Now for the terms of the new Regulation under the Defence of the Realm
Act.
"1. The following regulation shall be inserted after Regulation 30
EE:—
"30 F. The following provisions shall have effect in respect of new capital issues and to dealings in securities issued for the purpose of raising capital:
"(1) No person shall, except under and in pursuance of a licence granted by the Treasury—
"(a) issue, whether for cash or otherwise, any stock, shares or securities; or
"(b) pay or receive any money on loan on the terms express or implied that the money is to be or may be applied at some future date in payment of any stock, shares or securities to be issued at whatever date to the person making the loan; or
"(c) sub-divide any shares or Debentures into shares or Debentures of a smaller denomination, or consolidate any shares or Debentures of a larger denomination; or
"(d) renew or extend the period of maturity of any securities; or
"(e) purchase, sell or otherwise transfer any 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 18th 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 agreement, as the case may be.
"(2) No person shall except under and in pursuance of a licence granted by the Treasury—