Regulation 3 Amendments to the principal Regulations

at the end of paragraph (a) there shall be added the word “and”, and

paragraph (c) and the word “, and” at the end of paragraph (b) shall be omitted;

after the words “in respect of which” there shall be inserted the words “at the time the arrangement in question is made”;

in condition (a) the words “, at the time the arrangement in question is made,” shall be omitted; and

for condition (b) there shall be substituted—

“(b)

that, where the shares or stock were issued by a government or public or local authority of a country or territory outside the United Kingdom, or by any other body of persons not resident in the United Kingdom, such shares or stock are registered in a register kept in the United Kingdom by or on behalf of that government, authority or body of persons;”;

in sub-paragraph (b) after the words “arrangement as” there shall be inserted the words “an agent or”;

for sub-paragraph (d) there shall be substituted—

“(d)

that the arrangement includes a provision for accounting to the Board for a sum representing income tax on any payment made by B to C as compensation for C’s failure to receive a dividend or other annual payment which he would have received if he had not entered into the arrangement.”;