document regulating that or any other body corporate, that the affairs of the first-mentioned body corporate are conducted in accordance with the wishes of that person;

"coupon" means a coupon payable to bearer representing dividends or interest on a bearer certificate;

"currency" includes coins, currency notes, bank notes, postal orders, money orders, cheques, drafts, travellers' cheques, letters of credit, bills of exchange and promissory notes;

"foreign currency" means any currency other than Fiji currency, and includes a reference to any right to receive foreign currency in respect of any credit or balance at a bank;

"government bill" means any bill, note or other obligation of a government in any part of the world, being a document by the delivery of which, with or without endorsement, title is transferable, and not being an obligation which is or has been legal tender in any part of the world, and includes in particular a treasure bill;

"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 happening of any contingency dependent on human life; and

and the reference 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;

"securities" means shares, stock, bonds, capital in any partnership, notes (other than promissory notes), debentures, debentures stock, units under a unit trust scheme and shares in an oil royalty, and includes -

(c) any description of promissory notes which is for the time being specified by the Minister;

"unit trust scheme" means any arrangements made for the purpose, or having the effect, of providing for persons having funds available for investment, facilities for the participation by them as 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.
(Amended by Legal Notice 112 of 1970; Act 24 of 1979, s. 2.)

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

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

(4) Nothing in this Act shall be construed as requiring the Minister to pay any sum otherwise than in Fiji currency or otherwise than in Fiji, and any provision of this Act requiring the Minister to pay any sum to any person shall, where that sum is in a specified currency, be construed as a provision that the Minister shall pay to that person the amount in Fiji currency 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 section 4 at the time when the said sum is paid.
(Amended by Legal Notice 112 of 1970; Act 24 of 1979, s.2.)

3.-(1) Except with the permission of the Minister, no person other than an authorised dealer, shall, in Fiji, and no person resident in Fiji other than an authorised dealer, shall, outside Fiji, buy, or borrow any gold or foreign currency from, or sell or lend any gold or foreign currency to, any person other than an authorised dealer.

(2) Where a person buys or borrows any gold or foreign currency in Fiji, or being a person resident in Fiji, buys or borrows gold or foreign currency outside Fiji, 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 be imposed by the Minister. (Substituted by Act 24 of 1979, s. 3.)

4.-(1) Every person in or resident in Fiji who is entitled to sell, or to procure the sale of, any gold, or any foreign currency to which this section applies, and is not an authorised dealer, shall offer it, or cause it to be offered, for sale to an authorised dealer, unless the Minister consents to his retention and use thereof or he disposes thereof to any other person with the permission of the Minister. (Amended by Legal Notice 112 of 1970; Act 24 of 1979; s. 4.)

(2) The foreign currency to which this section applies is such foreign currency (hereafter in this Act referred to as "specified currency") as may, from time to time, be specified by order of the Minister. (Amended by Legal Notice 112 of 1970.)

(3) If a person who has obtained the consent of the Minister 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, subsection (1) shall thereupon apply to him, in relation to that gold or currency, as if the Minister had revoked his consent to his retention and use thereof. (Amended by Legal Notice 112 of 1970.)

(4) A person who acquires any gold or specified currency from an authorised dealer shall be treated, for the purposes of this section, as if the Minister had consented to the retention and use by him of that gold or currency (subject, however, to any conditions notified to him in accordance with subsection (2) of section 3), 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 Minister's consent to his retention and use thereof. (Amended by Legal Notice 112 of 1970; Act 24 of 1979, s. 4.)

(5) Where a person has become bound, under this section, to offer or cause to be offered any gold or specified currency for sale to an 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 Minister, or without payment of any usual and proper charges of the authorised dealer, or otherwise on any unusual terms. (Amended by Legal Notice 112 of 1970.)

(6) Where a person has become bound, under this section, to offer or cause to be offered any gold or specified currency for sale to an authorised dealer and has not complied with that obligation, the Minister may direct that that gold or currency shall vest in him, and it shall vest in the Minister accordingly free from any mortgage, pledge or charge, and the Minister may deal with it as he thinks fit, but the Minister shall pay to the person who would, but for the direction, be entitled to the gold or currency such sum as he would have received therefor, if he had sold it to an authorised dealer in pursuance of an offer made under this section at the time when the vesting occurred. (Amended by Legal Notice 112 of 1970.)

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

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

(2) The Minister may direct any person in Fiji by whom or to whose order (whether directly or indirectly) any gold or any specified currency in the form of notes is held in Fiji, 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. (Amended by Legal Notice 112 of 1970.)

6.-(1) This section applies to any document of a kind intended to enable the person to whom the document is issued to obtain foreign currency from some other person on the credit of the person issuing it and, in particular, to any traveller's cheque or other draft or letter of credit so intended.

