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<tr>
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                                              <span style="font-family: Arial">&nbsp;</span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 62.4pt; margin-right: -.25pt">
                                              <b>
                                              <span style="font-family: Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 
                                              Central Securities Depository Act, 
                                              2007 </span>
                                              <span style="font-family: Arial">
                                              Act 733 </span></b></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 96.0pt; margin-right: 3.85pt">&nbsp;</p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 96.0pt; margin-right: 3.85pt">
                                              <span style="font-family: Arial">
                                              ARRANGEMENT OF SECTIONS </span>
                                              </p>
                                              <p class="MsoNormal" style="line-height: 150%; text-autospace: none; margin-left: .25pt; margin-right: 3.85pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              Section </span></i></p>
                                              <p class="MsoNormal" style="line-height: 150%; text-autospace: none; margin-left: 38.85pt; margin-right: 3.6pt">
                                              <b><i>
                                              <span style="font-family: Arial">
                                              Establishment and functions of 
                                              central securities depository
                                              </span></i></b></p>
                                              <p class="MsoNormal" style="text-indent: -18.95pt; line-height: 150%; text-autospace: none; margin-left: 26.4pt; margin-right: 3.6pt">
                                              1)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Establishment of a central 
                                              securities depository </span></p>
                                              <p class="MsoNormal" style="text-indent: -18.95pt; line-height: 150%; text-autospace: none; margin-left: 25.4pt; margin-right: 3.6pt">
                                              2)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Application procedure </span></p>
                                              <p class="MsoNormal" style="text-indent: -18.95pt; line-height: 150%; text-autospace: none; margin-left: 25.4pt; margin-right: 3.6pt">
                                              3)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Grant of application </span></p>
                                              <p class="MsoNormal" style="text-indent: -18.95pt; line-height: 150%; text-autospace: none; margin-left: 25.4pt; margin-right: 3.6pt">
                                              4)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Conditions for grant of 
                                              application </span></p>
                                              <p class="MsoNormal" style="text-indent: -18.95pt; line-height: 150%; text-autospace: none; margin-left: 25.4pt; margin-right: 3.6pt">
                                              5)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Alterations to central securities 
                                              depository rules by a depository
                                              </span></p>
                                              <p class="MsoNormal" style="text-indent: 0cm; line-height: 150%; text-autospace: none; margin-left: 6.45pt; margin-right: 21.8pt">
                                              6)<span style="font-family: Arial">&nbsp;&nbsp; 
                                              Amendment of a central securities 
                                              depository rules by the Commission
                                              </span></p>
                                              <p class="MsoNormal" style="text-indent: 0cm; text-autospace: none; margin-left: 6.5pt; margin-right: 21.6pt">
                                              7)<span style="font-family: Arial">. 
                                              &nbsp;Functions of a central securities 
                                              depository </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 6.5pt; margin-right: 3.6pt">
                                              <span style="font-family: Arial">8 
                                              . Fees </span></p>
                                              <p class="MsoNormal" style="text-indent: -18.95pt; line-height: 150%; text-autospace: none; margin-left: 25.4pt; margin-right: 3.6pt">
                                              9)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Appointment of participants for 
                                              central securities depository
                                              </span></p>
                                              <p class="MsoNormal" style="text-indent: -25.2pt; text-autospace: none; margin-left: 25.9pt; margin-right: 3.6pt">
                                              10)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Directions by central securities 
                                              depository </span></p>
                                              <p class="MsoNormal" style="line-height: 150%; text-autospace: none; margin-left: 1.2pt; margin-right: 3.6pt">
                                              <span style="font-family: Arial">
                                              11. Central securities depository 
                                              to provide assistance to the 
                                              Commission </span></p>
                                              <p class="MsoNormal" style="line-height: 150%; text-autospace: none; margin-left: 88.8pt; margin-right: 3.6pt">
                                              <b><i>
                                              <span style="font-family: Arial">
                                              Admitted and dematerialised 
                                              securities </span></i></b></p>
                                              <p class="MsoNormal" style="text-indent: -25.2pt; line-height: 150%; text-autospace: none; margin-left: 26.15pt; margin-right: 3.6pt">
                                              12)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Issue of uncertificated or 
                                              demateria1ised securities </span>
                                              </p>
                                              <p class="MsoNormal" style="text-indent: -25.4pt; line-height: 150%; text-autospace: none; margin-left: 26.4pt; margin-right: 3.6pt">
                                              13)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Admittance of securities </span>
                                              </p>
                                              <p class="MsoNormal" style="text-indent: -25.4pt; line-height: 150%; text-autospace: none; margin-left: 26.4pt; margin-right: 3.6pt">
                                              14)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Verification of certificates and 
                                              transfer to a central securities 
                                              depository </span></p>
                                              <p class="MsoNormal" style="text-indent: -25.4pt; line-height: 150%; text-autospace: none; margin-left: 26.4pt; margin-right: 3.6pt">
                                              15)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Trading of eligible securities
                                              </span></p>
                                              <p class="MsoNormal" style="text-indent: -25.4pt; line-height: 150%; text-autospace: none; margin-left: 26.4pt; margin-right: 3.6pt">
                                              16)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Restriction on trade in eligible 
                                              securities &quot; </span></p>
                                              <p class="MsoNormal" style="text-indent: -25.4pt; line-height: 150%; text-autospace: none; margin-left: 26.4pt; margin-right: 3.6pt">
                                              17)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Receipt of certificates of 
                                              eligible securities for safe 
                                              custody </span></p>
                                              <p class="MsoNormal" style="text-indent: -25.4pt; line-height: 150%; text-autospace: none; margin-left: 26.4pt; margin-right: 3.6pt">
                                              18)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Liability of a central securities 
                                              depository for loss or damage of 
                                              certificates </span></p>
                                              <p class="MsoNormal" style="text-indent: -25.4pt; line-height: 150%; text-autospace: none; margin-left: 26.4pt; margin-right: 3.6pt">
                                              19)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Withdrawal ofimmobi1ised 
                                              securities </span></p>
                                              <p class="MsoNormal" style="text-indent: -25.4pt; line-height: 150%; text-autospace: none; margin-left: 26.4pt; margin-right: 3.6pt">
                                              20)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Trading of securities withdrawn 
                                              from central securities depository
                                              </span></p>
                                              <p class="MsoNormal" style="text-indent: -25.4pt; line-height: 150%; text-autospace: none; margin-left: 26.4pt; margin-right: 3.6pt">
                                              21)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Withdrawal of prescribed 
                                              securities prohibited </span></p>
                                              <p class="MsoNormal" style="text-indent: -25.4pt; line-height: 150%; text-autospace: none; margin-left: 26.4pt; margin-right: 3.6pt">
                                              22)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Demateria1isation of securities
                                              </span></p>
                                              <p class="MsoNormal" style="text-indent: -25.4pt; line-height: 150%; text-autospace: none; margin-left: 26.4pt; margin-right: 3.6pt">
                                              23)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Central securities depository to 
                                              maintain official record of 
                                              depositors </span></p>
                                              <p class="MsoNormal" style="text-indent: -25.4pt; line-height: 150%; text-autospace: none; margin-left: 26.4pt; margin-right: 3.6pt">
                                              24)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Issuer not to issue certificates 
                                              in respect of demateria1ised 
                                              securities </span></p>
                                              <p class="MsoNormal" style="text-indent: -25.4pt; line-height: 150%; text-autospace: none; margin-left: 26.4pt; margin-right: 3.6pt">
                                              25)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Effect of reference to records in 
                                              a central securities depository
                                              </span></p>
                                              <p class="MsoNormal" style="text-indent: 0cm; line-height: 150%; text-autospace: none; margin-left: .2pt; margin-right: 137.75pt">
                                              26)<span style="font-family: Arial">&nbsp;&nbsp; 
                                              Application to collective 
                                              investment schemes </span></p>
                                              <p class="MsoNormal" style="text-indent: 0cm; line-height: 150%; text-autospace: none; margin-left: .2pt; margin-right: 137.75pt">
                                              27)<span style="font-family: Arial">. 
                                              &nbsp;Rules in respect of 
                                              demateria1ised securities </span>
                                              </p>
                                              <p class="MsoNormal" style="line-height: 150%; text-autospace: none; margin-left: 107.25pt; margin-right: 3.6pt">
                                              <b><i>
                                              <span style="font-family: Arial">
                                              Securities accounts and records
                                              </span></i></b></p>
                                              <p class="MsoNormal" style="text-indent: -25.2pt; line-height: 150%; text-autospace: none; margin-left: 26.15pt; margin-right: 3.6pt">
                                              28)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Dealers in book-entry securities 
                                              to hold securities account </span>
                                              </p>
                                              <p class="MsoNormal" style="text-indent: -25.4pt; line-height: 150%; text-autospace: none; margin-left: 26.4pt; margin-right: 3.6pt">
                                              29)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Issuance of statements of accounts
                                              </span></p>
                                              <p class="MsoNormal" style="text-indent: -25.4pt; line-height: 150%; text-autospace: none; margin-left: 26.4pt; margin-right: 3.6pt">
                                              <i>30)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span></i>
                                              <span style="font-family: Arial">
                                              Duty of central securities 
                                              depository to keep records and <i>
                                              accounts </i></span></p>
                                              <p class="MsoNormal" style="text-indent: -25.4pt; line-height: 150%; text-autospace: none; margin-left: 26.4pt; margin-right: 3.6pt">
                                              31)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Audit of records and accounts
                                              </span></p>
                                              <p class="MsoNormal" style="line-height: 150%; text-autospace: none; margin-left: 100.05pt; margin-right: 10.8pt">
                                              <b><i>
                                              <span style="font-family: Arial">
                                              Securities transactions and 
                                              entries </span></i></b></p>
                                              <p class="MsoNormal" style="text-indent: -24.7pt; line-height: 150%; text-autospace: none; margin-left: 26.1pt; margin-right: 10.8pt">
                                              32)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Evidence of transactions in 
                                              respect of deposited securities
                                              </span></p>
                                              <p class="MsoNormal" style="text-indent: -23.75pt; line-height: 150%; text-autospace: none; margin-left: 26.85pt; margin-right: 10.8pt">
                                              33)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Provision of record of depositors 
                                              to issuers </span></p>
                                              <p class="MsoNormal" style="text-indent: -23.75pt; line-height: 150%; text-autospace: none; margin-left: 26.85pt; margin-right: 10.8pt">
                                              34)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Depositor to be treated as member 
                                              or debenture holder </span></p>
                                              <p class="MsoNormal" style="text-indent: -23.75pt; line-height: 150%; text-autospace: none; margin-left: 26.85pt; margin-right: 10.8pt">
                                              35)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Register of Depositors </span></p>
                                              <p class="MsoNormal" style="text-indent: -23.75pt; line-height: 150%; text-autospace: none; margin-left: 26.85pt; margin-right: 10.8pt">
                                              36)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Termination and set-off </span>
                                              </p>
                                              <p class="MsoNormal" style="text-indent: -23.75pt; line-height: 150%; text-autospace: none; margin-left: 26.85pt; margin-right: 10.8pt">
                                              37)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Prohibition in dealings in book 
                                              -entry securities </span></p>
                                              <p class="MsoNormal" style="text-indent: -23.75pt; line-height: 150%; text-autospace: none; margin-left: 26.85pt; margin-right: 10.8pt">
                                              38)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Public offer of securities </span>
                                              </p>
                                              <p class="MsoNormal" style="text-indent: -23.75pt; line-height: 150%; text-autospace: none; margin-left: 26.85pt; margin-right: 10.8pt">
                                              39)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Corporate actions </span></p>
                                              <p class="MsoNormal" style="text-indent: -23.75pt; line-height: 150%; text-autospace: none; margin-left: 26.85pt; margin-right: 10.8pt">
                                              40)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Underwriters to open securities 
                                              accounts </span></p>
                                              <p class="MsoNormal" style="text-indent: -23.75pt; text-autospace: none; margin-left: 26.85pt; margin-right: 10.8pt">
                                              41)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Charging of securities </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .65pt; margin-right: 10.8pt">
                                              <span style="font-family: Arial">
                                              42. Securities in or under 
                                              suspense </span></p>
                                              <p class="MsoNormal" style="line-height: 150%; text-autospace: none; margin-left: 75.3pt; margin-right: 10.8pt">
                                              <b><i>
                                              <span style="font-family: Arial">
                                              Security, secrecy and 
                                              investigation provisions </span>
                                              </i></b></p>
                                              <p class="MsoNormal" style="text-indent: -24.7pt; line-height: 150%; text-autospace: none; margin-left: 26.1pt; margin-right: 10.8pt">
                                              43)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Security measures </span></p>
                                              <p class="MsoNormal" style="text-indent: -23.75pt; line-height: 150%; text-autospace: none; margin-left: 26.85pt; margin-right: 10.8pt">
                                              44)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Duty to maintain secrecy </span>
                                              </p>
                                              <p class="MsoNormal" style="text-indent: -23.75pt; line-height: 150%; text-autospace: none; margin-left: 26.85pt; margin-right: 10.8pt">
                                              45)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Permitted disclosures </span></p>
                                              <p class="MsoNormal" style="text-indent: -23.75pt; line-height: 150%; text-autospace: none; margin-left: 26.85pt; margin-right: 10.8pt">
                                              46)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Regulation of access to computer 
                                              system </span></p>
                                              <p class="MsoNormal" style="text-indent: -23.75pt; line-height: 150%; text-autospace: none; margin-left: 26.85pt; margin-right: 10.8pt">
                                              47)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Power of the Commission to require 
                                              production of records </span></p>
                                              <p class="MsoNormal" style="text-indent: -23.75pt; line-height: 150%; text-autospace: none; margin-left: 26.85pt; margin-right: 10.8pt">
                                              48)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Power of Commission to enter and 
                                              search premises </span></p>
                                              <p class="MsoNormal" style="text-indent: -23.75pt; line-height: 150%; text-autospace: none; margin-left: 26.85pt; margin-right: 10.8pt">
                                              49)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Disclosure to Commission </span>
                                              </p>
                                              <p class="MsoNormal" style="text-indent: -23.75pt; line-height: 150%; text-autospace: none; margin-left: 26.85pt; margin-right: 10.8pt">
                                              50)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Investigation by Commission </span>
                                              </p>
                                              <p class="MsoNormal" style="text-indent: -23.75pt; line-height: 150%; text-autospace: none; margin-left: 26.85pt; margin-right: 10.8pt">
                                              51)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Power of Court to make orders
                                              </span></p>
                                              <p class="MsoNormal" style="line-height: 150%; text-autospace: none; margin-left: 124.75pt; margin-right: 11.05pt">
                                              <b><i>
                                              <span style="font-family: Arial">
                                              Miscellaneous provisions </span>
                                              </i></b></p>
                                              <p class="MsoNormal" style="text-indent: -24.7pt; line-height: 150%; text-autospace: none; margin-left: 26.35pt; margin-right: 11.05pt">
                                              52)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Preservation of records and 
                                              accounts </span></p>
                                              <p class="MsoNormal" style="text-indent: -23.75pt; line-height: 150%; text-autospace: none; margin-left: 27.1pt; margin-right: 11.05pt">
                                              53)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Guarantee Fund </span></p>
                                              <p class="MsoNormal" style="text-indent: -23.75pt; line-height: 150%; text-autospace: none; margin-left: 27.1pt; margin-right: 11.05pt">
                                              54)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Falsification of records or 
                                              accounts </span></p>
                                              <p class="MsoNormal" style="text-indent: -23.75pt; line-height: 150%; text-autospace: none; margin-left: 27.1pt; margin-right: 11.05pt">
                                              55)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Destruction, concealment, or 
                                              alteration of records </span></p>
                                              <p class="MsoNormal" style="text-indent: -23.75pt; line-height: 150%; text-autospace: none; margin-left: 27.1pt; margin-right: 11.05pt">
                                              56)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Furnishing false or misleading 
                                              information </span></p>
                                              <p class="MsoNormal" style="text-indent: -23.75pt; line-height: 150%; text-autospace: none; margin-left: 27.1pt; margin-right: 11.05pt">
                                              57)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Offences by bodies corporate
                                              </span></p>
                                              <p class="MsoNormal" style="text-indent: -23.75pt; line-height: 150%; text-autospace: none; margin-left: 27.1pt; margin-right: 11.05pt">
                                              58)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              General penalty </span></p>
                                              <p class="MsoNormal" style="text-indent: -23.75pt; line-height: 150%; text-autospace: none; margin-left: 27.1pt; margin-right: 11.05pt">
                                              59)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Regulations </span></p>
                                              <p class="MsoNormal" style="text-indent: -23.75pt; line-height: 150%; text-autospace: none; margin-left: 27.1pt; margin-right: 11.05pt">
                                              60)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Interpretation </span></p>
                                              <p class="MsoNormal" style="text-indent: -23.75pt; line-height: 150%; text-autospace: none; margin-left: 27.1pt; margin-right: 11.05pt">
                                              61)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              References </span></p>
                                              <p class="MsoNormal" style="text-indent: -23.75pt; line-height: 150%; text-autospace: none; margin-left: 27.1pt; margin-right: 11.05pt">
                                              62)<span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7.0pt; font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                              </span>
                                              <span style="font-family: Arial">
                                              Consequential amendments </span>
                                              </p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 80.4pt; margin-right: .25pt">
                                              <b>
                                              <span style="font-family: Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 
                                              THE SEVEN HUNDRED AND THIRTY-THIRD
                                              </span></b></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 151.2pt; margin-right: .25pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 
                                              ACT </span></b></p>
                                              <p class="MsoNormal" align="center" style="text-align: center; text-autospace: none; margin-left: 22.05pt; margin-right: 22.55pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              OF THE PARLIAMENT OF THE REPUBLIC 
                                              OF GHANA </span></b></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 22.05pt; margin-right: 22.55pt">
                                              <span style="font-family: Arial">
                                              &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 
                                              &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 
                                              ENTITLED </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 29.25pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 
                                              THE CENTRAL SECURITIES DEPOSITORY 
                                              ACT, 2007 </span></b></p>
                                              <p class="MsoNormal" style="text-indent: -24.2pt; text-autospace: none; margin-left: 24.2pt; margin-right: 1.2pt">
                                              <span style="font-family: Arial">
                                              AN ACT to establish central 
                                              securities depositories to 
                                              regulate dealings in securities 
                                              and to provide for related 
                                              matters. </span></p>
                                              <p class="MsoNormal" style="text-indent: 97.9pt; text-autospace: none; margin-left: .2pt; margin-right: 98.4pt">
                                              <span style="font-family: Arial">
                                              DATE OF ASSENT: <i>16th May, 2007
                                              </i>ENACTED by the President and 
                                              Parliament: </span></p>
                                              <p class="MsoNormal" style="text-indent: 38.6pt; text-autospace: none; margin-left: .2pt; margin-right: 39.1pt">
                                              <b><i>
                                              <span style="font-family: Arial">
                                              Establishment and functions of 
                                              central securities depository
                                              </span></i></b></p>
                                              <p class="MsoNormal" style="text-indent: 38.6pt; text-autospace: none; margin-left: .2pt; margin-right: 39.1pt">
                                              <span style="font-family: Arial">
                                              Establishment of a central 
                                              securities depository </span></p>
                                              <p class="MsoNormal" style="text-indent: 12.2pt; text-autospace: none; margin-left: .2pt; margin-right: .45pt">
                                              <span style="font-family: Arial">
                                              1. A central securities depository 
                                              may be established by a company 
                                              registered under the Companies 
                                              Code, 1963 (Act 179). </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .2pt">
                                              <span style="font-family: Arial">
                                              Application procedure </span></p>
                                              <p class="MsoNormal" style="text-indent: 12.2pt; text-autospace: none; margin-left: .2pt; margin-right: .45pt">
                                              <span style="font-family: Arial">
                                              2. (1) A person who intends to 
                                              establish or operate a central 
                                              securities deposi­tory shall, 
                                              apply in writing to the 
                                              Commission. </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 26.85pt; text-autospace: none; margin-left: .2pt">
                                              <span style="font-family: Arial">
                                              (2) The application shall be in 
                                              writing and accompanied by central 
                                              securities depository rules made 
                                              by the applicant in a manner and 
                                              form prescribed by the Commission 
                                              and shall provide for </span></p>
                                              <p class="MsoNormal" style="text-indent: -20.6pt; text-autospace: none; margin-left: 104.6pt">
                                              <span style="font-family: Arial">(i) 
                                              the proper and efficient 
                                              operation, management and 
                                              maintenance of the central 
                                              depository; </span></p>
                                              <p class="MsoNormal" style="text-autospace: none">
                                              <span style="font-family: Arial">&nbsp;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -20.85pt; text-autospace: none; margin-left: 104.6pt; margin-right: 2.65pt">
                                              <span style="font-family: Arial">
                                              (ii) the clearing and settlement 
                                              service to facilitate buying, 
                                              selling and other dealings in 
                                              securities and the operations of 
                                              the depository service; </span>
                                              </p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -20.85pt; text-autospace: none; margin-left: 104.6pt; margin-right: 2.65pt">
                                              <span style="font-family: Arial">
                                              (iii) the confidentiality and 
                                              protection of information and 
                                              documents related to the affairs 
                                              of persons holding securities 
                                              accounts with the central 
                                              securities depository and the 
                                              securities accounts held by them; 
                                              and </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 83.7pt; margin-right: .05pt">
                                              <span style="font-family: Arial">
                                              (iv) any other information that 
                                              the Commission may prescribe.
