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Article 53
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Subscribers and purchasers of privately place offshore funds may not resell such funds except in one of the following circumstances:
- by redemption by the offshore fund institution;
- by transfer to a person/entity qualified under paragraph 1 of the preceding article;
- by transfer by operation of law;
- as otherwise approved by the FSC.
The restrictions on transfer as set out in the preceding paragraph shall be printed in conspicuous type on the certificate and stated in relevant written documents delivered to the subscriber or purchaser.
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