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

(3) Any such document not expressed in terms of Fiji currency shall, if it is of a kind intended to enable the person to whom it is issued to obtain any specified currency, be treated also for the purposes of this Act as itself being specified currency. (Amended by Act 24 of 1979, s. 5.)

(4) Every person in or resident in Fiji who holds or to whose order there is held any document to which this section applies, being a document expressed in terms of Fiji currency, shall encash it or cause it to be encashed in Fiji with the person issuing it or with a banker, unless the Minister 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. (Amended by Legal Notice 112 of 1970; Act 24 of 1979, s. 5.)

(5) A person who acquires any document to which subsection (4) applies from an authorised dealer shall be treated, for the purposes of that subsection, as if the Minister had consented to the retention and use by him of that document (subject, however, to any conditions notified to him in accordance with subsection (2) of section 3), and as if any statement made by him in an application for that document as to the purpose for which he requires it had been made by him in an application for the Minister's consent to his retention and use thereof. (Amended by Legal Notice 112 of 1970; Act 24 of 1979, s. 5.)

7. Except with the permission of the Minister, no person shall do any of the following things in Fiji, that is to say:-

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

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

Provided that, where a person resident outside Fiji has paid a sum in or towards the satisfaction of a debt due from him, paragraph (c) of this section shall not prohibit the acknowledgment or recording of the payment. (Amended by Legal Notice 112 of 1970; Act 24 of 1979, s. 6.)

8.-(1) Except with the permission of the Minister, no person resident in Fiji shall, subject to the provisions of this section, make any payment outside Fiji to or for the credit of any person resident outside Fiji. (Substituted by Act 24 of 1979, s. 7.)

(2) Nothing in this section shall prohibit the doing of anything otherwise lawful by any person with any foreign currency obtained by him in accordance with the provisions of Part II or retained by him in pursuance of a consent of the Minister. (Amended by Legal Notice 112 of 1970.)

9.-(1) Except with the permission of the Minister, no person in or resident in Fiji shall make any payment to or for the credit of any person as consideration for or in association with -

(a) the receipt by any person of a payment made outside Fiji, or the acquisition by any person of property which is outside Fiji; 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 Fiji or to acquire property which is outside Fiji.
(Amended by Legal Notice 112 of 1970; Act 24 of 1979, s. 8.)

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

10.-(1) Except with the permission of the Minister, no person shall in Fiji issue any security or, whether in Fiji or elsewhere, issue any security which is registered or to be registered in Fiji, 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 Fiji; 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 Fiji, or by a nominee for another person so resident, shall, unless he subscribes the memorandum with the permission of the Minister, 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 subsection, 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. (Cap. 247.)
(Amended by Legal Notice 112 of 1970; Act 24 of 1979, s. 9.)

11.-(1) Except with the permission of the Minister, a security registered in Fiji shall not be transferred, and a security not so registered shall not be transferred in Fiji, unless, in either case, the following requirements are fulfilled, that is to say:-

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

(d) except where the security is registered in Fiji otherwise than in subsidiary register, the Minister is satisfied that the requirements of paragraph (c) are fulfilled:

(i) neither the transferee nor his agent shall be deemed to have committed an offence by reason only that the requirements of paragraph (a) were not fulfilled unless the transferee or, as the case may be, his agent, knew or had reason to believe that those requirements were not fulfilled; and

(ii) neither the transferor nor his agent shall be deemed to have committed an offence by reason only that any of the requirements of paragraphs (c) and (d) have not been fulfilled unless, in the case of a non-fulfilment of the requirements of paragraph (c), the transferor or, as the case may be, his agent, knew or had reason to believe that those requirements were not fulfilled.
(Amended by Legal Notice 112 of 1970; Act 24 of 1979, s. 10.)

(2) Except with the permission of the Minister, a security not registered in Fiji shall not be transferred outside Fiji, if either the transferor or the transferee, or the person, if any, for whom the transferor or transferee is or is to be a nominee, is resident in Fiji. (Amended by Legal Notice 112 of 1970.)

(3) Except with the permission of the Minister, no coupon shall be transferred -

(a) in Fiji, if either the transferee or the person, if any, for whom he is to be a nominee, is resident outside Fiji;

(b) outside Fiji, if either the transferor or the transferee, or the person, if any, for whom the transferor or transferee is or is to be a nominee is resident in Fiji.
(Substituted by Act 24 of 1979, s. 10.)

(4) For the purpose of this section, a company incorporated in Fiji shall be deemed to be resident outside Fiji, if it is controlled by any person resident, or by any company incorporated, outside Fiji. (Inserted by Act 24 of 1979, s. 10.)

12. Except with the permission of the Minister, no person in or resident in Fiji shall issue any bearer certificate or coupon or alter any document so that it becomes a bearer certificate or coupon. (Substituted by Act 24 of 1979, s. 11.)

