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2U.K.The securities mentioned in paragraphs 1 to 8 of Part II, other than Treasury Bills or Tax Reserve Certificates, securities issued before the passing of this Act by the Government of the Isle of Man, securities falling within paragraph 4 of the said Part II issued before the passing of this Act or securities falling within paragraph 9 of that Part, and the securities mentioned in paragraph 1 of Part III of this Schedule, do not include—
(a)securities the price of which is not quoted on [F1a recognised investment exchange F2. . .][F3or on an investment exchange which constitutes the principal or only market established in a relevant state on which securities admitted to official listing are dealt in or traded];
(b)shares or debenture stock not fully paid up (except shares or debenture stock which by the terms of issue are required to be fully paid up within nine months of the date of issue).
Textual Amendments
F1Words substituted by Financial Services Act 1986 (c. 60, SIF 69), s. 212(2), Sch. 16 para. 2(c)
F2Words in Sch. 1 Pt. IV para. 2 repealed (1.12.2001) by S.I. 2001/3649, arts. 1, 269(5)
F3Words in Sch. 1 Pt. IV para. 2(a) inserted (22.8.1994) by S.I. 1994/1908, art. 3(3)
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