                                              </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .65pt; margin-right: .05pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Grant of application </span></b>
                                              </p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 12.2pt; margin-right: .05pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              3. </span></b>
                                              <span style="font-family: Arial">
                                              The Commission shall grant an 
                                              application in writing if it is 
                                              satisfied that </span></p>
                                              <p class="MsoNormal" style="text-indent: -17.5pt; text-autospace: none; margin-left: 66.2pt; margin-right: 2.2pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (a) </span></i>
                                              <span style="font-family: Arial">
                                              the proposed central securities 
                                              depository rules of the applicant 
                                              are rules approved by the 
                                              Commission, </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -17.75pt; text-autospace: none; margin-left: 66.2pt; margin-right: 3.15pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (b) </span></i>
                                              <span style="font-family: Arial">
                                              the establishment and maintenance 
                                              of the central securities 
                                              depository, promote the positive 
                                              development of securities market 
                                              in the country, and </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 48.45pt; margin-right: .05pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (c) </span></i>
                                              <span style="font-family: Arial">
                                              the interest of the public 
                                              dealings with securities, will be 
                                              served. </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .65pt; margin-right: .05pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Conditions for grant of 
                                              application </span></b></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 12.2pt; margin-right: .05pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              4. </span></b>
                                              <span style="font-family: Arial">
                                              The Commission may, impose 
                                              conditions in relation to </span>
                                              </p>
                                              <p class="MsoNormal" style="text-align: justify; text-autospace: none; margin-left: 48.65pt; margin-right: 73.95pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (a) </span></i>
                                              <span style="font-family: Arial">
                                              the paid-up or authorised capital 
                                              of the depository, <i>(b) </i>the 
                                              shareholding of the members of the 
                                              depository, </span></p>
                                              <p class="MsoNormal" style="text-indent: -17.5pt; text-autospace: none; margin-left: 66.2pt; margin-right: 2.2pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (c) </span></i>
                                              <span style="font-family: Arial">
                                              the appointment of the board of 
                                              directors and management of the 
                                              depository, and </span></p>
                                              <p class="MsoNormal" style="text-indent: -17.5pt; text-autospace: none; margin-left: 66.2pt; margin-right: 2.2pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (d) </span></i>
                                              <span style="font-family: Arial">
                                              any other matters that the 
                                              Commission considers appropriate 
                                              in approving an application.
                                              </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .65pt; margin-right: .05pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Alterations to central securities 
                                              depository rules by a depository
                                              </span></b></p>
                                              <p class="MsoNormal" style="text-indent: 11.75pt; text-autospace: none; margin-left: .9pt; margin-right: .5pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              5. </span></b>
                                              <span style="font-family: Arial">
                                              (1) A depository shall not amend 
                                              its rules, except with the prior 
                                              approval of the Commission. </span>
                                              </p>
                                              <p class="MsoNormal" style="text-indent: 26.85pt; text-autospace: none; margin-left: .9pt; margin-right: 1.45pt">
                                              <span style="font-family: Arial">
                                              (2) A depository which intends to 
                                              amend its rules shall apply in 
                                              writing to the Commission. </span>
                                              </p>
                                              <p class="MsoNormal" style="text-indent: 26.85pt; text-autospace: none; margin-left: .9pt; margin-right: 1.45pt">
                                              <span style="font-family: Arial">
                                              (3) The Commission shall within 
                                              thirty days after receipt of the 
                                              application communicate its 
                                              decision in writing to the 
                                              depository. </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .65pt; margin-right: .05pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Amendment </span></b>
                                              <span style="font-family: Arial">
                                              of a <b>central securities 
                                              depository rules by the Commission
                                              </b></span></p>
                                              <p class="MsoNormal" style="text-indent: 11.75pt; text-autospace: none; margin-left: .9pt; margin-right: .5pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              6. </span></b>
                                              <span style="font-family: Arial">
                                              (1) The Commission may amend the 
                                              central securities depository 
                                              rules after consultation with the 
                                              depository. </span></p>
                                              <p class="MsoNormal" style="text-indent: 26.85pt; text-autospace: none; margin-left: .9pt; margin-right: 1.45pt">
                                              <span style="font-family: Arial">
                                              (2) The Commission shall in 
                                              writing specify any amendments 
                                              made and the date on which the 
                                              amendment shall come into force.
                                              </span></p>
                                              <p class="MsoNormal" style="text-autospace: none">
                                              <span style="font-family: Arial">&nbsp;</span></p>
                                              <p class="MsoNormal" style="text-indent: -12.0pt; text-autospace: none; margin-left: 12.0pt; margin-right: 158.6pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Functions of a central securities 
                                              depository </span></b></p>
                                              <p class="MsoNormal" style="text-indent: -12.0pt; text-autospace: none; margin-left: 12.0pt; margin-right: 158.6pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7. </span></b>
                                              <span style="font-family: Arial">A 
                                              depository shall </span></p>
                                              <p class="MsoNormal" style="text-indent: -18.7pt; text-autospace: none; margin-left: 67.9pt; margin-right: 3.6pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (a) </span></i>
                                              <span style="font-family: Arial">
                                              facilitate the admittance of 
                                              securities into the central 
                                              securities depository; </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 49.9pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (b) </span></i>
                                              <span style="font-family: Arial">
                                              facilitate the deposit and 
                                              withdrawal of certificates in 
                                              respect of </span></p>
                                              <p class="MsoNormal" style="text-indent: 17.75pt; text-autospace: none; margin-left: 48.2pt; margin-right: 64.55pt">
                                              <span style="font-family: Arial">
                                              securities admitted in the central 
                                              securities depository; <i>(c) </i>
                                              facilitate the dematerialisation 
                                              of securities accounts;</span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-right: 64.55pt">
                                              <span style="font-family: Arial">
                                              &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;<i>(d) </i>open, 
                                              maintain and close securities 
                                              accounts; </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -18.0pt; text-autospace: none; margin-left: 66.45pt; margin-right: 5.75pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (e) </span></i>
                                              <span style="font-family: Arial">
                                              establish a proper and efficient 
                                              system for the verification, 
                                              inspection, identification and 
                                              recording of book -entry 
                                              securities with the central 
                                              depository; </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 49.9pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (f) </span></i>
                                              <span style="font-family: Arial">
                                              facilitate the efficient transfer 
                                              of book-entry securities; </span>
                                              </p>
                                              <p class="MsoNormal" style="text-indent: -18.7pt; text-autospace: none; margin-left: 67.9pt; margin-right: 3.6pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (g) </span></i>
                                              <span style="font-family: Arial">
                                              facilitate the efficient process 
                                              of cash payment in exchange for 
                                              securities; </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 49.9pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (h) </span></i>
                                              <span style="font-family: Arial">
                                              facilitate the registration of 
                                              dealings in book -entry 
                                              securities; </span></p>
                                              <p class="MsoNormal" style="text-indent: -18.7pt; text-autospace: none; margin-left: 67.9pt; margin-right: 3.6pt">
                                              <i>
                                              <span style="font-family: Arial">(i)
                                              </span></i>
                                              <span style="font-family: Arial">
                                              operate securities accounts for 
                                              the handling of book-entry 
                                              securities and cash; </span></p>
                                              <p class="MsoNormal" style="text-indent: 0cm; text-autospace: none; margin-left: 49.4pt; margin-right: 4.3pt">
                                              0)<span style="font-family: Arial">designate 
                                              one or more banks as a settlement 
                                              partner for the settlement of 
                                              funds in respect of transactions 
                                              cleared through a depository; <i>
                                              (k) </i>facilitate the efficient 
                                              collection of fees and other 
                                              charges that may be required;
                                              </span></p>
                                              <p class="MsoNormal" style="text-indent: -18.7pt; text-autospace: none; margin-left: 67.9pt; margin-right: 3.6pt">
                                              <span style="font-family: Arial">
                                              (1) guard against falsification of 
                                              any records or accounts required 
                                              to be kept or maintained under 
                                              this Act; and </span></p>
                                              <p class="MsoNormal" style="text-indent: -18.0pt; text-autospace: none; margin-left: 68.15pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (m) </span></i>
                                              <span style="font-family: Arial">
                                              perform other functions that are 
                                              necessary to ensure orderly 
                                              dealings· in admitted or 
                                              dematerialised securities, or as 
                                              the Commission may from time to 
                                              time prescribe. </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 2.8pt; margin-right: .75pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Fees </span></b></p>
                                              <p class="MsoNormal" style="text-indent: 11.75pt; text-autospace: none; margin-left: 3.05pt; margin-right: 3.6pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              8. </span></b>
                                              <span style="font-family: Arial">A 
                                              depository shall charge such fees 
                                              for its services and facilities as 
                                              approved by the Commission. </span>
                                              </p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 2.8pt; margin-right: .75pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Appointment </span></b>
                                              <span style="font-family: Arial">
                                              of participants <b>for a central 
                                              securities depository </b></span>
                                              </p>
                                              <p class="MsoNormal" style="text-indent: 11.75pt; text-autospace: none; margin-left: 3.05pt; margin-right: 3.6pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              9. </span></b>
                                              <span style="font-family: Arial">
                                              (1) A central securities 
                                              depository may appoint 
                                              participants comprising the 
                                              following in writing: </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 50.1pt; margin-right: .75pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (a) </span></i>
                                              <span style="font-family: Arial">a 
                                              licensed dealing member of a stock 
                                              exchange, </span></p>
                                              <p class="MsoNormal" style="text-indent: -18.7pt; text-autospace: none; margin-left: 68.1pt; margin-right: 4.35pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (b) </span></i>
                                              <span style="font-family: Arial">a 
                                              registrar, custodian, stockbroker, 
                                              or a person licensed by the 
                                              Commission as a dealer in 
                                              securities, </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 49.9pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (c) </span></i>
                                              <span style="font-family: Arial">a 
                                              unit trust scheme or mutual fund 
                                              licensed by the Commission, </span>
                                              </p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 49.9pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (d) </span></i>
                                              <span style="font-family: Arial">a 
                                              person licensed by the Bank of 
                                              Ghana as a bank under the Banking 
                                              Act 2004, (Act 673) or as a 
                                              Non-Bank finanicial institution 
                                              under the Financial Institutions 
                                              (Non-Banking) Law 1993 (P.N.D.C.L. 
                                              328); <i>(e) </i>an institutional 
                                              investor, or </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 49.9pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (f) </span></i>
                                              <span style="font-family: Arial">
                                              &nbsp;a body corporate of a type 
                                              prescribed by the Commission.
                                              </span></p>
                                              <p class="MsoNormal" style="text-indent: .2pt; text-autospace: none; margin-left: 28.55pt; margin-right: .45pt">
                                              <span style="font-family: Arial">
                                              (2) A person shall not act as 
                                              participant of a depository unless 
                                              the person is duly appointed by 
                                              the relevant depository. </span>
                                              </p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 28.55pt">
                                              <span style="font-family: Arial">
                                              (3) A central securities 
                                              depository participant shall
                                              </span></p>
                                              <p class="MsoNormal" style="text-indent: -17.75pt; text-autospace: none; margin-left: 67.4pt; margin-right: .7pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (a) </span></i>
                                              <span style="font-family: Arial">
                                              perform functions approved for the 
                                              depository under the Central 
                                              securities depository rules, and
                                              </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -17.5pt; text-autospace: none; margin-left: 66.0pt; margin-right: .45pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (b) </span></i>
                                              <span style="font-family: Arial">
                                              produce or make available to the 
                                              depository or to the Commission 
                                              when required, any information or 
                                              document relating to a securities 
                                              account. </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .95pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Directions by central securities 
                                              depository </span></b></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 12.95pt; text-autospace: none; margin-left: .45pt; margin-right: .95pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              10. </span></b>
                                              <span style="font-family: Arial">
                                              (1) A depository may, give 
                                              directions to an issuer of 
                                              securities or a partici­pant in 
                                              performing its functions under 
                                              this Act, and the issuer or 
                                              participant shall com­ply with the 
                                              directions. </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 27.35pt; text-autospace: none; margin-left: .45pt; margin-right: .45pt">
                                              <span style="font-family: Arial">
                                              (2) An issuer or participant who 
                                              fails to comply with directions 
                                              given by a depository commits an 
                                              offence and is liable on summary 
                                              conviction to a fine of not more 
                                              than five hundred penalty units or 
                                              a term of imprisonment of not more 
                                              than five years or t? both. </span>
                                              </p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .7pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Central securities depository to 
                                              provide assistance to the 
                                              Commission </span></b></p>
                                              <p class="MsoNormal" style="text-indent: 12.7pt; text-autospace: none; margin-left: .2pt; margin-right: 1.2pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              11. </span></b>
                                              <span style="font-family: Arial">
                                              (1) A depository shall provide 
                                              assistance to the Commission for 
                                              the perfor­mance of its functions.
                                              </span></p>
                                              <p class="MsoNormal" style="text-indent: 33.6pt; text-autospace: none; margin-right: .95pt">
                                              <span style="font-family: Arial">
                                              (2) The Commission and its agents 
                                              shall have access to any part of 
                                              the premises of a depository at 
                                              reasonable times to ensure 
                                              compliance with this Act:&quot; </span>
                                              </p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 89.0pt">
                                              <b><i>
                                              <span style="font-family: Arial">
                                              Admitted and dematerialised 
                                              securities </span></i></b></p>
                                              <p class="MsoNormal" style="text-indent: -12.2pt; text-autospace: none; margin-left: 12.45pt; margin-right: 115.4pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Issue of uncertificated or 
                                              dematerialised securities</span></b></p>
                                              <p class="MsoNormal" style="text-indent: -12.2pt; text-autospace: none; margin-left: 12.45pt; margin-right: 115.4pt">
                                              <span style="font-family: Arial">
                                              12.<b> </b></span>
                                              <span style="font-family: Arial">
                                              (1) An issuer of securities to the 
                                              public may </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -17.5pt; text-autospace: none; margin-left: 66.0pt; margin-right: .45pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (a) </span></i>
                                              <span style="font-family: Arial">
                                              issue a security in uncertificated 
                                              or dematerialised form where it is 
                                              authorised in its regulations and 
                                              authorised by a resolution of its 
                                              board of directors, </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -17.5pt; text-autospace: none; margin-left: 66.0pt; margin-right: .45pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (b) </span></i>
                                              <span style="font-family: Arial">
                                              convert a certificated security 
                                              into an uncertificated security 
                                              where it is authorised in its 
                                              regulations and by a resolution of 
                                              its board of directors . </span>
                                              </p>
                                              <p class="MsoNormal" style="text-indent: 35.75pt; text-autospace: none; margin-left: .45pt; margin-right: 4.05pt">
                                              <span style="font-family: Arial">
                                              (2) A person may opt to hold a 
                                              certificated security or a 
                                              security in book ­entry form with 
                                              a depository. </span></p>
                                              <p class="MsoNormal" style="text-indent: 35.75pt; text-autospace: none; margin-left: .45pt; margin-right: 4.05pt">
                                              <span style="font-family: Arial">
                                              (3) Where a person opts to hold a 
                                              security with a depository, the 
                                              issuer shall give to the 
                                              depository, details of the 
                                              allotted security. </span></p>
                                              <p class="MsoNormal" style="text-indent: 35.75pt; text-autospace: none; margin-left: .45pt; margin-right: 4.05pt">
                                              <span style="font-family: Arial">
                                              (4) The depository shall on 
                                              receipt of details of the allotted 
                                              security enter it in its records 
                                              in the name of the allottee as the 
                                              beneficial owner of the security.
                                              </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .95pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Admittance of securities </span>
                                              </b></p>
                                              <p class="MsoNormal" style="text-indent: 12.45pt; text-autospace: none; margin-left: .45pt; margin-right: 4.3pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              13. </span></b>
                                              <span style="font-family: Arial">
                                              (1) Subject to subsection (2), a 
                                              stock exchange may, after 
                                              consultation with a central 
                                              securities depository, prescribe 
                                              that any security </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 49.9pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (a) </span></i>
                                              <span style="font-family: Arial">
                                              listed or quoted, or </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 49.9pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (b) </span></i>
                                              <span style="font-family: Arial">
                                              proposed to be listed or quoted,
                                              </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .95pt; margin-right: 3.8pt">
                                              <span style="font-family: Arial">
                                              on the stock exchange, be admitted 
                                              by depositing the security with 
                                              the central securities depository.