13. Except with the permission of the Minister, no person in or resident in Fiji shall do any act with intent to secure -

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

(b) that a certificate of title to any other security, is issued outside Fiji, in substitution for, or in addition to, a certificate of title thereto which is or has been lost or destroyed in Fiji. (Substituted by Act 24 of 1979, s. 12.)

14. Except with the permission of the Minister, no person resident in Fiji shall do any act with intent to secure that capital moneys payable on a security registered in Fiji are paid outside Fiji, or that, where the certificate of title to a security is in Fiji, capital moneys payable on the security are paid outside Fiji without the production of the certificate to the person making payment. (Substituted by Act 24 of 1979, s. 13.)

15. Except with the permission of the Minister, no person concerned with the keeping of any register in Fiji shall -

(a) enter in the register the name of any person in relation 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 this Act; or

(b) enter in the register, in respect of any security, an address outside Fiji, except for the purpose of any transaction for which the permission of the Minister 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 recognises or gives effect to any act appearing to him to have been done with such intent as is mentioned in sections 13 and 14, whether done by a person in or resident in Fiji or not.
(Amended by Legal Notice 112 of 1970; Act 24 of 1979, s. 14.)

(a) the holder of a security is a nominee and the person for whom he is a nominee is resident outside Fiji; or

(b) the holder of a security is not a nominee and is resident outside Fiji, then, except with the permission of the Minister, no person resident in Fiji shall do any act whereby the holder becomes his nominee in respect of the security. (Amended by Legal Notice 112 of 1970; Act 24 of 1979, s. 15.)

(2) Except with the permission of the Minister, a person resident in Fiji for whom the holder of a security is a nominee shall not do any act whereby -

(a) the holder, being a person resident outside Fiji, holds the security otherwise than as his nominee; or

(b) the holder, not being a person resident outside Fiji, holds the security as nominee for a person resident outside Fiji.
(Amended by Legal Notice 112 of 1970; Act 24 of 1979, s. 15.)

(3) Where the holder of a security is a nominee, then, except with the permission of the Minister, neither he, if he is resident in Fiji, nor any person resident in Fiji 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 recognises or gives effect to the substitution of another person as the person from whom he directly receives his instructions unless both the person previously instructing him and the person substituted for that person were, immediately before the substitution, resident in Fiji 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 Fiji and not elsewhere.
(Amended by Legal Notice 112 of 1970; Act 24 of 1979; s. 15.)

(4) Where the holder of a security is not a nominee and is resident in Fiji, then, except with the permission of the Minister, 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 Fiji and not elsewhere. (Amended by Legal Notice 112 of 1970; Act 24 of 1979, s. 15.)

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

and, in the following provisions of this section and in section 18 the expressions "security", "certificate of title" and "coupon" mean respectively a security to which the said sections 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 Fiji, and of every person resident in Fiji by whom or to whose order (whether directly or indirectly) a certificate of title is held outside Fiji, to cause the certificate of title to be kept at all times, except with the permission of the Minister, in the custody of an authorised depositary, and nothing in this Part shall prohibit the doing of anything for the purpose of complying with the requirements of this subsection. (Amended by Legal Notice 112 of 1970.)

(3) Except with the permission of the Minister, an authorised depositary shall not part with any certificate of title or coupon required under this section to be in the custody of an authorised depositary:

(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;

(4) Except with the permission of the Minister, no capital moneys, interest or dividends shall be paid in Fiji 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 subsection 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. (Amended by Legal Notice 112 o f 1970.)

(5) Except with the permission of the Minister, 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 this Act. (Amended by Legal Notice 112 of 1970.)

(6) Where a certificate of title which, under this section, should for the time being be in the custody of an authorised depositary and is not in the custody of an authorised depositary, then, except with the permission of the Minister, no person in or resident in Fiji, shall, buy, sell, transfer or do anything which affects his rights or powers in relation to the security. (Substituted by Act 24 of 1979, s. 16.)

(7) Except with the permission of the Minister, no person in or resident in Fiji 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. (Amended by Legal Notice 112 of 1970.)

18.-(1) Where a certificate of title to a security is, by section 17, required to be and is in the custody of an authorised depositary, the provisions of this section shall, except so far as the Minister 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

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

(2) Except with the permission of the Minister, the authorised depositary shall not part with or destroy the certificate of title or any coupons belonging thereto, otherwise than as mentioned in paragraphs (b) and (c) of the proviso to subsection (3) of section 17, 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 Fiji or dies, this subsection shall not prohibit the authorised depositary from recognizing the trustee in bankruptcy or personal representative 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 sums received to be dealt with except with the permission of the Minister. (Amended by Legal Notice 112 of 1970.)

