- Laws of Fiji

Last Updated: 1 December 2016

[EXC 17] Deposit of certificates of title17

(1) This section and section 18 apply to any security except—

(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
(b)any such other securities as may be prescribed,

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.

[subs (2) am LN 112 of 1970 O 139, effective 8 October 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, provided that this subsection shall not prohibit 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 or she 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.

[subs (3) am LN 112 of 1970 O 139, effective 8 October 1970]

(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.

[subs (4) am LN 112 of 1970 O139, effective 8 October 1970]

(5) Except with the permission of the Minister, an authorised depositary shall not do any act whereby he or she recognises or gives effect to the substitution of one person for another as the person from whom he or she receives instructions in relation to a certificate of title or coupon, unless there is produced to him or her the prescribed evidence that he or she is not by so doing giving effect to any transaction which is prohibited by this Act.

[subs (5) am LN 112 of 1970 O 139, effective 8 October 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 or her rights or powers in relation to the security.

[subs (6) subst Act 24 of 1979 s 16, effective 1 February 1980]

(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.

[subs (7) am LN 112 of 1970 O 139, effective 8 October 1970]