                                              </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 36.2pt; text-autospace: none; margin-left: .95pt; margin-right: 2.85pt">
                                              <span style="font-family: Arial">
                                              (2) A stock exchange shall give 
                                              notice to the public of all 
                                              eligible securities prescribed by 
                                              it to be admitted into a 
                                              depository in respect of 
                                              securities listed or quoted on the 
                                              stock exchange. </span></p>
                                              <p class="MsoNormal" style="text-indent: 35.75pt; text-autospace: none; margin-left: .45pt; margin-right: 4.05pt">
                                              <span style="font-family: Arial">
                                              (3) The deposit by a person of an 
                                              eligible security with a 
                                              depository partici­pant shall be 
                                              considered to be a deposit of the 
                                              security with that central 
                                              depository. </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 36.7pt">
                                              <span style="font-family: Arial">
                                              (4) A central securities 
                                              depository shall hold securities 
                                              in book-entry form only. </span>
                                              </p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .95pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Verification of certificates and 
                                              transfer to a central securities 
                                              depository </span></b></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 12.45pt; text-autospace: none; margin-left: 1.9pt; margin-right: .45pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              14. </span></b>
                                              <span style="font-family: Arial">
                                              (1) A depository or its 
                                              participant shall lodge the 
                                              certificate and instrument with 
                                              the issuer within the period 
                                              prescribed in the central 
                                              securities depository rules after 
                                              deposit of a certificate 
                                              representing an eligible security 
                                              and an instrument of transfer in 
                                              respect of that security. </span>
                                              </p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 32.85pt; text-autospace: none; margin-left: 2.6pt; margin-right: 1.4pt">
                                              <span style="font-family: Arial">
                                              (2) The issuer shall register the 
                                              transfer of the security in 
                                              respect of the certificates in the 
                                              name of the depository or its 
                                              nominee company on receipt of the 
                                              certificate and instrument. </span>
                                              </p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 36.7pt">
                                              <span style="font-family: Arial">
                                              (3) The issuer shall refuse 
                                              registration of the transfer where
                                              </span></p>
                                              <p class="MsoNormal" style="text-indent: -17.5pt; text-autospace: none; margin-left: 68.6pt; margin-right: 1.2pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (a) </span></i>
                                              <span style="font-family: Arial">
                                              the certificate is not a genuine 
                                              certificate or is a certificate 
                                              that has been reported lost or 
                                              destroyed, and </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 49.9pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (b) </span></i>
                                              <span style="font-family: Arial">
                                              in relation to any security,
                                              </span></p>
                                              <p class="MsoNormal" style="text-indent: -20.85pt; text-autospace: none; margin-left: 108.0pt; margin-right: .2pt">
                                              <span style="font-family: Arial">(i) 
                                              there has been a duplication in 
                                              the issue of the certificate 
                                              representing that security, </span>
                                              </p>
                                              <p class="MsoNormal" style="text-indent: -20.85pt; text-autospace: none; margin-left: 108.0pt; margin-right: .2pt">
                                              <span style="font-family: Arial">
                                              (ii) a certificate has been issued 
                                              in excess of the issued capital of 
                                              the issuer, or </span></p>
                                              <p class="MsoNormal" style="text-indent: -20.85pt; text-autospace: none; margin-left: 108.0pt; margin-right: .2pt">
                                              <span style="font-family: Arial">
                                              (iii) the issuer has been served 
                                              with an order of a Court 
                                              prohibiting dealing in respect of 
                                              the security underlying the 
                                              certificate. </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 34.55pt; text-autospace: none; margin-right: .95pt">
                                              <span style="font-family: Arial">
                                              &nbsp;(4) The issuer shall, in any case 
                                              other than a case referred to in 
                                              subsection (3), cancel a 
                                              certificate and substitute in its 
                                              records the name of the depository 
                                              or its nominee as a registered 
                                              owner in respect of that security 
                                              and inform the depository. </span>
                                              </p>
                                              <p class="MsoNormal" style="text-indent: 36.0pt; text-autospace: none; margin-left: .2pt; margin-right: .95pt">
                                              <span style="font-family: Arial">
                                              (5) A depository shall enter the 
                                              name of the depositor in its 
                                              records as the beneficial owner.
                                              </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 34.55pt; text-autospace: none; margin-right: .95pt">
                                              <span style="font-family: Arial">
                                              (6) Where an issuer refuses 
                                              registration of a transfer, the 
                                              issuer shall serve on the 
                                              transferor and the central 
                                              securities depository, a written 
                                              notice giving rea­sons for the 
                                              refusal. </span></p>
                                              <p class="MsoNormal" style="text-indent: 36.0pt; text-autospace: none; margin-left: .2pt; margin-right: .95pt">
                                              <span style="font-family: Arial">
                                              (7) An instrument of transfer 
                                              lodged with an issuer may be 
                                              registered in the name of a 
                                              depository or its nominee company.
                                              </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 33.35pt">
                                              <span style="font-family: Arial">
                                              (8) This section does not apply to 
                                              bearer securities. </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .2pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Trading of eligible securities
                                              </span></b></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .2pt; margin-right: .95pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              15. </span></b>
                                              <span style="font-family: Arial">
                                              (1) This Act applies to trading in 
                                              eligible securities during the 
                                              period beginning on the day 
                                              immediately after the notification 
                                              date and ending on the admission 
                                              date. (2) A depository or 
                                              depository participant, shall 
                                              accept a certificate repre­senting 
                                              an eligible security to be 
                                              admitted for the purpose of 
                                              settlement of any trade on a stock 
                                              exchange in accordance with the 
                                              central securities depository 
                                              rule. </span></p>
                                              <p class="MsoNormal" style="text-indent: 36.0pt; text-autospace: none; margin-left: .2pt; margin-right: .95pt">
                                              <span style="font-family: Arial">
                                              (3) Section 14 shall apply to 
                                              depository agents and issuers with 
                                              whom the documents referred to in 
                                              subsection (2) of this section 
                                              have been lodged. </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .2pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Restriction on trade in eligible 
                                              securities </span></b></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 12.2pt; text-autospace: none; margin-left: .45pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              16. </span></b>
                                              <span style="font-family: Arial">
                                              (1) A person shall not trade in 
                                              any eligible security on a stock 
                                              exchange, after the admission 
                                              date, unless the security has been 
                                              deposited with a depository in 
                                              accordance wi th this Act. </span>
                                              </p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 34.55pt; text-autospace: none; margin-right: .95pt">
                                              <span style="font-family: Arial">
                                              (2) Despite subsection (1), an 
                                              eligible security may be deposited 
                                              at the depository after the 
                                              admission date at any time subject 
                                              to the additional fees, that may 
                                              be imposed under the central 
                                              securities depository rules.
                                              </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .2pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Receipt of certificates of 
                                              eligible securities for safe 
                                              custody </span></b></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 12.2pt; text-autospace: none; margin-left: .45pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              17. </span></b>
                                              <span style="font-family: Arial">
                                              (1) A depository may prescribe a 
                                              date by notice after which a 
                                              member of a stock exchange may not 
                                              receive a certificate representing 
                                              an eligible security for safe 
                                              custody. </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 33.35pt">
                                              <span style="font-family: Arial">
                                              (2) A depository shall give notice 
                                              to the public of the date 
                                              prescribed. </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .45pt; margin-right: .95pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Liability of a central securities 
                                              depository for loss or damage of 
                                              certificates 18. </span></b>
                                              <span style="font-family: Arial">
                                              (1) A depository and its 
                                              participants are liable to a 
                                              depositor for any loss or damage 
                                              in respect of a certificate 
                                              deposited by a depositor with the 
                                              central securi­ties depository or 
                                              depository participant. </span>
                                              </p>
                                              <p class="MsoNormal" style="text-indent: 32.85pt; text-autospace: none; margin-left: .7pt">
                                              <span style="font-family: Arial">
                                              (2) Despite subsection (1), a 
                                              depository is not liable for loss 
                                              or damage of a certificate the 
                                              transfer of which is not capable 
                                              of registration. </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 32.85pt; text-autospace: none; margin-left: .2pt; margin-right: .2pt">
                                              <span style="font-family: Arial">
                                              (3) Subsection (2) shall not 
                                              relieve a depository participant 
                                              from any obli­gation imposed on 
                                              the depository participant by the 
                                              rules of a stock exchange-in its 
                                              capacity as a member of the stock 
                                              exchange to effect buying-in 
                                              resulting from a refusal of an 
                                              issuer to register a transfer.
                                              </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .45pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Withdrawal of immobilised 
                                              securities </span></b></p>
                                              <p class="MsoNormal" style="text-indent: 11.75pt; text-autospace: none; margin-left: .7pt; margin-right: .45pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              19. </span></b>
                                              <span style="font-family: Arial">
                                              (1) A depositor may, withdraw a 
                                              security standing to the credit of 
                                              the depositor's securities account 
                                              on application to the depository.
                                              </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 32.85pt; text-autospace: none; margin-left: .2pt; margin-right: .2pt">
                                              <span style="font-family: Arial">
                                              (2) Where an application for the 
                                              withdrawal of a deposited security 
                                              is made and the appropriate 
                                              notification and withdrawal 
                                              documents are received by the 
                                              issuer or its share registry in 
                                              accordance with the rules of the 
                                              central securities depository, the 
                                              issuer or its share registry, 
                                              shall complete and deliver to the 
                                              central securities depository 
                                              certificates in connection with 
                                              the transfer of the securities 
                                              within 14 days after the date of 
                                              receipt of the withdrawal 
                                              documents to be forwarded to the 
                                              participant. </span></p>
                                              <p class="MsoNormal" style="text-indent: 33.35pt; text-autospace: none; margin-left: .45pt; margin-right: .45pt">
                                              <span style="font-family: Arial">
                                              (3) Despite subsection (1) 
                                              withdrawals are not allowed for 
                                              government securities. </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .45pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Trading of securities withdrawn 
                                              from central securities depository
                                              </span></b></p>
                                              <p class="MsoNormal" style="text-indent: 11.75pt; text-autospace: none; margin-left: .7pt; margin-right: .45pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              20. </span></b>
                                              <span style="font-family: Arial">
                                              (1) A person shall not trade 
                                              securities withdrawn from a 
                                              depository on a stock exchange 
                                              unless the security is 
                                              re-deposited in a depository.
                                              </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 32.85pt; text-autospace: none; margin-left: .2pt; margin-right: .2pt">
                                              <span style="font-family: Arial">
                                              (2) A security which is 
                                              re-deposited with a central 
                                              securities depository shall not be 
                                              utilised to settle a transaction 
                                              which took place on a stock 
                                              exchange prior to the re-deposit 
                                              of that security. </span></p>
                                              <p class="MsoNormal" style="text-indent: 33.35pt; text-autospace: none; margin-left: .45pt; margin-right: .45pt">
                                              <span style="font-family: Arial">
                                              (3) Section 15 relating to 
                                              eligible securities shall apply in 
                                              respect of a re­deposited 
                                              security. </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .45pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Withdrawal </span></b>
                                              <span style="font-family: Arial">
                                              of prescribed <b>securities 
                                              prohibited </b></span></p>
                                              <p class="MsoNormal" style="text-indent: 11.75pt; text-autospace: none; margin-left: .7pt; margin-right: .45pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              21. </span></b>
                                              <span style="font-family: Arial">
                                              (1) A person shall not withdraw 
                                              from a depository, security which 
                                              is pre­scribed as a dematerialised 
                                              security. </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 32.85pt; text-autospace: none; margin-left: .2pt; margin-right: .2pt">
                                              <span style="font-family: Arial">
                                              (2) A stock exchange may, with the 
                                              prior approval of the Commission, 
                                              restrict or prohibit the 
                                              withdrawal of a security or class 
                                              of securities which is listed or 
                                              quoted by the stock exchange for a 
                                              period and in a manner as it 
                                              considers appropriate. </span></p>
                                              <p class="MsoNormal" style="text-indent: 33.35pt; text-autospace: none; margin-left: .45pt; margin-right: .45pt">
                                              <span style="font-family: Arial">
                                              (3) Where a stock exchange 
                                              restricts or prohibits the 
                                              withdrawal of book­entry 
                                              securities the stock exchange 
                                              shall </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 48.45pt; margin-right: 113.25pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (a) </span></i>
                                              <span style="font-family: Arial">
                                              inform the depository of the 
                                              decision, and <i>(b) </i>give 
                                              notice to the public of </span>
                                              </p>
                                              <p class="MsoNormal" style="text-indent: -20.6pt; text-autospace: none; margin-left: 104.85pt; margin-right: .45pt">
                                              <span style="font-family: Arial">(i) 
                                              the book-entry securities 
                                              restricted or prohibited from 
                                              withdrawal, and </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 84.2pt">
                                              <span style="font-family: Arial">
                                              (ii) the period of the restriction 
                                              or prohibition. </span></p>
                                              <p class="MsoNormal" style="text-autospace: none">
                                              <span style="font-family: Arial">&nbsp;</span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .2pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Dematerialisation of securities
                                              </span></b></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 12.2pt; text-autospace: none; margin-right: 1.9pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              22. </span></b>
                                              <span style="font-family: Arial">
                                              (1) A depository may in 
                                              consultation with the Commission, 
                                              prescribe a period after which 
                                              securities or a class of 
                                              securities held or to be held by 
                                              the depository shall be 
                                              dematerialised in accordance with 
                                              the process laid down under the 
                                              central securities depository 
                                              rules. </span></p>
                                              <p class="MsoNormal" style="text-indent: 32.85pt; text-autospace: none; margin-left: .7pt; margin-right: .7pt">
                                              <span style="font-family: Arial">
                                              (2) An issuer of a dematerialised 
                                              security shall be notified by the 
                                              depository, of the decision taken 
                                              in accordance with subsection (1).
                                              </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 33.6pt">
                                              <span style="font-family: Arial">
                                              (3) An issuer of a dematerialised 
                                              security shall </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -20.85pt; text-autospace: none; margin-left: 105.35pt; margin-right: .95pt">
                                              <span style="font-family: Arial">(i) 
                                              give notice to the public that the 
                                              security shall, on the 
                                              dematerialisation date, become a 
                                              dematerialised security; and
                                              </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -20.85pt; text-autospace: none; margin-left: 105.35pt; margin-right: .95pt">
                                              <span style="font-family: Arial">
                                              (ii) take necessary steps to amend 
                                              its Regulations, deed of 
                                              establishment, trust deed, or 
                                              enabling statute, as the case may 
                                              be, to comply with this Act and 
                                              the central securities depository 
                                              rules within a period stipulated 
                                              in the notice upon being notified 
                                              of the decision. </span></p>
                                              <p class="MsoNormal" style="text-indent: 32.85pt; text-autospace: none; margin-left: .7pt; margin-right: .7pt">
                                              <span style="font-family: Arial">
                                              (4) A notice of dematerialisation 
                                              shall specify a dematerialisation 
                                              date of not less than one month 
                                              from the date of publication of 
                                              the notice. </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .95pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Central securities depository to 
                                              maintain official record of 
                                              depositors </span></b></p>
                                              <p class="MsoNormal" style="text-indent: 12.0pt; text-autospace: none; margin-left: .95pt; margin-right: 1.4pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              23. </span></b>
                                              <span style="font-family: Arial">
                                              (1) Every issuer of a security 
                                              prescribed as a dematerialised 
                                              security, shall on or after the 
                                              dematerialisation date </span></p>
                                              <p class="MsoNormal" style="text-indent: -17.5pt; text-autospace: none; margin-left: 66.95pt; margin-right: .7pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (a) </span></i>
                                              <span style="font-family: Arial">
                                              surrender the physical register of 
                                              members or debenture holders to 
                                              the depository, and </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -17.75pt; text-autospace: none; margin-left: 66.95pt; margin-right: .45pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (b) </span></i>
                                              <span style="font-family: Arial">
                                              provide information to the central 
                                              securities depository of any 
                                              member or debenture holder who 
                                              appears in the appropriate 
                                              register as a holder of a 
                                              certificate not already admitted 
                                              by the depository. </span></p>
                                              <p class="MsoNormal" style="text-indent: 36.2pt; text-autospace: none; margin-left: .95pt; margin-right: .7pt">
                                              <span style="font-family: Arial">
                                              (2) A depository shall maintain an 
                                              official Register which shall 
                                              include the name and particulars 
                                              of </span></p>
                                              <p class="MsoNormal" style="text-indent: -17.5pt; text-autospace: none; margin-left: 66.95pt; margin-right: .7pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (a) </span></i>
                                              <span style="font-family: Arial">
                                              each depositor with a security 
                                              credited to a securities account 
                                              held by the depositor, and </span>
                                              </p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -17.75pt; text-autospace: none; margin-left: 66.95pt; margin-right: .45pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (b) </span></i>
                                              <span style="font-family: Arial">
                                              each member or debenture holder 
                                              whose name appear under the 
                                              appropriate register of members or 
                                              debenture holders of the company.