19.-(1) The Minister may, if in his opinion there are circumstances rendering it necessary or expedient so to do, by order, direct that this section shall apply to such securities as may be prescribed, being securities on which capital moneys, dividends or interest are payable in a specified currency or as respect to which the holder has an option to require payment of any capital moneys, dividends or interest thereon in a specified currency. (Amended by Legal Notice 112 of 1970.)

(2) Except with the permission of the Minister, no person in or resident in Fiji shall, transfer or do anything which affects his rights or powers in relation to any security to which this section applies. (Substituted by Act 24 of 1979, s. 17.)

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

(2) Without prejudice to the provisions of subsection (1), the Minister 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 this Act, are to be, and are always to have been, as valid as if they had been done with the permission of the competent authority, and the said acts shall have effect accordingly. (Amended by Legal Notice 112 of 1970.)

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

21.-(1) This Part shall apply, with such modifications (if any) as may be prescribed, in relation to any such document as is mentioned in subsection (2), as if the document created, and were the certificate of title to, a security (hereafter in this Act referred to as a "secondary security").

(2) The documents referred to in subsection (i) are any letter of allotment which may be renounced, any letter of rights, any warrant conferring an option to acquire a security, any deposit certificate in respect of securities (but not including a receipt by an authorised depositary for any certificate of title deposited in pursuance of this Part), and such other documents conferring or containing evidence of, rights as may be prescribed.

(b) the expressions "registered in Fiji" and "registered outside Fiji" mean, respectively, registered in a register in, and registered in a register outside, Fiji;

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

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

(ii) is registered both in Fiji and outside but on a transfer cannot, without the necessity for an entry in the register in Fiji, 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 purposes of any provision of this Part 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 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.

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

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

(5) The holder of a security or coupon shall be deemed, for the purposes of this Part, to be a nominee in respect thereof if, as respects the exercise of any rights in respect thereof, he is not entitled to exercise those rights except in accordance with instructions given by some other person, and references in this Part to the person for whom the holder of a security or coupon is a nominee shall be construed as references to the person who is entitled to give instructions, either directly or through the agency of 1 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:

(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 subsection, to be entitled to give instructions to that body corporate as to the exercise of rights in respect of any security or coupon of which it is the holder; and

(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, be treated as in the custody of an authorised depositary, if either -

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

23.-(l) Except with the permission of the Minister, no person shall import into Fiji -

(b) any other notes prescribed by the Minister, being notes issued by a bank, or notes of a class which are or have, at any time, been legal tender in any territory; or

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

(2) In this section, the expressions "note" includes part of a note and "security" includes a secondary security. (Substituted by Act 24 of 1979, s. 18.)

24.-(1) Except with the permission of the Minister, no person shall export from Fiji -

(a) any notes of a class which are or have, at any time, been legal tender in Fiji or in any other territory; or

(d) any of the following documents (including any such document which has been cancelled):-

(iii) any bill of exchange or promissory note expressed in terms of currency other than Fiji currency; and

(iv) any document to which section 6 applies not issued by any authorised dealer or in pursuance of a permission granted by the Minister, and any document certifying the destruction, loss or cancellation of any of the documents aforesaid; or

(2) In this section, the expression "note" includes part of a note, the expression "security" includes a secondary security, and the expression "coupon" shall be construed in accordance with the meaning of "security". (Substituted by Act 24 of 1979, s. 19.)

25.-(1) The exportation of goods of any class or description from Fiji to a destination in any such territory as may be prescribed is hereby prohibited, except with the permission of the Minister*, unless the Comptroller of Customs and Excise is satisfied -

(a) that payment for the goods has been made to a person resident in Fiji 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 6 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 Minister* may direct that, in cases to which the direction applies, paragraph (a) shall have effect as if for the reference to 6 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 6 months after the date of exportation" were omitted. (Amended by Legal Notice 112 of 1970.)

(2) For the purpose of satisfying himself in the case of any goods as to the matters specified in subsection (1), the Comptroller of Customs and Excise 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 any such declaration has been so required, the goods shall not be exported until it has been delivered as aforesaid.

(3) Where the Comptroller of Customs and Excise is not satisfied in the case of any goods as to the matters specified in paragraph (b) of subsection (1), he shall give his reasons to the person making entry of the goods for export and shall take into consideration any representations made by him.

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

*Delegated to the Comptroller of Customs and Excise and to the Collector of Customs stationed at Suva, Lautoka, Leuvaka and Nadi Airport by Legal Notice No.56 of 1972.

26.-(1) Except with the permission of the Minister, no person resident in Fiji 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 Fiji a payment in Fiji currency, 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 transactions 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 Fiji currency, is delayed; or

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

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

(ii) shall, unless the Minister otherwise directs, prohibit any transfer to a person resident in Fiji and not elsewhere of any right to receive any specified currency or payment in Fiji currency.

