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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 TreasuryŚ

" (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