                                              </span></p>
                                              <p class="MsoNormal" style="text-indent: 32.85pt; text-autospace: none; margin-left: .7pt; margin-right: .7pt">
                                              <span style="font-family: Arial">
                                              (3) Despite sections 32 and 96 of 
                                              the Companies Code relating to 
                                              register of members and debenture 
                                              holders, a record of depositors 
                                              maintained shall </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 49.4pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (a) </span></i>
                                              <span style="font-family: Arial">
                                              contain information in 
                                              computerised record form; and
                                              </span></p>
                                              <p class="MsoNormal" style="text-indent: -17.5pt; text-autospace: none; margin-left: 66.95pt; margin-right: .7pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (b) </span></i>
                                              <span style="font-family: Arial">
                                              contain any other information as 
                                              may be required under the central 
                                              security depository rules. </span>
                                              </p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 33.1pt; text-autospace: none; margin-right: 2.45pt">
                                              <span style="font-family: Arial">
                                              (4) This section shall not apply 
                                              to any bearer security, or be 
                                              construed as making the depository 
                                              an agent of the issuer for the 
                                              purpose of providing registra­tion 
                                              services. </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-right: .05pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Issuer not to issue certificates 
                                              in respect of dematerialised 
                                              securities </span></b></p>
                                              <p class="MsoNormal" style="text-indent: 11.5pt; text-autospace: none; margin-left: .2pt; margin-right: 1.25pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              24. </span></b>
                                              <span style="font-family: Arial">
                                              An issuer shall not issue a 
                                              certificate in respect of a 
                                              dematerialised security after the 
                                              dematerialisation date. </span>
                                              </p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .2pt; margin-right: .05pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Effect </span></b>
                                              <span style="font-family: Arial">
                                              of reference <b>to records in a 
                                              central securities depository </b>
                                              </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 11.75pt; text-autospace: none; margin-right: 1.95pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              25. </span></b>
                                              <span style="font-family: Arial">
                                              (1) With effect from the date of 
                                              dematerialisation and despite the 
                                              provi­sions of the Companies Code 
                                              or the Regulations of the issuer, 
                                              a reference in respect of a 
                                              dematerialised security to </span>
                                              </p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -17.5pt; text-autospace: none; margin-left: 66.2pt; margin-right: .5pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (a) </span></i>
                                              <span style="font-family: Arial">a 
                                              register of members or debenture 
                                              holders including branch 
                                              registers, maintained by a company 
                                              under the Companies Code is a 
                                              reference to the record of 
                                              depositors maintained by the 
                                              depository, </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -17.5pt; text-autospace: none; margin-left: 66.2pt; margin-right: .5pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (b) </span></i>
                                              <span style="font-family: Arial">a 
                                              transfer of shares or debentures 
                                              under the Companies Code is a 
                                              reference to a book-entry transfer 
                                              performed by the depository, and
                                              </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -17.5pt; text-autospace: none; margin-left: 66.2pt; margin-right: .5pt">
                                              <span style="font-family: Arial">
                                              (c) a certificate, or an 
                                              instrument of transfer 
                                              representing any security which is 
                                              used as prima facie evidence of 
                                              ownership of that security is a 
                                              reference to a statement of 
                                              account issued by the central 
                                              securities depository. </span></p>
                                              <p class="MsoNormal" style="text-indent: 36.0pt; text-autospace: none; margin-left: .2pt; margin-right: 1.25pt">
                                              <span style="font-family: Arial">
                                              (2) Sections 32 and 96 of the 
                                              Companies Code shall not apply to 
                                              a dematerialised security. </span>
                                              </p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .2pt; margin-right: .05pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Application to collective 
                                              investment schemes </span></b></p>
                                              <p class="MsoNormal" style="text-indent: 11.5pt; text-autospace: none; margin-left: .2pt; margin-right: 1.25pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              26. </span></b>
                                              <span style="font-family: Arial">
                                              (1) With effect from the 
                                              dematerialisation date and despite 
                                              any provision in a trust deed of a 
                                              collective investment scheme, a 
                                              reference to </span></p>
                                              <p class="MsoNormal" style="text-indent: -17.5pt; text-autospace: none; margin-left: 66.0pt; margin-right: .75pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (a) </span></i>
                                              <span style="font-family: Arial">a 
                                              register of a collective 
                                              investment scheme, is a reference 
                                              to the record of depositors 
                                              maintained by the depository,
                                              </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -17.5pt; text-autospace: none; margin-left: 66.2pt; margin-right: .5pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (b) </span></i>
                                              <span style="font-family: Arial">a 
                                              transfer of interest in a 
                                              collective investment scheme from 
                                              one investor to another, is a 
                                              reference to a book-entry transfer 
                                              by the central securities 
                                              depository, and </span></p>
                                              <p class="MsoNormal" style="text-indent: -17.5pt; text-autospace: none; margin-left: 66.0pt; margin-right: .75pt">
                                              <span style="font-family: Arial">
                                              (c) a certificate issued as 
                                              evidence of an interest in a 
                                              collective investment scheme, is a 
                                              statement of account issued by the 
                                              depository. </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .2pt; margin-right: .05pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Rules in respect of dematerialised 
                                              securities </span></b></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 12.45pt; margin-right: .05pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              27. </span></b>
                                              <span style="font-family: Arial">
                                              The Commission may prescribe rules 
                                              in respect of dematerialised 
                                              securities </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -17.5pt; text-autospace: none; margin-left: 66.2pt; margin-right: .5pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (a) </span></i>
                                              <span style="font-family: Arial">
                                              to effect the replacement of 
                                              physical registers with book-entry 
                                              records where the dematerialised 
                                              security is a security other than 
                                              a share or debenture under the 
                                              Companies Code, or an interest in 
                                              a collective investment scheme, 
                                              and </span></p>
                                              <p class="MsoNormal" style="text-indent: -17.5pt; text-autospace: none; margin-left: 65.45pt; margin-right: 3.6pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (b) </span></i>
                                              <span style="font-family: Arial">
                                              to specify forms for recording 
                                              interest in securities standing to 
                                              the credit of any depositor before 
                                              the dematerialisation date. </span>
                                              </p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .45pt; margin-right: 78.95pt">
                                              <b><i>
                                              <span style="font-family: Arial">
                                              Securities accounts and records
                                              </span></i>
                                              <span style="font-family: Arial">
                                              Dealers in book-entry securities 
                                              to hold securities account </span>
                                              </b></p>
                                              <p class="MsoNormal" style="text-indent: 11.75pt; text-autospace: none; margin-left: .45pt; margin-right: 3.35pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              28. </span></b>
                                              <span style="font-family: Arial">
                                              (1) A person shall not deal in 
                                              book-entry securities unless the 
                                              person holds a securities account 
                                              with a central securities 
                                              depository. </span></p>
                                              <p class="MsoNormal" style="text-indent: 32.85pt; text-autospace: none; margin-left: .45pt; margin-right: 1.2pt">
                                              <span style="font-family: Arial">
                                              (2) A depository may establish 
                                              different types of securities 
                                              accounts for different classes of 
                                              persons or securities. </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 33.3pt">
                                              <span style="font-family: Arial">
                                              (3) An entry in a securities 
                                              account in respect of a 
                                              transaction shall </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 48.65pt; margin-right: 1.4pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (a) </span></i>
                                              <span style="font-family: Arial">
                                              in the case of a securities 
                                              account established and maintained 
                                              directly by a central securities 
                                              depository be considered to have 
                                              been made by, or with the 
                                              authority of, the central 
                                              securities depository; and </span>
                                              </p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 48.65pt; margin-right: 1.4pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (b) </span></i>
                                              <span style="font-family: Arial">
                                              in the case of a securities 
                                              account established through, and 
                                              maintained by a depository agent 
                                              on behalf of a depository, be 
                                              considered as having been made by, 
                                              or with the authority of, the 
                                              depository agent. </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 36.65pt">
                                              <span style="font-family: Arial">
                                              (4) A record of an entry in a 
                                              securities account in respect of a 
                                              transaction </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .65pt">
                                              <span style="font-family: Arial">
                                              in book-entry securities shall be 
                                              prima facie evidence of the 
                                              matters recorded. </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .9pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Issuance of statements of accounts
                                              </span></b></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 12.2pt; text-autospace: none; margin-left: .45pt; margin-right: 2.15pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              29. </span></b>
                                              <span style="font-family: Arial">
                                              (1) A depository shall issue 
                                              statements of accounts to 
                                              depositors, in respect of 
                                              book-entry securities held by or 
                                              registered in the name of the 
                                              depository or its nominee company 
                                              for the depositors at a time and 
                                              in a manner prescribed. </span>
                                              </p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 33.1pt; text-autospace: none; margin-left: .45pt; margin-right: .7pt">
                                              <span style="font-family: Arial">
                                              (2) Despite subsection (1), a 
                                              depositor may, require the 
                                              depository to issue by written 
                                              notice to the depositor, a 
                                              statement of accounts in respect 
                                              of book-en try securities held by 
                                              or registered in the name of the 
                                              depository or its nominee com­pany 
                                              on behalf of the depositor. </span>
                                              </p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 33.1pt; text-autospace: none; margin-left: .45pt; margin-right: .7pt">
                                              <span style="font-family: Arial">
                                              (3) A depository shall on receipt 
                                              of a written notice and upon 
                                              payment of charges which may be 
                                              imposed under the central 
                                              securities depository rules, issue 
                                              to the depositor the statement of 
                                              account required. </span></p>
                                              <p class="MsoNormal" style="text-indent: 32.85pt; text-autospace: none; margin-left: .45pt; margin-right: 1.2pt">
                                              <span style="font-family: Arial">
                                              (4) A statement of accounts issued 
                                              under this section is evidence of 
                                              truth of the matters specified in 
                                              that statement of account. </span>
                                              </p>
                                              <p class="MsoNormal" style="text-indent: -11.75pt; text-autospace: none; margin-left: 12.65pt; margin-right: 22.05pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Duty of central securities 
                                              depository to keep records and 
                                              accounts </span></b></p>
                                              <p class="MsoNormal" style="text-indent: -11.75pt; text-autospace: none; margin-left: 12.65pt; margin-right: 22.05pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              30. </span></b>
                                              <span style="font-family: Arial">A 
                                              depository shall keep records and 
                                              accounts to show particulars of .
                                              </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 48.65pt; margin-right: 1.4pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (a) </span></i>
                                              <span style="font-family: Arial">
                                              transfers of book-entry securities 
                                              to and from a securities account,
                                              </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 48.65pt; margin-right: 1.4pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (b) </span></i>
                                              <span style="font-family: Arial">
                                              income received from commissions, 
                                              fees, charges and other sources, 
                                              and expenses, commissions, and 
                                              other payments made or paid by the 
                                              central securities depository, and
                                              </span></p>
                                              <p class="MsoNormal" style="text-indent: 6.75pt; text-autospace: none; margin-left: 36.0pt; margin-right: 4.1pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (c) </span></i>
                                              <span style="font-family: Arial">
                                              assets and liabilities including 
                                              contingent liabilities of the 
                                              central securities depository.
                                              </span></p>
                                              <p class="MsoNormal" style="text-indent: 9.0pt; text-autospace: none; margin-right: .05pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Audit of records and accounts
                                              </span></b></p>
                                              <p class="MsoNormal" style="text-indent: 9.0pt; text-autospace: none; margin-right: 4.35pt">
                                              <span style="font-family: Arial">
                                              31. (1) A depository shall cause 
                                              an audit to be conducted in 
                                              respect of its records and 
                                              accounts at the end of each 
                                              financial year. </span></p>
                                              <p class="MsoNormal" style="text-indent: 9.0pt; text-autospace: none; margin-right: 4.35pt">
                                              <span style="font-family: Arial">
                                              (2) The audit shall include a 
                                              verification of the accuracy of 
                                              the details shown in the records 
                                              and accounts. </span></p>
                                              <p class="MsoNormal" style="text-indent: 9.0pt; text-autospace: none; margin-right: 4.1pt">
                                              <span style="font-family: Arial">
                                              (3) The depository shall submit a 
                                              copy of a duly certified audit 
                                              report to the Commission within 
                                              ninety days after the end of the 
                                              financial year. </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 9.0pt; text-autospace: none; margin-right: 1.0pt">
                                              <span style="font-family: Arial">
                                              (4) The Commission may, by notice 
                                              in writing, direct that an audit 
                                              be con­ducted of an aspect of or 
                                              all of a central depository's 
                                              operations at the expense of the 
                                              central security depository.
                                              </span></p>
                                              <p class="MsoNormal" style="text-indent: 9.0pt; text-autospace: none; margin-right: 80.45pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              Securities transactions and 
                                              entries </span></i>
                                              <span style="font-family: Arial">
                                              Evidence of transactions in 
                                              respect of deposited securities
                                              </span></p>
                                              <p class="MsoNormal" style="text-indent: 9.0pt; text-autospace: none; margin-right: .05pt">
                                              <span style="font-family: Arial">
                                              32. A transaction in respect of a 
                                              deposited security by a depositor
                                              </span></p>
                                              <p class="MsoNormal" style="text-indent: 9.0pt; text-autospace: none; margin-right: 4.1pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (a) </span></i>
                                              <span style="font-family: Arial">
                                              whether accompanied by an 
                                              instrument or not shall be by 
                                              entry in the securities account of 
                                              the depositor, and </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 9.0pt; text-autospace: none; margin-right: .75pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (b) </span></i>
                                              <span style="font-family: Arial">
                                              shall include a deposit of an 
                                              eligible security and a trade or 
                                              transfer of a book-entry from a 
                                              securities account to another 
                                              securities account maintained by 
                                              the depository. </span></p>
                                              <p class="MsoNormal" style="text-indent: 9.0pt; text-autospace: none; margin-right: .05pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Provision of record of depositors 
                                              to issuers </span></b></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 9.0pt; text-autospace: none; margin-right: 2.45pt">
                                              <span style="font-family: Arial">
                                              33. (1) An issuer of a book-entry 
                                              security may by written notice 
                                              require a depository to furnish it 
                                              with a record of the depositors in 
                                              whose securities accounts, 
                                              securities are credited as at the 
                                              date of the notice. </span></p>
                                              <p class="MsoNormal" style="text-indent: 9.0pt; text-autospace: none; margin-right: .05pt">
                                              <span style="font-family: Arial">
                                              (2) A record of depositors </span>
                                              </p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 9.0pt; text-autospace: none; margin-right: .75pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (a) </span></i>
                                              <span style="font-family: Arial">
                                              required by an issuer shall be 
                                              issued by the depository within 
                                              the period specified in the notice 
                                              and in any case before the expiry 
                                              of a period specified under the 
                                              central securities depository 
                                              rules; </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 9.0pt; text-autospace: none; margin-right: .75pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (b) </span></i>
                                              <span style="font-family: Arial">
                                              issued in response to a request 
                                              made by an issuer shall contain 
                                              the name, identity card, passport 
                                              number or company number and 
                                              statement or the number of 
                                              book-entry securities held in 
                                              favour of each depositor; </span>
                                              </p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 9.0pt; text-autospace: none; margin-right: .75pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (c) </span></i>
                                              <span style="font-family: Arial">
                                              obtained by an issuer shall be 
                                              available for inspection by a 
                                              member of an issuer without the 
                                              payment of a fee but may be 
                                              inspected by any other person on 
                                              payment of a fee to the 
                                              depository, in respect of each 
                                              inspection. </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 9.0pt; text-autospace: none; margin-right: 1.0pt">
                                              <span style="font-family: Arial">
                                              (3) A member of an issuer or any 
                                              other person may require the 
                                              issuer to furnish him with a copy 
                                              of the record of depositors or a 
                                              part of it on the payment of a 
                                              fee, commensurate to the quantum 
                                              of information requested. </span>
                                              </p>
                                              <p class="MsoNormal" style="text-autospace: none">
                                              <span style="font-family: Arial">
                                              &nbsp;(4) The copy of the record of 
                                              depositors, or a part of it shall 
                                              be supplied t( the person who 
                                              required the copy within a period 
                                              of twenty-one days or within c . 
                                              longer period that the Commission 
                                              considers reasonable after the 
                                              date of receipt 0 the request by 
                                              the issuer. </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 5.25pt">
                                              <span style="font-family: Arial">
                                              Depositor to be treated as member 
                                              or debenture holder </span></p>
                                              <p class="MsoNormal" style="text-indent: 12.0pt; text-autospace: none; margin-left: 4.3pt">
                                              <span style="font-family: Arial">
                                              34. (1) A depository shall be the 
                                              registered owner of a security for 
                                              the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;purposes of 
                                              effecting transfer of ownership of 
                                              that security on behalf of a 
                                              depositor. </span></p>
                                              <p class="MsoNormal" style="text-indent: 32.85pt; text-autospace: none; margin-left: 4.8pt; margin-right: 16.8pt">
                                              <span style="font-family: Arial">
                                              (2) A depository as a registered 
                                              owner shall not have voting rights 
                                              or any other rights in respect of 
                                              securities held by it. </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 32.85pt; text-autospace: none; margin-left: 5.25pt">
                                              <span style="font-family: Arial">
                                              (3) A depositor of a book-entry 
                                              security whose name appears in the 
                                              recon of depositors is entitled to 
                                              rights, benefits, powers and 
                                              privileges and to liabilities 
                                              duties and obligations in respect 
                                              of the security as if the 
                                              depositor were a member or 
                                              debenture holder registered in an 
                                              appropriate register maintained by 
                                              the issuer 0 the security, in 
                                              accordance with the Companies Code 
                                              or any other law. </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 5.75pt">
                                              <span style="font-family: Arial">
                                              (4) Despite the Companies Code, a 
                                              depositor is not entitled to 
                                              attend general meeting of a 
                                              company, speak or vote at the 
                                              meeting unless the depositor' name 
                                              appears on the depository register 
                                              forty-eight hours prior to the 
                                              general meeting (5) A depository 
                                              or its nominee company shall not 
                                              have an interest i deposited 
                                              securities registered in its name, 
                                              or be a bare trustee. </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 32.85pt; text-autospace: none; margin-left: 5.25pt">
                                              <span style="font-family: Arial">
                                              (6) For the purpose of this 
                                              section, &quot;deposited security&quot; does 
                                              not include security specified in 
                                              the securities account as being in 
                                              suspension under this Act c rules 
                                              made by the Commission. </span>
                                              </p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 5.25pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Register of Depositors </span></b>
                                              </p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 5.75pt">
                                              <span style="font-family: Arial">
                                              35. (1) Persons named as 
                                              depositors in a Register of De 
                                              positors shall, for the period 
                                              that the deposited securities are 
                                              entered against their names in the 
                                              Register b <i>(a) </i>members of 
                                              the company in respect of the 
                                              amount of deposited securities 
                                              entered against their respective 
                                              names in the Register c 
                                              Depositors; or </span></p>
                                              <p class="MsoNormal" style="text-indent: -17.5pt; text-autospace: none; margin-left: 72.2pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (b) </span></i>
                                              <span style="font-family: Arial">
                                              holders of the amount of the 
                                              issuer's deposited securities 
                                              other that shares entered against 
                                              their names in the Register of 
                                              Depositors. </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 42.45pt">
                                              <span style="font-family: Arial">
                                              (2) This Act shall not affect
                                              </span></p>
                                              <p class="MsoNormal" style="text-indent: -17.5pt; text-autospace: none; margin-left: 72.2pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (a) </span></i>
                                              <span style="font-family: Arial">
                                              the obligation of a company to 
                                              keep a register of its members, an 
                                              allow inspection of the register 
                                              under the Companies Code; </span>
                                              </p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -17.75pt; text-autospace: none; margin-left: 72.45pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (b) </span></i>
                                              <span style="font-family: Arial">
                                              the obligation of a company to 
                                              keep a register of holders ( 
                                              debentures issued by the company 
                                              and allow inspection of the 
                                              register under the Companies Code;
                                              </span></p>
                                              <p class="MsoNormal" style="text-indent: -17.5pt; text-autospace: none; margin-left: 72.2pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (c) </span></i>
                                              <span style="font-family: Arial">
                                              the obligation of all issuer other 
                                              than a company to keep a register 
                                              ( the holders of securities issued 
                                              by the issuer; </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -17.75pt; text-autospace: none; margin-left: 65.0pt; margin-right: 4.05pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (d) </span></i>
                                              <span style="font-family: Arial">
                                              the right of a depositor to 
                                              withdraw documents showing title 
                                              to securities, from the depository 
                                              at anytime in accordance with the 
                                              central securities depository 
                                              rules and to register them in the 
                                              depositor's name; or </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -17.75pt; text-autospace: none; margin-left: 65.0pt; margin-right: 4.05pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (e) </span></i>
                                              <span style="font-family: Arial">
                                              the enjoyment of a right, power or 
                                              privilege, or the imposition of a 
                                              liability, duty or obligation 
                                              under the Companies Code, or any 
                                              other enactment, instrument, or 
                                              Regulations of a company on a 
                                              depositor, as a member of a 
                                              company or as a holder of 
                                              debentures or securities, except 
                                              to the extent provided for in this 
                                              Act or prescribed by regulations 
                                              made under this Act. </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 1.65pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Termination and set-off </span>
                                              </b></p>
                                              <p class="MsoNormal" style="text-indent: -28.55pt; text-autospace: none; margin-left: 40.8pt; margin-right: 35.5pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              36. </span></b>
                                              <span style="font-family: Arial">
                                              (1) The Central Securities 
                                              Depository may terminate its 
                                              agreement <i>, (a) </i>to clear or 
                                              settle securities transactions, or
                                              </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 48.95pt; margin-right: .95pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (b) </span></i>
                                              <span style="font-family: Arial">
                                              to act as a depository for 
                                              securities </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .7pt; margin-right: 2.85pt">
                                              <span style="font-family: Arial">
                                              with an insolvent participant or 
                                              with a participant in respect of 
                                              whom insolvency or bankruptcy 
                                              proceedings are commenced. </span>
                                              </p>
                                              <p class="MsoNormal" style="text-indent: 36.0pt; text-autospace: none; margin-left: .95pt; margin-right: 2.6pt">
                                              <span style="font-family: Arial">
                                              (2) Where the central securities 
                                              depository terminates its 
                                              agreement, the depository may
                                              </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 48.95pt; margin-right: .95pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (a) </span></i>
                                              <span style="font-family: Arial">
                                              set-off obligations between the 
                                              insolvent participant and the 
                                              depository in accordance with the 
                                              provisions of the agreement, and
                                              </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 48.95pt; margin-right: .95pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (b) </span></i>
                                              <span style="font-family: Arial">
                                              if there is a net termination sum 
                                              owed to the depository by the 
                                              insolvent participant, the 
                                              depository shall be considered as 
                                              a creditor of the insolvent 
                                              participant in respect of that net 
                                              termination sum. </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 36.2pt; text-autospace: none; margin-left: 1.4pt">
                                              <span style="font-family: Arial">
                                              (3) The depository may realise 
                                              assets of the insolvent or 
                                              bankrupt partici­pant because of a 
                                              pledge in favour of the central 
                                              securities depository or because 
                                              of the central securities 
                                              depository rules or guarantees 
                                              established by the depository in 
                                              accordance with the central 
                                              securities depository rules.
