21The Commission submits that, contrary to the Belgian Government's contention, that tax does not come within the derogation provided for by Article 12(1) (a) of Directive 69/335, which, as an exception to the prohibition of the charge, is to be strictly interpreted and does not apply to newly created securities. That provision admittedly permits the Member States to charge tax on the transfer of securities, but the word ‘transfer’ assumes that the securities in question belonged to another owner prior to the transfer. That interpretation is confirmed, first, by the statement of reasons in the Proposal for a directive of 14 December 1964 and, second, by the Court's case-law (see Case 36/86 Dansk Sparinvest [1988] ECR 409 and Case 15/88 Maxi Di [1989] ECR 1391), from which it is clear that, in respect of the transactions mentioned in Article 11 of Directive 69/335, it is not permissible for a Member State to subject capital companies to tax other than taxes and duties provided for by Article 12 of that directive.
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