(2) Where a person has contravened the provisions of subsection (1) in relation to any specified currency or payment in Fiji currency, the Minister may give to him or to any other person who appears to the Minister to be in a position to give effect thereto (being a person in or resident in Fiji) such directions as appear to the Minister to be expedient for the purpose of obtaining or expediting the receipt of the currency or payment in question, and, without prejudice to the generality of the preceding provisions of this subsection, may direct that there shall be assigned to the Minister, 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.
(Amended by Legal Notice 112 of 1970; Act 24 of 1979, s. 20.)

(a) any permission or consent has been granted under this Act, 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 this Act or any such corresponding provision as aforesaid that any goods are to be sold outside Fiji; or

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

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

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

(ii) that, on the said sale, any payment made for the goods is not made in the manner indicated by the condition, statement, or declaration, as the case may be.
(Amended by Legal Notice 112 of 1970; Act 24 of 1979, s. 21.)

(b) any currency has been obtained in or by any person resident in Fiji on the faith of an application stating an intention that any goods should be so imported,

then except with the permission of the Minister, no person resident in Fiji 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. (Substituted by Act 24 of 1979, s. 21.)

(3) Where in any such case as is specified in paragraph (a), (b) or (c) of subsection (1), or paragraph (a) or (b) of subsection (2) -

(a) the goods have not been sold or imported as indicated by the condition, statement or declaration within the time thereby indicated or, if no time is thereby indicated, a reasonable time, or (in either case) within such further time as may be allowed by the Minister; or

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

the Minister may give to any person resident in Fiji who appears to the Minister to be in a position to give effect thereto such directions as appear to him to be expedient as to the manner in which the goods are to be dealt with. (Amended by Legal Notice 112 of 1970.)

(4) Without prejudice to the generality of the provisions of subsection (3), the power conferred thereby on the Minister to give directions shall extend to the giving of directions that the goods shall be assigned to the Minister or to a person specified in the directions. (Amended by Legal Notice 112 of 1970.)

(5) The powers conferred by subsection (3) and (4.) 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 Fiji or to be imported were to be produced or manufactured from other goods, to the giving of directions with respect to those other goods and any goods produced or manufactured from those other goods. (Amended by Act 24 of 1979, s. 21.)

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

the Minister 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 subsection (1), the power conferred thereby on the Minister to give directions shall extend to the giving of directions that the property shall be assigned to the Minister or to a person specified in the directions.
(Amended by Legal Notice 112 of 1970.)

29.-(1) Where, under the preceding provisions of this Part, the Minister has power to. give directions that any right to receive any currency or payment in Fiji currency or to enforce any security for the receipt thereof, any goods, or any other property shall be assigned to the Minister, the Minister shall also have power to direct that the right, goods or property shall vest in the Minister, and it or they shall vest in the Minister accordingly, free from any mortgage, pledge or charge, and the Minister may deal with it or them as he thinks fit.
(Amended by Legal Notice 112 of 1970; Act 24 of 1979, s. 22.)

(2) Where, in pursuance of directions under the said provisions, any right, goods or property is or are assigned to the Minister or to a person specified in the directions, or any right, goods or property vests or vest in the Minister in pursuance of directions given under the provisions of subsection (1), the Minister 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 Minister under the provisions of subsection (1), to the person who, but for the directions, would be entitled to the right, goods or property. (Amended by Legal Notice 112 of 1970.)

30.-(1) Except with the permission of the Minister, no person resident in Fiji shall transfer to a person resident outside Fiji, or who is to be a nominee for a person resident outside Fiji, 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 Fiji and not elsewhere, or makes, with the permission of the Minister, 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 then by virtue of a transfer prohibited by this subsection.
(Amended by Legal Notice 112 of 1970; Act 24 of 1979, s. 23.)

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

(3) In this section, the expression "nominee" has, in relation to any policy, annuity or insurance, the same meaning as the said expression has in Part IV in relation to a security.

3l.-(1) Except with the permission of the Minister, no person resident in Fiji 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 Fiji, 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 Fiji. (Amended by Legal Notice 112 of 1970; Act 24 of 1979, s. 24.)

(2) A settlement or exercise of a power of appointment shall not be invalid by reason that it is prohibited by this section, 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 Fiji. (Amended by Act 24 of 1979, s. 24.)

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

(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 of persons in whose favour a discretion or power in respect of the property is exercisable; and

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

(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 Minister, that person shall do, or, as the case may be, refrain from doing, that act. (Amended by Legal Notice 112 of 1970.)

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

(a) furnish to the Minister such particulars as to its assets and business as may be mentioned in the notice;

(b) 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;

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

(e) 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.

