Whole Section

  • 3 Resignation by Depository Agent

    • 3.1 Obligations of Depository Agent

      If a Depository Agent wishes to resign it shall:

      3.1.1 give not less than three (3) months' written notice ("the resignation notice") to the Depository of its intention to resign and the effective date of resignation. The Depository may, at its discretion, vary or waive the three (3) months' notice;
      3.1.2 pay all outstanding charges owing to the Depository as at the effective date of resignation;
      3.1.3 fulfill all outstanding obligations to the Depository, including furnishing of an auditor's certificate or a banker's guarantee; and
      3.1.4 until its resignation is effective, continue to comply with the Depository Agent Terms.
    • 3.2 Depository Agent's Outstanding Liabilities

      Notwithstanding the resignation, the Depository Agent shall remain liable for all outstanding liabilities owing to the Depository under the Depository Agent Terms.

    • 3.3 Sub-Accounts

      In the event that any Depository Agent resigns, the Depository Agent shall, as soon as possible:

      3.3.1 give written notice of its resignation to its Sub-Account Holders; and
      3.3.2 prior to the effective date of its resignation, transfer the Deposited Securities of the Sub-Account Holders to such other accounts indicated by the Sub-Account Holders.
    • 3.4 Obligations of Depository

      From the effective date of resignation of any Depository Agent, the Depository is not obliged to perform any of its obligations under these CDP Rules to the Depository Agent in respect of Sub-Accounts maintained with the Depository Agent.