The prohibition against the creation or issue of shares or debentures (see ¶811-610) did not apply to the non-resident giving any security for the payment of any sum due or to become due from it to the following:

its bank under any transaction entered into in the ordinary course of the banker’s business (former ICTA 1988, s. 765(2)); and

an insurance company under any transaction entered into in the ordinary course of the insurance company’s business by way of investment of the funds held by it in connection with that business (former ICTA 1988, s. 765(3), 767(5)).

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