Prohibition of bearer shares

(1) No registrant shall at any time issue bearer shares nor shall it at any time be authorised to do so by its Memorandum or Articles, or the Act, Charter, Deed of Settlement, statute or other instrument defining its constitution. International Insurance 9 (2) No company which is, or shall become, directly or indirectly the registered or beneficial owner of any share in any registrant shall have issued or shall issue at any time, or have power to issue, any bearer shares.