(3) Except with the permission of the Minister, no person resident in Fiji shall do any act whereby a body corporate which is, by any means controlled (whether directly or indirectly) by persons resident in Fiji ceases to be controlled by persons resident in Fiji:

Provided that this subsection shall not prohibit any person from selling any securities authorised to be dealt in on any recognised stock exchange in Fiji, if the sale takes place in pursuance of an agreement entered into in the ordinary course of business on that exchange. (Amended by Legal Notice 112 of 1970; Act 24 of 1979, s. 25.)

(4) Except with the permission of the Minister no person resident in Fiji shall lend any money or securities to any body corporate resident in Fiji which is, by any means, controlled (whether directly or indirectly) by persons resident outside Fiji:

Provided that this subsection shall not apply where the lender, after making such inquires 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. (Amended by Legal Notice 112 of 1970; Act 24 of 1979, s. 25.)

33. Any provision of this Act imposing any obligation or prohibition shall have effect subject to such exemptions as may be granted by order of the Minister, and any such exemption may be either absolute or conditional. (Amended by Legal Notice 112 of 1970.)

(a) under any provision contained in Part III, the permission of the Minister is required for the making of a payment or the placing of any sum to the credit of any person resident outside Fiji; 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 subsection (1) of section 32, being a sale made to comply with any requirement notified under that subsection,

the Minister may direct that the sum payable or to be credited shall be paid or credited to a blocked account only, and, where such a direction is given, the provisions of the Third Schedule shall have effect in relation to the payment or crediting of the sum.
(Amended by Legal Notice 112 of 1970; Act 24 of 1979, s. 26.)

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

Provided that this subsection shall not apply in so far as it is shown to be inconsistent with the intention of the parties that it should apply, whether by reason of their having contemplated the performance of that term in despite of the provisions of this Act or for any other reason. (Amended by Legal Notice 112 of 1970.)

(2) Notwithstanding anything in the Bills of Exchange Act, neither the provisions of this Act, nor any condition, whether express or to be implied having regard to those provisions, that any payment shall not be made without the permission of the Minister under this Act, shall be deemed to prevent any instrument being a bill of exchange or promissory note. (Amended by Legal Notice 112 of 1970.)

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

36.-(l) The provisions of the Fifth Schedule shall have effect for the purpose of the enforcement of this Act. (Amended by Act 24 of 1979, s. 27.)

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

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

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

shall comply with such directions as may be given to them respectively by the Minister, 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 provision of this Act; 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 requiring them to offer their gold or specified currency for sale to the Reserve Bank of Fiji* on such terms as may he specified in any such directions.
(Amended by Legal Notice 112 of 1970; Act 14 of 1975, s. 53; 24 of 1979, s. 27.)

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

38. The Minister may, by order, make such transitional provisions as appear to him necessary or expedient in consequence of the exercise by him of any other power to make orders under this Act. (Amended by Legal Notice 112 of 1970.)

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

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

(3) Notwithstanding paragraph (c) of subsection (2), a person shall not by, virtue of any direction given by the competent authority under this Act, be convicted of an offence against this Act, unless the direction was served on him or he knew, or avoided getting to know, of the giving thereof:

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

(4) The competent authority may*, to such extent and subject to such restrictions and conditions as he may think proper, delegate or 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 persons, approved by him, and references in this Act shall be construed accordingly.

(5) Any document stating that any permission, consent, authority or direction is given under any of the provisions of this Act by the competent authority, and purporting to be signed on his behalf, shall be evidence of the facts stated in the document.
(Amended by Act 24 of 1979, s. 28.)

40. Any expenses incurred under or by virtue of this Act by any Government department shall be paid out of moneys provided by Parliament, and any sums received under or by virtue of this Act by any Government department shall be paid into the Consolidated Fund.
(Amended by Legal Notice 112 of 1970.)

41.- (1) The Minister may, by order or direction, provide that, for such of the purposes of this Act 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 or direction, and any such order or direction which makes, for any of the purposes of Part IV, such provision as is mentioned in paragraph (c) may contain provisions declaring the circumstances in which a branch is to be treated a nominee for any other branch. (Amended by Legal Notice 112 of 1970.)

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

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

42. Where a person resident in Fiji leaves Fiji, the Minister may, before, at or after the time he leaves Fiji, direct that, for such period as may be 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 Fiji, be subject to such restrictions as may be specified in the direction. (Amended by Legal Notice 112 of 1970; Act 24 of 1979, s. 29.)

43.-(1) For the purposes of this Act, a personal representative of a deceased person shall, unless the Minister otherwise directs, be treated as resident in the territory where the deceased person was resident for the purposes in question at the time of his death and as not resident elsewhere, so far as relates to any matters in which the personal representative is concerned solely in his capacity as such.

(2) The Minister may give directions declaring that, for all or any of the purposes of this Act, a person is to be treated as resident or not resident in such territories as may be specified in the directions. (Amended by Legal Notice 112 of 1970.)

