D.O.R.A. 289

stock, shares or securities or any interest
therein, or the benefit of any agreement
conferring a right to receive any stock,
shares or securities, if the stock, shares
or securities were issued, sub-divided or
consolidated, or renewed or the period
of maturity thereof extended, or the
agreement was made, as the case may be,
at any time between the i8th day of
January, 1915, and the 24th day of
February, 1919, and the permission of
the Treasury was not obtained to the
issue, sub-division, consolidation, renewal
-or extension or the making of the agree-
ment, as the case may be.
" (2) No person shall except under and in pur-
suance of a licence granted by the Treasury—

" (a) buy or sell any stock, shares or other
securities except for cash or when the
purchase or sale takes place in any
recognised Stock Exchange, subject to
the rules or regulations of such exchange.
" (b) buy or sell any stock, shares or other
securities which have not remained in
physical possession in the United King-
dom since the 30th September, 1914.
" (3) A licence granted under this regulation may
be granted subject to any terms and conditions
specified therein.

" (4) If any person acts in contravention of this
regulation, or if any person to whom a licence has
been granted under this regulation subject to any