                                              </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 1.65pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Prohibition in dealings in 
                                              book-entry securities </span></b>
                                              </p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 12.0pt; text-autospace: none; margin-left: 2.15pt; margin-right: .45pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              37. </span></b>
                                              <span style="font-family: Arial">A 
                                              depository shall not purchase, 
                                              acquire, or deal in book-entry 
                                              securities as principal other than 
                                              for a purpose and in a manner that 
                                              may be permitted by the 
                                              Commission. </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 1.65pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Public offer of securities </span>
                                              </b></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 12.0pt; text-autospace: none; margin-left: 2.15pt; margin-right: .45pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              38. </span></b>
                                              <span style="font-family: Arial">
                                              (1) Where a stock exchange or a 
                                              depository prescribes any 
                                              securities pro­posed to be listed 
                                              or quoted on a stock exchange to 
                                              be immobilised or dematerialised, 
                                              the issuer of the security shall 
                                              notify the public that the 
                                              security is prescribed in the 
                                              prospectus or other offer document 
                                              issued. </span></p>
                                              <p class="MsoNormal" style="text-indent: 32.85pt; text-autospace: none; margin-left: .45pt; margin-right: .05pt">
                                              <span style="font-family: Arial">
                                              (2) Upon completion of the 
                                              allotment or allocation of the 
                                              security, the issuer or offer or 
                                              shall </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -17.5pt; text-autospace: none; margin-left: 65.75pt; margin-right: .05pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (a) </span></i>
                                              <span style="font-family: Arial">
                                              confirm with the central 
                                              securities depository the record 
                                              of the successful applicants 
                                              together with information required 
                                              by the central securities 
                                              depository in order to make 
                                              appropriate entries in the 
                                              securities accounts of the 
                                              respective applicants, and </span>
                                              </p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -17.5pt; text-autospace: none; margin-left: 65.75pt; margin-right: .05pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (b) </span></i>
                                              <span style="font-family: Arial">
                                              deliver to the central securities 
                                              depository the certificates, if 
                                              any, in denominations specified by 
                                              the central depository registered 
                                              in the name of the central 
                                              securities depository or its 
                                              nominee company. </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 33.35pt; margin-right: .05pt">
                                              <span style="font-family: Arial">
                                              (3) For the purposes of this 
                                              section </span></p>
                                              <p class="MsoNormal" style="text-indent: -17.75pt; text-autospace: none; margin-left: 66.0pt; margin-right: .05pt">
                                              <span style="font-family: Arial">
                                              &quot;offer or in relation to a 
                                              security&quot; means the person 
                                              offering the security for sale.
                                              </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -17.5pt; text-autospace: none; margin-left: 65.75pt; margin-right: .05pt">
                                              <span style="font-family: Arial">
                                              &quot;a reference to a security 
                                              proposed to be listed on a stock 
                                              exchange' means a reference to a 
                                              security which has been approved 
                                              by the Commission to be listed on 
                                              the stock exchange. </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .2pt; margin-right: .05pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Corporate actions </span></b></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 12.0pt; margin-right: .05pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              39. </span></b>
                                              <span style="font-family: Arial">
                                              (1) Where an issuer, in relation 
                                              to book-entry securities </span>
                                              </p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -17.5pt; text-autospace: none; margin-left: 65.75pt; margin-right: .05pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (a) </span></i>
                                              <span style="font-family: Arial">
                                              makes a bonus issue of shares by 
                                              way of an increase in its total 
                                              issued capital, or issue 
                                              securities because of a rights 
                                              issue or the conversion of debt 
                                              securities, or </span></p>
                                              <p class="MsoNormal" style="text-indent: -17.75pt; text-autospace: none; margin-left: 66.0pt; margin-right: .05pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (b) </span></i>
                                              <span style="font-family: Arial">
                                              issues securities because of an 
                                              exercise of a right or option to 
                                              acquire securities in the share 
                                              capital of the issuer. </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-right: .05pt">
                                              <span style="font-family: Arial">
                                              the issuer shall notify the 
                                              central securities depository and 
                                              deliver to the central securities 
                                              depository </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -19.9pt; text-autospace: none; margin-left: 104.6pt; margin-right: .05pt">
                                              <span style="font-family: Arial">(i). 
                                              a confirmed list of the names of 
                                              the allottees for the purpose of 
                                              amendment of the securities 
                                              accounts held by the allottee, and
                                              </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -19.9pt; text-autospace: none; margin-left: 104.6pt; margin-right: .05pt">
                                              <span style="font-family: Arial">
                                              (ii) the appropriate certificates, 
                                              if any, in denominations that may 
                                              be specified by the central 
                                              securities depository registered 
                                              in the name of the central 
                                              securities depository or its 
                                              nominee company. </span></p>
                                              <p class="MsoNormal" style="text-indent: 32.85pt; text-autospace: none; margin-left: .45pt; margin-right: .05pt">
                                              <span style="font-family: Arial">
                                              (2) A prospective allottee shall, 
                                              open a securities account with the 
                                              central: securities depository 
                                              before acquiring any security.
                                              </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .2pt; margin-right: .05pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Underwriters to open securities 
                                              accounts </span></b></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 11.75pt; text-autospace: none; margin-right: .05pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              40. </span></b>
                                              <span style="font-family: Arial">A 
                                              person who intends to underwrite 
                                              securities proposed to be listed 
                                              on : stock exchange, or rights 
                                              issue in respect of a book-entry 
                                              security, shall open &nbsp;securities 
                                              account with the central 
                                              securities depository. </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .7pt; margin-right: .05pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Charging of securities </span></b>
                                              </p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 12.0pt; text-autospace: none; margin-right: 2.2pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              41. </span></b>
                                              <span style="font-family: Arial">
                                              (1) Where a security deposited 
                                              with a depository is charged by a 
                                              depositor referred to as &quot;the 
                                              charger&quot; in favour of a person 
                                              referred to as &quot;the chargee&quot; the 
                                              chargee or the nominee of the 
                                              chargee shall create a security 
                                              interest in the security which is 
                                              the subject of the charge. </span>
                                              </p>
                                              <p class="MsoNormal" style="text-indent: 32.6pt; text-autospace: none; margin-left: .2pt; margin-right: 2.2pt">
                                              <span style="font-family: Arial">
                                              (2) A security interest in 
                                              deposited securities to secure the 
                                              payment of a debt or liability may 
                                              be created in favour of a chargee 
                                              upon the request of the chargee by 
                                              an instrument of charge in the 
                                              form prescribed under the central 
                                              securities depository rules 
                                              executed by the charger. </span>
                                              </p>
                                              <p class="MsoNormal" style="text-indent: 32.6pt; text-autospace: none; margin-left: .2pt; margin-right: 2.2pt">
                                              <span style="font-family: Arial">
                                              (3) Subject to this Act or to 
                                              rules made by the Commission, a 
                                              security interest shall not be 
                                              created in deposited securities.
                                              </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 32.6pt; text-autospace: none; margin-left: .45pt; margin-right: 2.2pt">
                                              <span style="font-family: Arial">
                                              (4) An instrument of charge that 
                                              creates a security interest in a 
                                              deposited security in favour of 
                                              another person shall be deposited 
                                              with the central securities 
                                              depository where the securities 
                                              charged are held, for 
                                              registration. </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 35.75pt; text-autospace: none; margin-left: .45pt; margin-right: 1.7pt">
                                              <span style="font-family: Arial">
                                              (5) The central securities 
                                              depository agent shall on receipt 
                                              of the instrument of charge 
                                              deposited register the instrument 
                                              in a register of charges 
                                              maintained by the central security 
                                              depository. </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 35.75pt; text-autospace: none; margin-left: .45pt; margin-right: 1.7pt">
                                              <span style="font-family: Arial">
                                              (6) If a charge over a deposited 
                                              security is being discharged or 
                                              released, the central securities 
                                              depository or its agent, shall on 
                                              receipt of a notice of the charge 
                                              confirm the discharge or release 
                                              and transfer the deposited 
                                              security into the securities 
                                              account of the charger. </span>
                                              </p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 36.2pt; margin-right: .05pt">
                                              <span style="font-family: Arial">
                                              (7) This section shall not </span>
                                              </p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 48.45pt; margin-right: .75pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (a) </span></i>
                                              <span style="font-family: Arial">
                                              apply to floating charges, </span>
                                              </p>
                                              <p class="MsoNormal" style="text-indent: -17.75pt; text-autospace: none; margin-left: 66.2pt; margin-right: 1.25pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (b) </span></i>
                                              <span style="font-family: Arial">
                                              affect the validity and operation 
                                              of floating charges in respect of 
                                              deposited securities created under 
                                              any law, and </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -17.75pt; text-autospace: none; margin-left: 66.2pt; margin-right: .05pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (c) </span></i>
                                              <span style="font-family: Arial">
                                              be construed to require the 
                                              central securities depository to 
                                              monitor, protect or give effect to 
                                              an agreement or memorandum made 
                                              between the charger and the 
                                              chargee in respect of a charge; 
                                              but the central securities 
                                              depository or its agent, may 
                                              require the charger or chargee to 
                                              provide a supporting document 
                                              ofthe charger on the creation of 
                                              the security interest by way of 
                                              the charge. </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .95pt; margin-right: .05pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Securities in or under suspense
                                              </span></b></p>
                                              <p class="MsoNormal" style="text-indent: 11.5pt; text-autospace: none; margin-left: .95pt; margin-right: 1.7pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              42. </span></b>
                                              <span style="font-family: Arial">
                                              (1) A depository may specify a 
                                              deposited securities account to be 
                                              in suspense </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 48.45pt; margin-right: .75pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (a) </span></i>
                                              <span style="font-family: Arial">
                                              where the transfer of the security 
                                              in the name of the central 
                                              securities depository or its 
                                              nominee company is not registrable 
                                              by the issuer, <i>(b) </i>where an 
                                              application for withdrawal of the 
                                              security has been made by a 
                                              depositor, or </span></p>
                                              <p class="MsoNormal" style="text-indent: -17.75pt; text-autospace: none; margin-left: 66.2pt; margin-right: 1.25pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (c) </span></i>
                                              <span style="font-family: Arial">
                                              in circumstances prescribed by the 
                                              depository under the central 
                                              securities depository rules.
                                              </span></p>
                                              <p class="MsoNormal" style="text-autospace: none">
                                              <span style="font-family: Arial">&nbsp;</span></p>
                                              <p class="MsoNormal" style="text-indent: 32.6pt; text-autospace: none; margin-left: .2pt; margin-right: 2.15pt">
                                              <span style="font-family: Arial">
                                              (2) A depository may specify that 
                                              a book-entry security in a 
                                              security account is under suspense
                                              </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -17.5pt; text-autospace: none; margin-left: 65.75pt; margin-right: 1.9pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (a) </span></i>
                                              <span style="font-family: Arial">
                                              where there is a need for the 
                                              central securities depository to 
                                              restrict the transfer, charge or 
                                              mortgage of the security in the 
                                              event of an objection or 
                                              investigation made in accordance 
                                              with the central securities 
                                              depository rules, and </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -17.5pt; text-autospace: none; margin-left: 65.75pt; margin-right: 1.9pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (b) </span></i>
                                              <span style="font-family: Arial">
                                              where the depository has been 
                                              instructed to restrict the 
                                              movement of book -entry transfers 
                                              by the Commission or by a court of 
                                              competent jurisdiction. </span>
                                              </p>
                                              <p class="MsoNormal" style="text-indent: 73.9pt; text-autospace: none; margin-left: .45pt; margin-right: 76.05pt">
                                              <b><i>
                                              <span style="font-family: Arial">
                                              Security, secrecy and 
                                              investigation provisions </span>
                                              </i></b></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-right: 76.05pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Security measures </span></b></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 12.0pt; text-autospace: none; margin-left: .2pt; margin-right: 1.2pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              43. </span></b>
                                              <span style="font-family: Arial">
                                              Each depository and its depository 
                                              agent shall take reasonable 
                                              measures to protect information 
                                              and documents related to the 
                                              affairs of depositors and in 
                                              par­ticular, related to their 
                                              securities accounts, against 
                                              unauthorised access by persons.
                                              </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .7pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Duty to maintain secrecy </span>
                                              </b></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 12.0pt; text-autospace: none; margin-left: .2pt; margin-right: 1.2pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              44. </span></b>
                                              <span style="font-family: Arial">
                                              (1) Subject to this Act, a 
                                              director, officer, employee or 
                                              agent ofa central securities 
                                              depository or any other person who 
                                              has access to information or 
                                              docu­ment related to the affairs 
                                              of a depositor and securities 
                                              accounts of a depositor shall not 
                                              disclose the information or the 
                                              contents of a document to another 
                                              person. </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 32.85pt; text-autospace: none; margin-left: .7pt; margin-right: .7pt">
                                              <span style="font-family: Arial">
                                              (2) A person who has information, 
                                              which to that person's knowledge 
                                              was disclosed in contravention of 
                                              subsection (1) shall inform the 
                                              depository of the dis­closure.
                                              </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 32.85pt; text-autospace: none; margin-left: .7pt; margin-right: .7pt">
                                              <span style="font-family: Arial">
                                              (3) A person who contravenes this 
                                              section commits an offence and is 
                                              liable on summary conviction to a 
                                              fine of five hundred penalty units 
                                              or imprisonment for a term of not 
                                              less than three years, or to both.
                                              </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .7pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Permitted disclosures </span></b>
                                              </p>
                                              <p class="MsoNormal" style="text-indent: 11.5pt; text-autospace: none; margin-left: 1.2pt; margin-right: .45pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              45. </span></b>
                                              <span style="font-family: Arial">A 
                                              person shall not disclose 
                                              information or a document in 
                                              respect of deposited securities to 
                                              another person except </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 49.2pt; margin-right: .45pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (a) </span></i>
                                              <span style="font-family: Arial">
                                              if the depositor, the depositor's 
                                              authorised agent or personal 
                                              representative, has given 
                                              permission in writing for the 
                                              disclosure, <i>(b) </i>in a case 
                                              where the depositor is declared 
                                              bankrupt, or, if the depositor is 
                                              a company or body corporate, that 
                                              depositor is being or has been 
                                              wound up in Ghana or in any 
                                              country outside Ghana; </span></p>
                                              <p class="MsoNormal" style="text-indent: -17.5pt; text-autospace: none; margin-left: 66.95pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (c) </span></i>
                                              <span style="font-family: Arial">
                                              for the purpose of instituting 
                                              civil proceedings or in the course 
                                              of any civil proceedings </span>
                                              </p>
                                              <p class="MsoNormal" style="text-indent: -20.85pt; text-autospace: none; margin-left: 105.8pt">
                                              <span style="font-family: Arial">(i) 
                                              between a depository or its agent 
                                              and a depositor relating to the 
                                              securities account of the 
                                              depositor, or </span></p>
                                              <p class="MsoNormal" style="text-indent: 36.0pt; text-autospace: none; margin-left: 48.25pt; margin-right: 2.15pt">
                                              <span style="font-family: Arial">
                                              (2) A depository may specify that 
                                              a book-entry security in a 
                                              security account is under suspense
                                              </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -17.5pt; text-autospace: none; margin-left: 65.75pt; margin-right: 1.9pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (a) </span></i>
                                              <span style="font-family: Arial">
                                              where there is a need for the 
                                              central securities depository to 
                                              restrict the transfer, charge or 
                                              mortgage of the security in the 
                                              event of an objection or 
                                              investigation made in accordance 
                                              with the central securities 
                                              depository rules, and </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -17.5pt; text-autospace: none; margin-left: 65.75pt; margin-right: 1.9pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (b) </span></i>
                                              <span style="font-family: Arial">
                                              where the depository has been 
                                              instructed to restrict the 
                                              movement of book -entry transfers 
                                              by the Commission or by a court of 
                                              competent jurisdiction. </span>
                                              </p>
                                              <p class="MsoNormal" style="text-indent: 73.9pt; text-autospace: none; margin-left: .45pt; margin-right: 76.05pt">
                                              <b><i>
                                              <span style="font-family: Arial">
                                              Security, secrecy and 
                                              investigation provisions </span>
                                              </i></b></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-right: 76.05pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Security measures </span></b></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 12.0pt; text-autospace: none; margin-left: .2pt; margin-right: 1.2pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              43. </span></b>
                                              <span style="font-family: Arial">
                                              Each depository and its depository 
                                              agent shall take reasonable 
                                              measures to protect information 
                                              and documents related to the 
                                              affairs of depositors and in 
                                              par­ticular, related to their 
                                              securities accounts, against 
                                              unauthorised access by persons.
