Whole Section

  • 4.1 Authority of Depository Agent

    • 4.1.1

      A Depository Agent appointed by its Principal under Rule 2.3.2 (hereinafter referred to as the "Depository Agent") shall be the Principal's attorney and shall be authorised in its name and on its behalf to execute and do all such acts and things which the Principal may or ought to do under the provisions of these DVP Rules and may generally in its name and on its behalf exercise all or any of the rights, powers, authorities and discretions conferred by or pursuant to these DVP Rules on the Principal.

    • 4.1.2

      The Depository Agent's Principal shall be liable to CDP and the Participants for all acts and omissions of its Depository Agent. As against CDP or any Participant, the Principal shall not be able to assert any lack of authority of the Depository Agent, regardless of whether the Participant had actual notice of such lack of authority.

    • 4.1.3

      No act or omission of, and in particular, no matching and validation of a DVP instruction or cancellation of a DVP transaction by the Depository Agent shall be invalid for lack of authority until the date the DA Termination Notice given by the Principal pursuant to Rule 4.5.1 takes effect.

      Amended on 3 October 20093 October 2009.

    • 4.1.4

      The Principal shall procure that the Depository Agent observes and complies with the DVP Rules as if it were the Principal. The Depository Agent shall in turn undertake to the Principal to so observe and comply with the DVP Rules as if it were the Principal.

    • 4.1.5

      Unless otherwise provided to the contrary, all references to a "Principal" in these DVP Rules shall include references to the Depository Agent and vice versa.