89 
whether for valuable consideration or otherwise, have 
any rights or remedies against any party to the In 
strument unless he proves that the transfer was made 
before the commencement of the present war, and any 
party to the Instrument who knowingly discharges the 
instrument shall be deemed to be guilty of trading 
with the enemy within the meaning of the principal Act: 
Provided that this subsection shall not apply 
where the transferee, or some subsequent holder of the 
instrument, proves that the transfer, or some subsequent 
transfer, of the Instrument was made before the nine- 
teenth day of November, nineteen hundred and fourteen, 
in good faith and for valuable consideration. 
(3) Nothing in this seetion shall be construed as 
validating any assignment, delivery or transfer which 
would be invalid apart from this seetion or as applying 
to securities within the meaning of seetion eight of 
this Act. 
7. Eight to pay into court sums due 
on Coupons suspected of being enemy 
property. 
Where during the continuance of the present wa r 
any Coupon or other security transferable by delivery 
is presented for payment to any Company, municipal 
authoritby, or other body or person, and the Company, 
body or person has reason to suspect that it is so 
presented on behalf or for the benefit of an enemy, or 
that since the commencement of the present war it has 
been held by or for the benefit of an enemy, the 
Company, body or person may pay the sum due in 
respect thereof into the High Court, and the same 
shall, subject to rules of court, be dealt with according 
to the Orders of the court, and such a payment shall 
for all purposes be a good discharge to the Company, 
body or person. (v. p. 100.) 
8. Invalidity of transfer of shares in 
Company, &c. 
(1) No transfer made after the passing of this 
Act by or on behalf of an enemy of any securities 
shall confer on the transferee any rights or remedies 
in respect thereof and no Company or municipal 
authority or other body by whom the securities were 
issued or are managed shall, except as herein after 
appears, take any cognizance of or otherwise act upon 
any notice of such a transfer: 
(2) No entry shall hereafter, duringthe continuance 
of the present war, be made in any register or branch 
register or other book kept in the United Kingdom 
of any transfer of any securities Hierein registered, 
inscribed or standing in the name of au enemy, except 
by leave of a court of competent jurisdiction or of 
the Board of Trade. 
(3) No share warrants payable to bearer shall 
be issued during the continuance of the present war 
in respect of any shares or stock registered in the 
name of any enemy. 
(4) If any Company or any body contravenes the 
provisions of this seetion the Company or body shall 
be liable on conviction under the Summary Jurisdiction 
Acts to a fine not exceeding one hundred pounds, and 
every director, manager, secretary or other officer of 
the Company or body who is knowingly a party to the 
default, shall be liable on the like conviction to a 
like fine or to imprisonment, with or with out hard 
labour, for a term not exceeding six raonths. 
(5) For the purposes of this seetion the expression 
“securities” means any annuities, stock, shares, deben- 
tures, or debenture stock issued by or on behalf of the 
Government or by any municipal or other authority 
or by any Company or by any other body which are 
registered or inscribed in any register, branch register 
or other book kept in the United Kingdom. 
9. Condition as to the incorporation of 
new Companies. 
(1) During the continuance of the present war a 
certificate of incorporation of a Company shall not 
be given by the Registrar of Joint Stock Companies 
until there has been filed with him either— 
a) a statutory declaration by a solicitor of the 
Supreme Court, or, in Scotland, by an enrolled 
law agent, engaged in the formation of the 
Company, that the Company is not formed for the 
purpose or with the Intention of acquiring the 
whole or any pari of the undertaking of a person, 
firm or Company the books and documents of 
which are liable to inspection under subsection (2) 
of seetion two of the principal Act; or 
b) a licence from the Board of Trade authorising 
the acquisition by the Company of such an 
undertaking. 
(2) Where such a statutory declaration has been 
filed it shall not be lawful for the Company, during 
the continuance of the present war, without the licence 
of the Board of Trade, to acquire the whole or any 
pari of any such undertaking, and if it does so the 
Company shall, without prejudice to any other liability, 
be liable on conviction under the Summary Jurisdiction 
Acts to a fine not exceeding one hundred pounds, and 
every director, manager, secretary, or other officer of 
the Company who is knowingly a party to the default 
shall on the like conviction be liable to the like fine 
or to imprisonment, with or without hard labour, for 
a term not exceeding six months. 
10. Additional provisions as to trading 
with enemy. 
(1) Seetion one of the principal Act shall apply 
to a person who during the present war attempts, or 
directly or indirectly öfters or proposes or agrees, or 
has since the fourth day of August nineteen hundred 
and fourteen attempted or directly or indirectly offered 
or proposed or agreed, to trade with the enemy within 
the meaning of that Act in like manner as it applies 
to a person who so trades or has so traded. 
(2) If any person without lawful authority in 
anywise aids or abets any other person, whether or