If any securities1 are transferred by or on behalf of an enemy2, or if any securities issued by a company3 are allotted or transferred to or for the benefit of an enemy subject4 without the consent of the Secretary of State5, then, except with the sanction of the Secretary of State, the transferee or allottee does not by virtue of the transfer or allotment acquire any rights or remedies in respect of the securities6. A body corporate issuing or managing the securities must not take cognisance of or otherwise act upon such a transfer except under the authority of
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