                                              </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .7pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Duty to maintain secrecy </span>
                                              </b></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 12.0pt; text-autospace: none; margin-left: .2pt; margin-right: 1.2pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              44. </span></b>
                                              <span style="font-family: Arial">
                                              (1) Subject to this Act, a 
                                              director, officer, employee or 
                                              agent of a central securities 
                                              depository or any other person who 
                                              has access to information or 
                                              docu­ment related to the affairs 
                                              of a depositor and securities 
                                              accounts of a depositor shall not 
                                              disclose the information or the 
                                              contents of a document to another 
                                              person. </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 32.85pt; text-autospace: none; margin-left: .7pt; margin-right: .7pt">
                                              <span style="font-family: Arial">
                                              (2) A person who has information, 
                                              which to that person's knowledge 
                                              was disclosed in contravention of 
                                              subsection (1) shall inform the 
                                              depository of the dis­closure.
                                              </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 32.85pt; text-autospace: none; margin-left: .7pt; margin-right: .7pt">
                                              <span style="font-family: Arial">
                                              (3) A person who contravenes this 
                                              section commits an offence and is 
                                              liable on summary conviction to a 
                                              fine of five hundred penalty units 
                                              or imprisonment for a term of not 
                                              less than three years, or to both.
                                              </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .7pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Permitted disclosures </span></b>
                                              </p>
                                              <p class="MsoNormal" style="text-indent: 11.5pt; text-autospace: none; margin-left: 1.2pt; margin-right: .45pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              45. </span></b>
                                              <span style="font-family: Arial">A 
                                              person shall not disclose 
                                              information or a document in 
                                              respect of deposited securities to 
                                              another person except </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 49.2pt; margin-right: .45pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (a) </span></i>
                                              <span style="font-family: Arial">
                                              if the depositor, the depositor's 
                                              authorised agent or personal 
                                              representative, has given 
                                              permission in writing for the 
                                              disclosure, <i>(b) </i>in a case 
                                              where the depositor is declared 
                                              bankrupt, or, if the depositor is 
                                              a company or body corporate, that 
                                              depositor is being or has been 
                                              wound up in Ghana or in any 
                                              country outside Ghana; </span></p>
                                              <p class="MsoNormal" style="text-indent: -17.5pt; text-autospace: none; margin-left: 66.95pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (c) </span></i>
                                              <span style="font-family: Arial">
                                              for the purpose of instituting 
                                              civil proceedings or in the course 
                                              of any civil proceedings </span>
                                              </p>
                                              <p class="MsoNormal" style="text-indent: -20.85pt; text-autospace: none; margin-left: 105.8pt">
                                              <span style="font-family: Arial">(i) 
                                              between a depository or its agent 
                                              and a depositor relating to the 
                                              securities account of the 
                                              depositor, or </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -20.85pt; text-autospace: none; margin-left: 103.4pt; margin-right: 2.85pt">
                                              <span style="font-family: Arial">
                                              (ii) between a central securities 
                                              depository or its agent and two or 
                                              more parties making adverse claims 
                                              to securities or monies in the 
                                              securities account of the 
                                              depositor, where the agent seeks 
                                              relief by way of interpleader,
                                              </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -17.75pt; text-autospace: none; margin-left: 65.75pt; margin-right: 1.65pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (d) </span></i>
                                              <span style="font-family: Arial">
                                              to a person authorised to 
                                              investigate an offence in respect 
                                              of a depositor suspected to have 
                                              committed an offence in relation 
                                              to a securities account in a 
                                              depository; </span></p>
                                              <p class="MsoNormal" style="text-indent: -17.5pt; text-autospace: none; margin-left: 66.0pt; margin-right: 1.2pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (e) </span></i>
                                              <span style="font-family: Arial">
                                              to a central securities depository 
                                              for the purpose of compiling the 
                                              record of depositors under this 
                                              Act; </span></p>
                                              <p class="MsoNormal" style="text-indent: -17.5pt; text-autospace: none; margin-left: 66.0pt; margin-right: 1.2pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (j) </span></i>
                                              <span style="font-family: Arial">
                                              to an issuer in respect of a 
                                              record of depositors issued under 
                                              this Act; </span></p>
                                              <p class="MsoNormal" style="text-indent: -17.5pt; text-autospace: none; margin-left: 66.0pt; margin-right: 1.2pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (g) </span></i>
                                              <span style="font-family: Arial">
                                              to any member of an issuer or any 
                                              person in respect of a record of 
                                              depositors issued under this Act;
                                              </span></p>
                                              <p class="MsoNormal" style="text-indent: -17.5pt; text-autospace: none; margin-left: 66.0pt; margin-right: 1.2pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (h) </span></i>
                                              <span style="font-family: Arial">
                                              for the purpose of enabling or 
                                              assisting the Commission to 
                                              exercise a power conferred on it 
                                              under this Act or any other law;
                                              </span></p>
                                              <p class="MsoNormal" style="text-indent: -17.5pt; text-autospace: none; margin-left: 66.0pt; margin-right: 1.2pt">
                                              <i>
                                              <span style="font-family: Arial">(i)
                                              </span></i>
                                              <span style="font-family: Arial">
                                              for the purpose of enabling or 
                                              assisting the commission and the 
                                              Registrar to discharge their 
                                              functions under this Act; </span>
                                              </p>
                                              <p class="MsoNormal" style="text-indent: -17.5pt; text-autospace: none; margin-left: 66.0pt; margin-right: 1.2pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              OJ </span></i>
                                              <span style="font-family: Arial">
                                              to enable or assist a stock 
                                              exchange or clearing house of a 
                                              stock exchange to discharge its 
                                              duty, and </span></p>
                                              <p class="MsoNormal" style="text-indent: -17.5pt; text-autospace: none; margin-left: 66.0pt; margin-right: 1.2pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (k) </span></i>
                                              <span style="font-family: Arial">
                                              to enable or assist auditors of a 
                                              central securities depository and 
                                              its agent to discharge their duty.
                                              </span></p>
                                              <p class="MsoNormal" style="text-autospace: none">
                                              <b>
                                              <span style="font-family: Arial">
                                              Regulation of access to computer 
                                              system </span></b></p>
                                              <p class="MsoNormal" style="text-indent: -36.2pt; text-autospace: none; margin-left: 48.2pt; margin-right: 2.15pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              46. </span></b>
                                              <span style="font-family: Arial">
                                              (1) A central securities 
                                              depository may give access to its 
                                              computer system to <i>(a) </i>its 
                                              agents, </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 48.2pt; margin-right: 32.6pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (b) </span></i>
                                              <span style="font-family: Arial">a 
                                              stock exchange on which book-entry 
                                              securities are listed, <i>(c) </i>
                                              a clearing house of a stock 
                                              exchange, </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 48.2pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (d) </span></i>
                                              <span style="font-family: Arial">
                                              issuers, and </span></p>
                                              <p class="MsoNormal" style="text-indent: -17.5pt; text-autospace: none; margin-left: 66.0pt; margin-right: 1.2pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (e) </span></i>
                                              <span style="font-family: Arial">
                                              any other person as may be 
                                              prescribed by the Commission by 
                                              Regulations made under this Act.
                                              </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 32.85pt; text-autospace: none; margin-left: .45pt">
                                              <span style="font-family: Arial">
                                              (2) The Commission may, prescribe 
                                              rules, to provide for the extent 
                                              to which a user or class of users 
                                              can or cannot have access to the 
                                              system for the purpose of 
                                              regulating access to the computer 
                                              system of a central securities 
                                              depository. </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 33.35pt">
                                              <span style="font-family: Arial">
                                              (3) A person who </span></p>
                                              <p class="MsoNormal" style="text-indent: -17.5pt; text-autospace: none; margin-left: 66.0pt; margin-right: 1.2pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (a) </span></i>
                                              <span style="font-family: Arial">
                                              being a user, unlawfully gains 
                                              access or attempts to gain access 
                                              to a computer system of a central 
                                              securities depository, </span></p>
                                              <p class="MsoNormal" style="text-indent: -17.5pt; text-autospace: none; margin-left: 66.0pt; margin-right: 1.2pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (b) </span></i>
                                              <span style="font-family: Arial">
                                              unlawfully gains access, or 
                                              attempts to gain access to a 
                                              computer system of a central 
                                              depository, or </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -17.75pt; text-autospace: none; margin-left: 65.75pt; margin-right: 1.65pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (c) </span></i>
                                              <span style="font-family: Arial">
                                              unlawfully interferes with, 
                                              impedes or attempts to interfere 
                                              with or impede, the operation of a 
                                              computer system of a central 
                                              securities depository' </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -20.85pt; text-autospace: none; margin-left: 103.4pt; margin-right: 2.85pt">
                                              <span style="font-family: Arial">
                                              (ii) between a central securities 
                                              depository or its agent and two or 
                                              more parties making adverse claims 
                                              to securities or monies in the 
                                              securities account of the 
                                              depositor, where the agent seeks 
                                              reliefby way of interpleader,
                                              </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -17.5pt; text-autospace: none; margin-left: 65.75pt; margin-right: 1.9pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (d) </span></i>
                                              <span style="font-family: Arial">
                                              to a person authorised to 
                                              investigate an offence in respect 
                                              of a depositor suspected to have 
                                              committed an offence in relation 
                                              to a securities account in a 
                                              depository; </span></p>
                                              <p class="MsoNormal" style="text-indent: -17.5pt; text-autospace: none; margin-left: 66.2pt; margin-right: 1.4pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (e) </span></i>
                                              <span style="font-family: Arial">
                                              to a central securities depository 
                                              for the purpose of compiling the 
                                              record of depositors under this 
                                              Act; </span></p>
                                              <p class="MsoNormal" style="text-indent: -17.5pt; text-autospace: none; margin-left: 66.2pt; margin-right: 1.4pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (j) </span></i>
                                              <span style="font-family: Arial">
                                              to an issuer in respect of a 
                                              record of depositors issued under 
                                              this Act; </span></p>
                                              <p class="MsoNormal" style="text-indent: -17.5pt; text-autospace: none; margin-left: 66.2pt; margin-right: 1.4pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (g) </span></i>
                                              <span style="font-family: Arial">
                                              to any member of an issuer or any 
                                              person in respect of a record of 
                                              depositors issued under this Act;
                                              </span></p>
                                              <p class="MsoNormal" style="text-indent: -17.5pt; text-autospace: none; margin-left: 66.2pt; margin-right: 1.4pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (h) </span></i>
                                              <span style="font-family: Arial">
                                              for the purpose of enabling or 
                                              assisting the Commission to 
                                              exercise a power conferred on it 
                                              under this Act or any other law;
                                              </span></p>
                                              <p class="MsoNormal" style="text-indent: -17.5pt; text-autospace: none; margin-left: 66.2pt; margin-right: 1.4pt">
                                              <i>
                                              <span style="font-family: Arial">(i)
                                              </span></i>
                                              <span style="font-family: Arial">
                                              for the purpose of enabling or 
                                              assisting the commission and the 
                                              Registrar to discharge their 
                                              functions under this Act; </span>
                                              </p>
                                              <p class="MsoNormal" style="text-indent: -17.5pt; text-autospace: none; margin-left: 66.2pt; margin-right: 1.4pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              OJ </span></i>
                                              <span style="font-family: Arial">
                                              to enable or assist a stock 
                                              exchange or clearing house of a 
                                              stock exchange to discharge its 
                                              duty, and </span></p>
                                              <p class="MsoNormal" style="text-indent: -17.5pt; text-autospace: none; margin-left: 66.2pt; margin-right: 1.4pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (k) </span></i>
                                              <span style="font-family: Arial">
                                              to enable or assist auditors of a 
                                              central securities depository and 
                                              its agent to discharge their duty.
                                              </span></p>
                                              <p class="MsoNormal" style="text-autospace: none">
                                              <b>
                                              <span style="font-family: Arial">
                                              Regulation of access to computer 
                                              system </span></b></p>
                                              <p class="MsoNormal" style="text-indent: -36.2pt; text-autospace: none; margin-left: 48.2pt; margin-right: 2.15pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              46. </span></b>
                                              <span style="font-family: Arial">
                                              (1) A central securities 
                                              depository may give access to its 
                                              computer system to <i>(a) </i>its 
                                              agents, </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 48.2pt; margin-right: 32.6pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (b) </span></i>
                                              <span style="font-family: Arial">a 
                                              stock exchange on which book-entry 
                                              securities are listed, <i>(c) </i>
                                              a clearing house of a stock 
                                              exchange, </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 48.2pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (d) </span></i>
                                              <span style="font-family: Arial">
                                              issuers, and </span></p>
                                              <p class="MsoNormal" style="text-indent: -17.5pt; text-autospace: none; margin-left: 66.2pt; margin-right: 1.4pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (e) </span></i>
                                              <span style="font-family: Arial">
                                              any other person as may be 
                                              prescribed by the Commission by 
                                              Regulations made under this Act.
                                              </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 32.85pt; text-autospace: none; margin-left: .45pt">
                                              <span style="font-family: Arial">
                                              (2) The Commission may, prescribe 
                                              rules, to provide for the extent 
                                              to which a user or class of users 
                                              can or cannot have access to the 
                                              system for the purpose of 
                                              regulating access to the computer 
                                              system of a central securities 
                                              depository. </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 33.35pt">
                                              <span style="font-family: Arial">
                                              (3) A person who </span></p>
                                              <p class="MsoNormal" style="text-indent: -17.5pt; text-autospace: none; margin-left: 66.2pt; margin-right: 1.4pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (a) </span></i>
                                              <span style="font-family: Arial">
                                              being a user, unlawfully gains 
                                              access or attempts to gain access 
                                              to a computer system of a central 
                                              securities depository, </span></p>
                                              <p class="MsoNormal" style="text-indent: -17.5pt; text-autospace: none; margin-left: 66.2pt; margin-right: 1.4pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (b) </span></i>
                                              <span style="font-family: Arial">
                                              unlawfully gains access, or 
                                              attempts to gain access to a 
                                              computer system of a central 
                                              depository, or </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -17.5pt; text-autospace: none; margin-left: 65.75pt; margin-right: 1.9pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (c) </span></i>
                                              <span style="font-family: Arial">
                                              unlawfully interferes with, 
                                              impedes or attempts to interfere 
                                              with or impede, the operation of a 
                                              computer system of a central 
                                              securities depository </span></p>
                                              <p class="MsoNormal" style="text-autospace: none">
                                              <span style="font-family: Arial">&nbsp;</span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-right: .75pt">
                                              <span style="font-family: Arial">
                                              commits an offence and is liable 
                                              on summary conviction to a fine of 
                                              seven hundred penalty units or to 
                                              a term of imprisonment not 
                                              exceeding five years or to both.
                                              </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .2pt; margin-right: .05pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Power of the</span></b><span style="font-family: Arial">
                                              <b>Commission to require 
                                              production of records</b> </span>
                                              </p>
                                              <p class="MsoNormal" style="text-indent: -36.0pt; text-autospace: none; margin-left: 48.0pt; margin-right: 93.15pt">
                                              <span style="font-family: Arial">
                                              47. (1) The Commission may give 
                                              directions in writing to <i>(a)
                                              </i>a central securities 
                                              depository, </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 48.0pt; margin-right: 103.95pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (b) </span></i>
                                              <span style="font-family: Arial">a 
                                              nominee of a central securities 
                                              depository, (c) a central 
                                              securities depository agent,
                                              </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 48.0pt; margin-right: .05pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (d) </span></i>
                                              <span style="font-family: Arial">a 
                                              user, </span></p>
                                              <p class="MsoNormal" style="text-indent: -17.25pt; text-autospace: none; margin-left: 65.5pt; margin-right: .5pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (e) </span></i>
                                              <span style="font-family: Arial">a 
                                              person who is or has been an 
                                              officer or employee of a central 
                                              securities depository, or </span>
                                              </p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -17.25pt; text-autospace: none; margin-left: 65.25pt; margin-right: .25pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (g) </span></i>
                                              <span style="font-family: Arial">
                                              an agent, advocate, solicitor, 
                                              auditor, or other person acting in 
                                              any capacity for or on behalf of a 
                                              central depository or its nominee 
                                              company, or a central securities 
                                              depository agent, or a user </span>
                                              </p>
                                              <p class="MsoNormal" style="text-align: justify; text-autospace: none; margin-right: .5pt">
                                              <span style="font-family: Arial">
                                              to produce to the Commission 
                                              records or accounts related to the 
                                              business or affairs of a 
                                              depository agent, or user or 
                                              records or accounts required to be 
                                              kept by a central securities 
                                              depository under this Act. </span>
                                              </p>
                                              <p class="MsoNormal" style="text-indent: 32.4pt; text-autospace: none; margin-left: .45pt; margin-right: .75pt">
                                              <span style="font-family: Arial">
                                              (2) A reference in subsection (1) 
                                              to a business carried on by a 
                                              person includes a reference to a 
                                              business carried on by a person as 
                                              trustee. </span></p>
                                              <p class="MsoNormal" style="text-indent: 32.4pt; text-autospace: none; margin-left: .45pt; margin-right: .75pt">
                                              <span style="font-family: Arial">
                                              (3) Where the Commission requires 
                                              the production of a record or 
                                              account and a person has a lien on 
                                              the record or account, the 
                                              Commission </span></p>
                                              <p class="MsoNormal" style="text-indent: -17.25pt; text-autospace: none; margin-left: 65.5pt; margin-right: .5pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (a) </span></i>
                                              <span style="font-family: Arial">
                                              may take possession of the records 
                                              or accounts and make copies or 
                                              extracts from it, </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -17.25pt; text-autospace: none; margin-left: 65.25pt; margin-right: .25pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (b) </span></i>
                                              <span style="font-family: Arial">
                                              may require the other person or 
                                              any other person who is a party to 
                                              the compilation of the records or 
                                              accounts to make a statement 
                                              providing an explanation of the 
                                              records or accounts, </span></p>
                                              <p class="MsoNormal" style="text-indent: -17.25pt; text-autospace: none; margin-left: 65.5pt; margin-right: .5pt">
                                              <span style="font-family: Arial">
                                              (c) may retain possession of the 
                                              records or accounts for a period 
                                              that the Commission may consider 
                                              necessary; and </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -17.25pt; text-autospace: none; margin-left: 65.25pt; margin-right: .25pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (d) </span></i>
                                              <span style="font-family: Arial">
                                              shall permit the other person, 
                                              upon giving reasonable notice and 
                                              description of the record or 
                                              accounts, to have access to the 
                                              records or accounts which are in 
                                              the possession of the Commission.