44.-(1) Where the Minister is satisfied that action is being, or is likely to be, taken to the detriment of Fiji by the government of, or persons resident in, any country or territory outside Fiji, the Minister may give general or special directions prohibiting, either absolutely or to such extent as may be specified in the directions, the carrying out, except with the permission granted by or on behalf of the Minister, 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 treasury bills; or

(b) requires any change to be made in the persons to whose order any gold or securities or treasury bills are to be held.

(2) Where any directions are given under this section 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 section, be treated in all respects as if the branch were a body corporate resident in that country or territory. (Substituted by Act 24 of 1979, s. 30.)

[FIRST SCHEDULE]
[* * * * * (Repealed by Act 24 of 1979, s. 31.)]
________

1. The bodies corporate in question are bodies corporate not incorporated under the law of Fiji 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 Fiji;

(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 Fiji;

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

2. Where the identity of the persons by whom or for whose benefit any sum, assets, interest or dividends are directly or indirectly receivable depends on the exercise by a person resident in Fiji of a power of appointment or similar power, the sum, assets, interest or dividends shall, for the purposes of this Schedule, be deemed to be receivable directly or indirectly by or for the benefit of persons resident in Fiji.

1. In this Schedule, the expression "a blocked account" means an account opened as a blocked account at an office or branch in Fiji in favour of any person by a banker authorised by the Minister 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 paragraph 3 -

(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, he made by marking the cheque or warrant 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 IV, 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 paragraph 4.

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

(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 prescribed; 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 Fiji or dies, the banker may, notwithstanding anything in paragraph 4, transfer the account to the name of the trustee in bankruptcy or personal representative, but, save as aforesaid, no change shall, except with the permission of the Minister, be made in the name in which the account stands; and, where any such change is made (whether or not the permission of the Minister is necessary therefor), the account shall remain a blocked account notwithstanding the change, and the provisions of this Schedule shall apply accordingly.

(a) a sum is due from any person to any other person but the Minister directs that it shall be paid or credited to a blocked account only; and

(b) the person to whom the sum is due nominates such an account to the person from whom the sum is due, the last mentioned person is under a duty to the person to whom the sum is due to cause the sum to be paid or credited to that blocked account, and the crediting of any sum to a blocked account in pursuance of a direction of the Minister 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
(Section 35)
(Amended by Legal Notice 11 of 1970; Act 24 of 1979, s. 32.)

1. The provisions of Part III shall apply to sums required to be paid by any judgment or order of any court or by any award as they apply in relation to other sums, and it shall be implied in any judgment or order of any court in Fiji, and in any award given under the law of Fiji, that any sum required to be paid by the judgment, order or award (whether as a debt, as damages or otherwise) to which the said provisions apply shall not be paid except with the permission of the Minister.

2. Nothing in this Act shall be construed as preventing the payment by any person of any sum into any court in Fiji but the provisions of Part III shall apply to the payment of any sum out of court, whether under an order of the court or otherwise, to or for the credit of any person resident outside Fiji.

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

(a) enabling any person who is required by any judgment, order or award to pay any sum, if he apprehends that the payment of that sum is unlawful under this Act except with the permission of the Minister, to pay that sum into court: and

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

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

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

(i) the form of any bankruptcy notice shall be such as may be prescribed by the Minister: and

(ii) nothing in this paragraph shall affect the provisions of any legislation which requires rules of court for inferior courts to have the concurrence of the rulemaking authority for the Supreme Court.

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

(2) No court shall be prescribed for the purpose of this paragraph, unless the Minister is satisfied that adequate provision has been made therefor by rules of court for the purposes specified under paragraph 3.

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

Provided that nothing in this sub-paragraph shall be construed as affecting the application of the provisions of Part III to payments by any trustee, liquidator, personal representative or other person in any such bankruptcy, winding up or administration.

(2) The provisions of this Act restricting the making of settlements shall not apply to any deed of arrangement mode for the benefit of creditors generally, and the provisions of sub-paragraph (1) shall apply in relation to proceedings under any deed of arrangement as they apply in relation to proceedings in bankruptcy.

6. A debt for the payment of which the permission of the Minister is required under this Act shall if in other respects it complies with the requirements of subsection (1) of section 6 of the Bankruptcy Act, be allowed to be a good petitioning creditor's debt, notwithstanding the said requirement, if and to the extent that the debt can be satisfied either by a payment into court or by a payment to a blocked account. (Cap. 48.)

FIFTH SCHEDULE
(Section 36)
(Amended by Legal Notice 112 of 1970; 118 of 1970; Act 24 of 1979, s. 33.)
________

1.-(1) Without prejudice to any other provisions of this Act, the Minister may give to any person in or resident in Fiji 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 Minister or the person so authorised, as the case may be, may require for the purpose of securing compliance with or detecting evasion of this Act.

