S.L. 16.6 Art. 6Rescission of contract, arrangement, scheme or transaction which is artificial, etc.

Where any contract, arrangement, scheme, transaction or any provision thereof which purports to benefit from any of the exemptions set out in these regulations is artificial, fictitious or simulated, it shall to that extent be without effect and the provisions of these regulations shall not apply thereto and any such contract, arrangement or scheme shall not be binding unless the contract, arrangement or scheme is capable of continuing in existence without such provision.