                                              </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 32.85pt; text-autospace: none; margin-right: .25pt">
                                              <span style="font-family: Arial">
                                              (4) Where the Commission requires 
                                              the production of a record or 
                                              account and the records or 
                                              accounts are not produced, the 
                                              Commission may require a person
                                              </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 48.0pt; margin-right: .05pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (a) </span></i>
                                              <span style="font-family: Arial">
                                              to state, where the records or 
                                              accounts maybe found, and </span>
                                              </p>
                                              <p class="MsoNormal" style="text-indent: -17.25pt; text-autospace: none; margin-left: 65.5pt; margin-right: .5pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (b) </span></i>
                                              <span style="font-family: Arial">
                                              to identify the last person who 
                                              had custody of the records or 
                                              accounts and where that person may 
                                              be found. </span></p>
                                              <p class="MsoNormal" style="text-indent: 32.4pt; text-autospace: none; margin-left: .45pt; margin-right: .75pt">
                                              <span style="font-family: Arial">
                                              (5) A power conferred by this 
                                              section to require a person to do 
                                              an act applies to an officer of a 
                                              body corporate. </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 36.2pt; text-autospace: none; margin-left: .7pt; margin-right: 1.4pt">
                                              <span style="font-family: Arial">
                                              (6) A person who fails to comply 
                                              with a requirement made under this 
                                              sec­tion commits an offence and is 
                                              liable on summary conviction to a 
                                              fine of five hun­dred penalty 
                                              units, and in the case of a 
                                              continuing offence is liable to a 
                                              penalty of ten penalty units for 
                                              each day that the offence 
                                              continues. </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .7pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Power of Commission</span></b><span style="font-family: Arial">
                                              <b>to enter and search premises
                                              </b></span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 12.7pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              48. </span></b>
                                              <span style="font-family: Arial">
                                              (1) The COmrr1ission shall enter 
                                              and search premises </span></p>
                                              <p class="MsoNormal" style="text-indent: -17.25pt; text-autospace: none; margin-left: 66.0pt; margin-right: 1.4pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (a) </span></i>
                                              <span style="font-family: Arial">
                                              where there is reasonable grounds 
                                              to believe that an offence under 
                                              this Act has been or is likely to 
                                              be committed, or </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 48.7pt; margin-right: 1.2pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (b) </span></i>
                                              <span style="font-family: Arial">
                                              where a record or account which is 
                                              required to be produced in 
                                              compliance with a request by the 
                                              Commission, is being kept; and (i) 
                                              ifthe premises is occupied by a 
                                              depository or a user, inspect, 
                                              examine and operate the computer 
                                              system, </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -20.85pt; text-autospace: none; margin-left: 105.1pt; margin-right: 1.2pt">
                                              <span style="font-family: Arial">
                                              (ii) if the premises is occupied 
                                              by any other person, break open 
                                              and search any cupboard, drawer, 
                                              safe, box or other receptacle, and 
                                              where a computer system is 
                                              installed, inspect, examine and 
                                              operate the system, and </span>
                                              </p>
                                              <p class="MsoNormal" style="text-indent: -21.1pt; text-autospace: none; margin-left: 105.1pt; margin-right: 1.65pt">
                                              <span style="font-family: Arial">
                                              (iii) take possession of records, 
                                              documents or other material found 
                                              on the premises. </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 33.35pt">
                                              <span style="font-family: Arial">
                                              (2) A person who </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 48.7pt; margin-right: 1.2pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (a) </span></i>
                                              <span style="font-family: Arial">
                                              obstructs or hinders the 
                                              Commission in the exercise of its 
                                              powers, </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 48.7pt; margin-right: 1.2pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (b) </span></i>
                                              <span style="font-family: Arial">
                                              fails to give to the Commission 
                                              assistance that it may reasonably 
                                              require commits an offence and is 
                                              liable on summary conviction to a 
                                              fine of five hundred penalty units 
                                              or to term of imprisonment not 
                                              exceeding three years or to both.
                                              </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .7pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Disclosure to Commission </span>
                                              </b></p>
                                              <p class="MsoNormal" style="text-indent: 12.0pt; text-autospace: none; margin-right: 1.9pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              49. </span></b>
                                              <span style="font-family: Arial">
                                              (1) The Commission may require a 
                                              depository or its agent to 
                                              disclose to the Commission </span>
                                              </p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -17.25pt; text-autospace: none; margin-left: 65.5pt; margin-right: .7pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (a) </span></i>
                                              <span style="font-family: Arial">
                                              the acquisition or disposal of 
                                              deposited securities and the 
                                              nature of the instructions given 
                                              to the central securities 
                                              depository or its central agent in 
                                              respect of the acquisition or 
                                              disposal, </span></p>
                                              <p class="MsoNormal" style="text-indent: -17.25pt; text-autospace: none; margin-left: 66.0pt; margin-right: 1.4pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (b) </span></i>
                                              <span style="font-family: Arial">
                                              information regarding the disposal 
                                              of the securities account numbers 
                                              and entries made in the securities 
                                              account, and </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -17.25pt; text-autospace: none; margin-left: 65.5pt; margin-right: .7pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (c) </span></i>
                                              <span style="font-family: Arial">
                                              the book-entry securities acquired 
                                              or disposed of by a depositor as 
                                              trustee for or on behalf of 
                                              another person, including the name 
                                              of the person and the nature of 
                                              instructions given to the 
                                              depositor in respect of the 
                                              acquisition and disposal. </span>
                                              </p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 32.4pt; text-autospace: none; margin-left: .45pt">
                                              <span style="font-family: Arial">
                                              (2) A person who, contravenes 
                                              subsection (1) commits an offence 
                                              and is liable on summary 
                                              conviction to a fine of five 
                                              hundred penalty units or to a term 
                                              of imprisonment not exceeding 
                                              three years or to both. </span>
                                              </p>
                                              <p class="MsoNormal" style="text-autospace: none">
                                              <b>
                                              <span style="font-family: Arial">
                                              Investigation by Commission </span>
                                              </b></p>
                                              <p class="MsoNormal" style="text-indent: 12.0pt; text-autospace: none; margin-right: 3.8pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              50. </span></b>
                                              <span style="font-family: Arial">
                                              The Commission may conduct an 
                                              investigation if it suspects that 
                                              a person has committed or is about 
                                              to commit an offence under this 
                                              Act. </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .7pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Power of court to make orders
                                              </span></b></p>
                                              <p class="MsoNormal" style="text-indent: 12.0pt; text-autospace: none; margin-right: 3.8pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              51. </span></b>
                                              <span style="font-family: Arial">
                                              (1) If on the application of an 
                                              aggrieved party or a central 
                                              securities de­pository, it appears 
                                              to the Court that a person </span>
                                              </p>
                                              <p class="MsoNormal" style="text-indent: -17.5pt; text-autospace: none; margin-left: 66.0pt; margin-right: 4.3pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (a) </span></i>
                                              <span style="font-family: Arial">
                                              has committed an offence under 
                                              this Act in relation to dealings 
                                              in deposited securities; </span>
                                              </p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 48.7pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (b) </span></i>
                                              <span style="font-family: Arial">
                                              has contravened the central 
                                              security depository rules; or
                                              </span></p>
                                              <p class="MsoNormal" align="right" style="text-align: right; text-autospace: none; margin-left: 48.7pt; margin-right: 2.4pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (c) </span></i>
                                              <span style="font-family: Arial">
                                              is about to do an act in relation 
                                              to dealings in deposited 
                                              securities that constitutes an 
                                              offence under this Act or would be 
                                              a contravention of the central 
                                              securities depository rules the 
                                              court may make an order; (i) to 
                                              restrain a person from acting or 
                                              holding himself out as a </span>
                                              </p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 105.1pt">
                                              <span style="font-family: Arial">
                                              depository agent, </span></p>
                                              <p class="MsoNormal" style="text-indent: -20.85pt; text-autospace: none; margin-left: 105.35pt; margin-right: 2.85pt">
                                              <span style="font-family: Arial">
                                              (ii) to restrain a person from 
                                              withdrawing or dealing with 
                                              book­entry securities specified in 
                                              the order, </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 84.45pt; margin-right: 12.95pt">
                                              <span style="font-family: Arial">
                                              (iii) compel a person to do or 
                                              refrain from doing an act, and 
                                              (iv) that it considers necessary.
                                              </span></p>
                                              <p class="MsoNormal" style="text-indent: 33.1pt; text-autospace: none; margin-left: .7pt; margin-right: 2.85pt">
                                              <span style="font-family: Arial">
                                              (2) Before making an order, the 
                                              Court may direct that notice of 
                                              the appli­cation should be </span>
                                              </p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 48.7pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (a) </span></i>
                                              <span style="font-family: Arial">
                                              served on the relevant parties, 
                                              and </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 48.7pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (b) </span></i>
                                              <span style="font-family: Arial">
                                              published in a manner that is 
                                              considered appropriate. </span>
                                              </p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 36.0pt; text-autospace: none; margin-left: .7pt; margin-right: 1.9pt">
                                              <span style="font-family: Arial">
                                              (3) A person, who fails to comply 
                                              with an order made by the Court 
                                              commits an offence and is liable 
                                              on summary conviction to a fine of 
                                              five hundred penalty units or to a 
                                              term of imprisonment of not less 
                                              than three years or to both.
                                              </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 36.0pt; text-autospace: none; margin-left: .7pt; margin-right: 1.9pt">
                                              <span style="font-family: Arial">
                                              (4) The Court may in addition to 
                                              the penalty provided for charge a 
                                              person for contempt of court, 
                                              rescind, vary or discharge an 
                                              order made by it or suspend the 
                                              operation of the order. </span>
                                              </p>
                                              <p class="MsoNormal" style="text-indent: 122.15pt; text-autospace: none; margin-left: 1.2pt; margin-right: 124.8pt">
                                              <b><i>
                                              <span style="font-family: Arial">
                                              Miscellaneous provisions </span>
                                              </i></b></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 1.2pt; margin-right: 124.8pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Preservation of records</span></b><span style="font-family: Arial">
                                              <b>and accounts </b></span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 12.0pt; text-autospace: none; margin-left: .95pt; margin-right: .7pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              52. </span></b>
                                              <span style="font-family: Arial">A 
                                              central securities depository and 
                                              its agents shall preserve records 
                                              and accounts relating to the 
                                              depository for a period of six 
                                              years after closure of a 
                                              securities account, whether or not 
                                              they cease to carry on business 
                                              before the end of the seventh 
                                              year. </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .7pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Guarantee Fund </span></b></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 12.0pt; text-autospace: none; margin-left: .95pt; margin-right: .7pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              53. </span></b>
                                              <span style="font-family: Arial">
                                              (I) A central securities 
                                              depository shall establish and 
                                              maintain a Guarantee Fund for the 
                                              purpose of providing an indemnity 
                                              against default in respect of 
                                              pay­ments for or delivery of 
                                              securities by a depository 
                                              participant and of obligations of 
                                              participants towards the central 
                                              securities depository. </span></p>
                                              <p class="MsoNormal" style="text-indent: 32.85pt; text-autospace: none; margin-left: .45pt; margin-right: 1.2pt">
                                              <span style="font-family: Arial">
                                              &nbsp;(2) The assets of the Guarantee 
                                              Fund consists of moneys accruing 
                                              to the Fund and contributions 
                                              specified in the central 
                                              securities depository rules.
                                              </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 36.2pt; text-autospace: none; margin-right: .95pt">
                                              <span style="font-family: Arial">
                                              (3) Where the central securities 
                                              depository has made payment from 
                                              the Guarantee Fund in relation to 
                                              a default, even if the central 
                                              securities depository is not a 
                                              counter party to the transaction 
                                              between selling and buying 
                                              participants, it shall be 
                                              subrogated to the rights and 
                                              powers of the participant not in 
                                              default for the purpose of the 
                                              seizure and sale of unpaid 
                                              securities and of operating the 
                                              Guarantee Fund. </span></p>
                                              <p class="MsoNormal" style="text-indent: -11.75pt; text-autospace: none; margin-left: 12.0pt; margin-right: 192.4pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Falsification of records</span></b><span style="font-family: Arial">
                                              <b>or accounts 54. </b></span></p>
                                              <p class="MsoNormal" style="text-indent: -11.75pt; text-autospace: none; margin-left: 12.0pt; margin-right: 192.4pt">
                                              <span style="font-family: Arial">
                                              (1) A person who </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 48.25pt; margin-right: 49.85pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (a) </span></i>
                                              <span style="font-family: Arial">
                                              records or stores, information 
                                              that is false or misleading;
                                              </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 48.25pt; margin-right: 49.85pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (b) </span></i>
                                              <span style="font-family: Arial">
                                              falsifies, destroys or removes
                                              </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 83.75pt; margin-right: .15pt">
                                              <span style="font-family: Arial">(i) 
                                              information which is recorded or 
                                              stored by that person, (ii) 
                                              information which is prepared for 
                                              the purpose of being recorded or 
                                              stored, </span></p>
                                              <p class="MsoNormal" style="text-indent: -20.85pt; text-autospace: none; margin-left: 104.65pt; margin-right: 1.15pt">
                                              <span style="font-family: Arial">
                                              (iii) information which is 
                                              prepared for use in compiling 
                                              records, and </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 83.75pt; margin-right: .15pt">
                                              <span style="font-family: Arial">
                                              (iv) information which is prepared 
                                              for use in recovering other 
                                              information, </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-autospace: none; margin-left: .25pt; margin-right: .4pt">
                                              <span style="font-family: Arial">
                                              in relation to a record or an 
                                              account required to be kept by a 
                                              depository or its agent under this 
                                              Act by means of a mechanical 
                                              device, an electronic device, or 
                                              any other device, commits an 
                                              offence and is liable on summary 
                                              conviction to a fine of not more 
                                              than five hundred penalty units or 
                                              to imprisonment for a term of not 
                                              more than three years or to both.
                                              </span></p>
                                              <p class="MsoNormal" style="text-indent: 32.4pt; text-autospace: none; margin-left: .7pt; margin-right: 8.8pt">
                                              <span style="font-family: Arial">
                                              (2) A person who is responsible 
                                              for recording or storing 
                                              information but fails to do so
                                              </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -20.6pt; text-autospace: none; margin-left: 104.65pt; margin-right: .15pt">
                                              <span style="font-family: Arial">(i) 
                                              with intent to falsify any entry 
                                              made, or record intended to be 
                                              compiled from the information that 
                                              has been recorded or stored, and
                                              </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -20.6pt; text-autospace: none; margin-left: 104.65pt; margin-right: .15pt">
                                              <span style="font-family: Arial">
                                              (ii) knowing that the failure to 
                                              record or store the information 
                                              will render the information 
                                              recorded or stored, false or 
                                              misleading &nbsp;&nbsp;&nbsp;&nbsp; . </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-autospace: none; margin-left: .5pt; margin-right: .4pt">
                                              <span style="font-family: Arial">
                                              commits an offence and is liable 
                                              on summary conviction to a fine of 
                                              not more than five hundred penalty 
                                              units, or to imprisonment for a 
                                              term of not less than three years, 
                                              or both. </span></p>
                                              <p class="MsoNormal" style="text-indent: -12.0pt; text-autospace: none; margin-left: 12.7pt; margin-right: 118.75pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Destruction, concealment, or 
                                              alteration of records</span></b></p>
                                              <p class="MsoNormal" style="text-indent: -12.0pt; text-autospace: none; margin-left: 12.7pt; margin-right: 118.75pt">
                                              <span style="font-family: Arial">&nbsp;<b>55.