(2) A person required by any such directions as aforesaid to furnish information shall also produce such books, accounts or other documents (hereafter in this Part referred to as "document") in his possession or control as may be required for the said purpose by the Minister or by the person authorised to require the information, as the case may be.

(3) Nothing in sub-paragraph (1) or (2) shall be taken to require any person who has acted as barrister and solicitor for any person to disclose any privileged communication made to him in that capacity.

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

2.-(1) If a magistrate is satisfied by information on oath given by a person authorised by the Minister to act for the purposes of this paragraph either -

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

(b) that any documents which ought to have been produced under paragraph 1 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 police officer, together with any other persons named in the warrant and any other police 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 1 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 this Act or any documents which he has reasonable ground for believing ought to have been produced under paragraph 1:

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 this Act or otherwise) which the authority has reasonable ground for believing to be evidence of the commission of an offence against this Act may be retained for a period of 3 months or, if within that period there are commenced proceedings in respect of such an offence in which the article is, or can properly be, adduced in evidence, until the final determination of those proceedings.

(2) For the purposes of this paragraph, any person to whom any powers of the competent authority under this Act are delegated or on whom any functions are conferred by or by virtue of this Act, including any police officer, shall be deemed to be an executive authority.

(3) For the purposes of this paragraph, any proceedings shall be deemed not to have been finally determined so long as there is pending any appeal in the matter of the proceedings, and an appeal in that matter shall be deemed to be pending during the ordinary time within which such 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.

(a) with intent to evade the provisions of this Act, destroy, mutilate, deface, secrete or remove any documents;

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

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

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

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

(2) Where an offence punishable under this Part 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 or connivance and that he exercised 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.

(3) Any person who commits an offence punishable under this Part shall be liable -

(a) on summary conviction, to imprisonment for not more than 3 months or to a fine or to both;

(b) on conviction on indictment, to imprisonment for not more than 2 years or to a fine or to both;

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

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

so, however, that (in either case), where the offence is concerned with any currency, any security, any payment, any gold, any goods or any other property, and does not consist only of a failure to give information or produce books, accounts or other documents with respect thereto when required so to do under Part 1, a larger fine may be imposed not exceeding 3 times the amount or value of the currency, security, payment, gold, goods or property.

2.-(1) No proceedings for an offence punishable under this Part shall be instituted except by or with the consent of the Director of Public Prosecutions or appropriate officer:

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 may be taken before the appropriate court in Fiji having jurisdiction in the place where that person is for the time being.

(3) Any proceedings under a law establishing summary jurisdiction which may be taken against any person in respect of any offence punishable under this Part may, notwithstanding anything to the contrary in that law, be taken at any time within 12 months from the date of the commission of the offence or within 3 months from the date on which evidence sufficient in the opinion of the Minister to justify the proceedings comes to the knowledge of the Minister, whichever period last expires, or, where the person in question was outside Fiji at the date last mentioned, within 12 months from the date on which he first arrives in Fiji thereafter.

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

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

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

(b) in respect of the default of a sufficient distress to satisfy any such sum, shall, in cases where the sum exceeds $40, be increased in accordance with the following scale, that is to say:-

Where the amount of the sum adjudged to be paid by the conviction, as ascertained by the conviction -	The said period shall not exceed -
Exceeds $40 but does not exceed $200.........................	4 months.
Exceeds $200.......................................................	6 months.

1. The Customs Act shall, subject to such modifications, if any, as may be prescribed to adapt it to this Act, apply in relation to anything prohibited to be imported or exported by any of the provisions of Part V of this Act except with the permission of the Minister as they apply in relation to goods prohibited to be imported or exported by or under any of the said enactments, and any reference in the Customs Act to goods shall be construed as including a reference to anything prohibited to be imported or exported by any of the provisions of the said Part V except with the permission of the Minister. (Cap. 196.)

2. Any declaration required to be given under Part V of this Act shall, for the purposes of the Customs Act, be deemed to be a declaration in a matter relating to customs. (Cap. 196.)

3. If anything prohibited to be exported by any provision of the said Part V is exported in contravention thereof, or is brought to a quay or other place, or water-borne, for the purpose of being so exported, the exporter or his agent shall be liable to the same penalty as that to which a person is liable for an offence to which Part VI of the Customs Act applies. (Cap. 196)

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

(a) declare whether or not he has with him anything prohibited to be imported or exported by any of the provisions of the said Part V except with the permission of the Minister; and

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 ground for suspecting that it is prohibited to be imported or exported by any of the provisions of the said Part V except with the permission of the Minister:

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

5. Sub-paragraph (2) of paragraph 1 of Part II shall apply also to offences punishable by virtue of this Part.

Fiji Consolidated Legislation

Exchange Control Act