(1) CDP shall, upon confirmation of the resignation date, notify all Clearing Members of the Clearing Member's resignation and the effective date.

(2) Notwithstanding the resignation, the Clearing Member shall remain liable for all outstanding liabilities incurred under the Clearing Rules and Clearing Directives as at the effective date of resignation. CDP shall have the right to exercise any of its powers (including without limitation, its powers under Rule 11) under these Clearing Rules at any time before or after such date of resignation in respect of any act or omission by the Clearing Member before such date of resignation.