                                              </b>A person who </span></p>
                                              <p class="MsoNormal" style="text-indent: -17.5pt; text-autospace: none; margin-left: 66.25pt; margin-right: .4pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (a) </span></i>
                                              <span style="font-family: Arial">
                                              destroys, conceals, or alters a 
                                              record or account required to be 
                                              kept under this Act; or </span>
                                              </p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 48.45pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (b) </span></i>
                                              <span style="font-family: Arial">
                                              sends, attempts to send or 
                                              conspires with another person to 
                                              send </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 66.0pt">
                                              <span style="font-family: Arial">
                                              out of Ghana any record or 
                                              account, </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .2pt; margin-right: .45pt">
                                              <span style="font-family: Arial">
                                              with intent to defraud a person, 
                                              or to prevent, delay or obstruct 
                                              the carrying out of an 
                                              examination, investigation or 
                                              audit, or the exercise of a power 
                                              under this Act, commits an offence 
                                              and is liable on summary 
                                              conviction to a fine of one 
                                              thousand penalty units or to a 
                                              term of imprisonment not exceeding 
                                              four years or to both.</span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .2pt; margin-right: .45pt">
                                              <span style="font-family: Arial">&nbsp;<b>Furnishing 
                                              false or misleading information
                                              </b></span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 12.45pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              56. </span></b>
                                              <span style="font-family: Arial">A 
                                              person who furnishes information 
                                              which is false or misleading
                                              </span></p>
                                              <p class="MsoNormal" style="text-indent: -17.25pt; text-autospace: none; margin-left: 66.0pt; margin-right: .7pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (a) </span></i>
                                              <span style="font-family: Arial">
                                              for the purpose of, or in 
                                              connection with, any application 
                                              under this Act; or </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 48.45pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (b) </span></i>
                                              <span style="font-family: Arial">
                                              in compliance with any requirement 
                                              imposed on that person under this 
                                              Act, commits an offence and is 
                                              liable on summary conviction to a 
                                              fine of five hundred penalty units 
                                              or to a term of imprisonment of 
                                              not more than three years. </span>
                                              </p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .2pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Offences by bodies corporate
                                              </span></b></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 12.0pt; text-autospace: none; margin-right: .2pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              57. </span></b>
                                              <span style="font-family: Arial">
                                              Where an offence under this Act is 
                                              committed by a body corporate, a 
                                              director, or other officer of the 
                                              body corporate or a person acting 
                                              in that capacity is liable to have 
                                              committed that offence unless the 
                                              person proves that </span></p>
                                              <p class="MsoNormal" style="text-indent: -17.25pt; text-autospace: none; margin-left: 66.0pt; margin-right: .7pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (a) </span></i>
                                              <span style="font-family: Arial">
                                              the offence was committed without 
                                              the person's consent or 
                                              connivance; and </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -17.75pt; text-autospace: none; margin-left: 66.2pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (b) </span></i>
                                              <span style="font-family: Arial">
                                              the person exercised diligence to 
                                              prevent the commission of the 
                                              offence having regard to the 
                                              nature of the person's functions 
                                              in that capacity and to other 
                                              circumstances. </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .45pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              General penalty </span></b></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 12.0pt; text-autospace: none; margin-right: .2pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              58. </span></b>
                                              <span style="font-family: Arial">A 
                                              person who contravenes a provision 
                                              of this Act for which a penalty is 
                                              not provided commits an offence 
                                              and is liable on summary 
                                              conviction to a fine of five 
                                              hundred penalty units or to a term 
                                              of imprisonment of not more than 
                                              three years or to both. </span>
                                              </p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .2pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Regulations </span></b></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 12.0pt; text-autospace: none; margin-right: .2pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              59. </span></b>
                                              <span style="font-family: Arial">
                                              (1) The Minister may, on the 
                                              advice of the Commission, by 
                                              legislative in­strument make 
                                              Regulations for matters necessary 
                                              for the effective implementation 
                                              of this Act. </span></p>
                                              <p class="MsoNormal" style="text-indent: 33.1pt; text-autospace: none; margin-left: .2pt; margin-right: .45pt">
                                              <span style="font-family: Arial">
                                              (2) Despite the Statutory 
                                              Instruments Act, 1959 (No. 52) 
                                              Regulations made under this Act 
                                              may impose a penalty of not more 
                                              than two thousand five hundred 
                                              penalty units. </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .2pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Interpretation </span></b></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 12.45pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              60. </span></b>
                                              <span style="font-family: Arial">
                                              (1) In this Act, unless the 
                                              context otherwise requires, </span>
                                              </p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 27.0pt">
                                              <span style="font-family: Arial">&nbsp; 
                                              &quot;access&quot; in relation to a computer 
                                              system, means the placing of 
                                              information on that system and the 
                                              retrieval of information from that 
                                              system; </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-autospace: none; margin-left: 27.0pt; margin-right: 1.9pt">
                                              <span style="font-family: Arial">
                                              &quot;admittance of securities date&quot; in 
                                              relation to any eligible security, 
                                              means the date specified in the 
                                              notice given by a stock exchange 
                                              as being the last day on which the 
                                              eligible security may be traded on 
                                              a stock market of the stock 
                                              exchange unless such security has 
                                              been deposited with the central 
                                              depository; </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 27.0pt; margin-right: .95pt">
                                              <span style="font-family: Arial">
                                              &quot;admittance of security&quot; means a 
                                              security in which the underlying 
                                              certificate has been deposited 
                                              with and is held by a central 
                                              depository; &quot;agent&quot; means a 
                                              Central Securities Depository 
                                              agent; </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 27.0pt; margin-right: 1.9pt">
                                              <span style="font-family: Arial">
                                              &quot;bank&quot; mean a body corporate which 
                                              is issued with a licence in 
                                              accordance with the Banking Act 
                                              2004 (Act 673); </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 27.0pt; margin-right: 1.9pt">
                                              <span style="font-family: Arial">
                                              &quot;bare trustee&quot; means a trustee who 
                                              has no beneficial interest in the 
                                              subject matter of the trust;
                                              </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-autospace: none; margin-left: 27.0pt; margin-right: 1.9pt">
                                              <span style="font-family: Arial">
                                              &quot;bearer security&quot; means a security 
                                              the title to which is transferable 
                                              by delivery with or without 
                                              endorsement of the certificates 
                                              representing such securities;
                                              </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 27.0pt; margin-right: 1.9pt">
                                              <span style="font-family: Arial">
                                              &quot;buying in&quot; means the buying 
                                              effected by a security exchange, 
                                              according to the rules of the 
                                              stock exchange of securities which 
                                              a seller has failed to deliver on 
                                              a day fixed for settlement; </span>
                                              </p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 27.0pt; margin-right: .95pt">
                                              <span style="font-family: Arial">
                                              &quot;charge&quot; includes a pledge or a 
                                              mortgage; </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 27.0pt; margin-right: 1.65pt">
                                              <span style="font-family: Arial">
                                              &quot;certificate&quot; means a document 
                                              that is a document of title to a 
                                              security; &quot;central depository 
                                              agent&quot; in relation to any central 
                                              depository, means a </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 27.0pt; margin-right: .95pt">
                                              <span style="font-family: Arial">
                                              person appointed to be an agent of 
                                              that central depository; &quot;central 
                                              securities depository&quot; or 
                                              &quot;depository&quot; means a company 
                                              approved by the Commission to 
                                              establish and operate a system for 
                                              the central handling of 
                                              securities- </span></p>
                                              <p class="MsoNormal" style="text-indent: -20.85pt; text-autospace: none; margin-left: 57.35pt; margin-right: .45pt">
                                              <span style="font-family: Arial">(i) 
                                              whereby the securities are 
                                              immobilised or dematerialised and 
                                              dealings in respect of those 
                                              securities are effected by means 
                                              of entries in securities accounts 
                                              without the physical necessity of 
                                              certificates; or </span></p>
                                              <p class="MsoNormal" style="text-indent: -20.85pt; text-autospace: none; margin-left: 57.35pt; margin-right: .45pt">
                                              <span style="font-family: Arial">
                                              (ii) which permits or facilitates 
                                              the settlement. or registration of 
                                              securities transactions of 
                                              dealings in securities without the 
                                              physical necessity of 
                                              certificates; and </span></p>
                                              <p class="MsoNormal" style="text-indent: -20.85pt; text-autospace: none; margin-left: 57.35pt; margin-right: 1.65pt">
                                              <span style="font-family: Arial">
                                              (iii) which provides other 
                                              facilities and services incidental 
                                              with the proceeding provisions;
                                              </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 27.0pt; margin-right: 1.9pt">
                                              <span style="font-family: Arial">
                                              &quot;Commission&quot; means the Securities 
                                              and Exchange Commission 
                                              established by the Securities 
                                              Industry Law 1993 (P.N.D.C.L. 333) 
                                              as amended; </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 27.0pt; margin-right: 1.9pt">
                                              <span style="font-family: Arial">
                                              &quot;Companies Code&quot; means the 
                                              Companies Code, 1963 (Act 179) as 
                                              amended; </span></p>
                                              <p class="MsoNormal" style="text-indent: -18.0pt; text-autospace: none; margin-left: 18.45pt; margin-right: .45pt">
                                              <span style="font-family: Arial">
                                              &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &quot;computer system&quot; in 
                                              relation to a central depository, 
                                              means a computer system 
                                              established by a central 
                                              securities depository which forms 
                                              part of the system for the central 
                                              handling of securities and which 
                                              consists of </span></p>
                                              <p class="MsoNormal" style="text-indent: -20.85pt; text-autospace: none; margin-left: 56.85pt">
                                              <span style="font-family: Arial">(i) 
                                              the central equipment comprising 
                                              hardware and software associated 
                                              with that hardware, located at the 
                                              premises of the central 
                                              depository, and </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 36.2pt">
                                              <span style="font-family: Arial">
                                              (ii) the terminals located at the 
                                              premises of the users. </span></p>
                                              <p class="MsoNormal" style="text-indent: -18.0pt; text-autospace: none; margin-left: 18.45pt; margin-right: .45pt">
                                              <span style="font-family: Arial">
                                              &quot;central securities depository 
                                              rules&quot; includes the rules of a 
                                              central securities depository and 
                                              any other directions given from 
                                              time to time by a central 
                                              securities depository to any 
                                              person; </span></p>
                                              <p class="MsoNormal" style="text-indent: -18.0pt; text-autospace: none; margin-left: 18.2pt; margin-right: 1.4pt">
                                              <span style="font-family: Arial">
                                              &quot;dealer&quot; means a dealer as defined 
                                              in the Securities Industry Law 
                                              1993 (P.N.D.C.L .333) as amended;
                                              </span></p>
                                              <p class="MsoNormal" style="text-indent: -18.0pt; text-autospace: none; margin-left: 18.2pt; margin-right: 1.4pt">
                                              <span style="font-family: Arial">
                                              &quot;dealing in securities&quot; means 
                                              dealing in securities as defined 
                                              in the Securities Industry Law 
                                              1993 (P.N.D.C.L. 333) as amended;
                                              </span></p>
                                              <p class="MsoNormal" style="text-indent: -18.0pt; text-autospace: none; margin-left: 18.45pt; margin-right: .45pt">
                                              <span style="font-family: Arial">
                                              &quot;debt securities&quot; means 
                                              debentures, bonds, notes, or other 
                                              similar instruments representing 
                                              or evidencing indebtedness whether 
                                              secured or otherwise; </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .45pt">
                                              <span style="font-family: Arial">
                                              &quot;debenture&quot; and &quot;debentureholder&quot; 
                                              means debenture and 
                                              debentureholder as defined under 
                                              the First Schedule to the 
                                              Companies Code; 
                                              &quot;dematerialisation&quot; means the 
                                              elimination of physical 
                                              certificates or decuments oftitle 
                                              that represent ownership of 
                                              securities so that securities 
                                              exist only as accounting records;
                                              </span></p>
                                              <p class="MsoNormal" style="text-indent: -18.0pt; text-autospace: none; margin-left: 18.45pt; margin-right: .45pt">
                                              <span style="font-family: Arial">
                                              &quot;dematerialisation date&quot; in 
                                              relation to a dematerialised 
                                              security, means the date 
                                              prescribed by a central securities 
                                              depository as being the last day 
                                              on which a certificate 
                                              representing such security shall 
                                              not be recognised as first hand 
                                              evidence of ownership under the 
                                              Companies Code; </span></p>
                                              <p class="MsoNormal" style="text-indent: -18.0pt; text-autospace: none; margin-left: 18.45pt; margin-right: .45pt">
                                              <span style="font-family: Arial">
                                              &quot;dematerialised security&quot; means a 
                                              security which has been prescribed 
                                              by the central securities 
                                              depository whereby the underlying 
                                              physical certificate is no longer 
                                              recognised as prima facie evidence 
                                              01 ownership under the Companies 
                                              Code; </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .7pt; margin-right: 1.9pt">
                                              <span style="font-family: Arial">
                                              &quot;deposited security&quot; includes a 
                                              security standing to the credit of 
                                              a security account ~hich is 
                                              transferable by way of book-entry 
                                              in the record of depositors and a 
                                              security in a securities account 
                                              that is in suspense &quot;depositor&quot; in 
                                              relation to any book-entry, means 
                                              a holder of a securities account; 
                                              &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; . </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .45pt">
                                              <span style="font-family: Arial">
                                              &quot;depository&quot; means a central 
                                              securities depository; </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .45pt">
                                              <span style="font-family: Arial">
                                              &quot;eligible security&quot; means a 
                                              security which has been prescribed 
                                              by th, </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 17.75pt; margin-right: 2.15pt">
                                              <span style="font-family: Arial">
                                              Bank of Ghana or a stock exchange 
                                              to be admitted in with a central 
                                              securities depository; </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -18.0pt; text-autospace: none; margin-left: 18.2pt; margin-right: 1.4pt">
                                              <span style="font-family: Arial">
                                              &quot;information&quot; includes data 
                                              recorded in a form which can be 
                                              processed by equipment operating 
                                              automatically in response to 
                                              instructions given for a 
                                              particular purpose; </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -18.0pt; text-autospace: none; margin-left: 18.2pt; margin-right: 1.4pt">
                                              <span style="font-family: Arial">
                                              &quot;institutional investor&quot; means a 
                                              person whose ordinary course of 
                                              business is to hold, manage or 
                                              invest funds in connection with 
                                              retirement benefits, insurance 
                                              contracts, mortgage and savings 
                                              schemes and any funds or scheme in 
                                              the nature of a collective 
                                              investment scheme; </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -18.0pt; text-autospace: none; margin-left: 18.2pt; margin-right: 1.4pt">
                                              <span style="font-family: Arial">
                                              &quot;issuer&quot; in relation to a 
                                              security, includes the company, 
                                              corporation, government or body 
                                              corporate or unincorporated or 
                                              other person, which issued that 
                                              security, and any person 
                                              performing the functions of a 
                                              registrar for the issuer in 
                                              respect of the security; </span>
                                              </p>
                                              <p class="MsoNormal" style="text-indent: -24.0pt; text-autospace: none; margin-left: 24.2pt; margin-right: 1.65pt">
                                              <span style="font-family: Arial">
                                              &quot;listed&quot; means admitted to the 
                                              official list of a stock exchange 
                                              in Ghana and listing shall be 
                                              construed accordingly; </span></p>
                                              <p class="MsoNormal" style="text-indent: -17.75pt; text-autospace: none; margin-left: 18.2pt; margin-right: .95pt">
                                              <span style="font-family: Arial">
                                              &quot;listed security&quot; means a 
                                              book-entry security listed on a 
                                              stock exchange in Ghana; </span>
                                              </p>
                                              <p class="MsoNormal" style="text-indent: -17.75pt; text-autospace: none; margin-left: 18.2pt; margin-right: .95pt">
                                              <span style="font-family: Arial">
                                              &quot;market day&quot; means any day during 
                                              which a stock exchange is open for 
                                              business; </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .45pt; margin-right: .45pt">
                                              <span style="font-family: Arial">
                                              &quot;member&quot; in relation to </span>
                                              </p>
                                              <p class="MsoNormal" style="text-indent: -20.4pt; text-autospace: none; margin-left: 56.85pt; margin-right: .7pt">
                                              <span style="font-family: Arial">(i) 
                                              a stock exchange, means a person 
                                              who is recognised as a member of a 
                                              stock exchange; and </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 36.45pt">
                                              <span style="font-family: Arial">
                                              (iii) a company, means a person 
                                              who is recognised as a member
                                              </span></p>
                                              <p class="MsoNormal" style="text-indent: 56.6pt; text-autospace: none; margin-left: .7pt; margin-right: 70.05pt">
                                              <span style="font-family: Arial">
                                              of a company under the Companies 
                                              Code; &quot;Minister&quot; means the 
                                              Minister responsible for Finance;
                                              </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .45pt; margin-right: .45pt">
                                              <span style="font-family: Arial">
                                              &quot;non-bearer security&quot; means a 
                                              security other than a bearer 
                                              security; &quot;notification date&quot; 
                                              means the date on which is given 
                                              by a stock exchange; &quot;official 
                                              list&quot; in relation to a stock 
                                              exchange in Ghana, means a list or 
                                              lists specifying all securities 
                                              which have been listed for listing 
                                              on that stock exchange; </span>
                                              </p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .7pt; margin-right: 51.8pt">
                                              <span style="font-family: Arial">
                                              &quot;prescribe&quot; means prescribed by 
                                              regulations under this Act; 
                                              &quot;record&quot; in addition to a record 
                                              in writing, includes </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 36.45pt">
                                              <span style="font-family: Arial">(i) 
                                              a photograph; </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -20.85pt; text-autospace: none; margin-left: 57.6pt">
                                              <span style="font-family: Arial">
                                              (ii) a disc, tape, sound-track, or 
                                              other device in which sounds or 
                                              other data (not being visual 
                                              images) are embodied so as to be 
                                              capable (with or without the aid 
                                              of some other instrument) of being 
                                              reproduced from the disc, tape, 
                                              sound track or other device; and
                                              </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 3.0pt; text-autospace: none; margin-left: 36.0pt; margin-right: 1.2pt">
                                              <span style="font-family: Arial">
                                              (ill) a film, tape or other device 
                                              on which visual images are 
                                              embodied so as to be capable (with 
                                              or without the aid of some other 
                                              instrument) of being reproduced 
                                              there from, and any reference to a 
                                              copy of a record includes a film, 
                                              tape or other device; </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -20.6pt; text-autospace: none; margin-left: 103.2pt; margin-right: 1.2pt">
                                              <span style="font-family: Arial">
                                              (iv) in the case of a record 
                                              falling within paragraph (ii) but 
                                              not paragraph (iii) of this 
                                              definition, a transcript of the 
                                              sounds or other data embodied 
                                              therein; </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -20.6pt; text-autospace: none; margin-left: 103.2pt; margin-right: 1.2pt">
                                              <span style="font-family: Arial">
                                              (v) in the case of a record 
                                              falling within paragraph (iii) but 
                                              not paragraph (iv) of this 
                                              definition, a still reproduction 
                                              of the images embodied therein, 
                                              whether enlarged or not; and
                                              </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -20.6pt; text-autospace: none; margin-left: 103.2pt; margin-right: 1.2pt">
                                              <span style="font-family: Arial">
                                              (vi) in the case of a record 
                                              falling within both paragraphs 
                                              (ii) and (iii) of this definition, 
                                              the transcript of the sounds or 
                                              other data embodied therein 
                                              together with the still 
                                              reproduction of the images 
                                              embodied therein; </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 46.55pt; margin-right: .95pt">
                                              <span style="font-family: Arial">
                                              &quot;Register of depositors&quot; means a 
                                              record maintained by a central 
                                              securities depository to an issuer 
                                              which contains specified 
                                              particulars; &quot;Registrar&quot; means a 
                                              person appointed by an issuer to 
                                              perform the functions of a 
                                              registrar of its securities;
                                              </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 46.55pt; margin-right: .95pt">
                                              <span style="font-family: Arial">
                                              &quot;securities&quot; includes- </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -20.6pt; text-autospace: none; margin-left: 103.2pt; margin-right: 1.2pt">
                                              <span style="font-family: Arial">(i) 
                                              debentures, shares, bonds or notes 
                                              issued or proposed to be issued by 
                                              a body corporate and any right, 
                                              warrant or option in respect of 
                                              them, </span></p>
                                              <p class="MsoNormal" style="text-indent: -20.4pt; text-autospace: none; margin-left: 102.7pt; margin-right: 1.9pt">
                                              <span style="font-family: Arial">
                                              (ii) bonds, treasury bills or 
                                              other loan instrument of the 
                                              Government of Ghana or of any 
                                              other country, </span></p>
                                              <p class="MsoNormal" style="text-indent: -20.4pt; text-autospace: none; margin-left: 102.7pt; margin-right: 1.9pt">
                                              <span style="font-family: Arial">
                                              (ill) rights of interest, whether 
                                              described as units or otherwise 
                                              under a collective investment 
                                              scheme, </span></p>
                                              <p class="MsoNormal" style="text-indent: -20.4pt; text-autospace: none; margin-left: 102.7pt; margin-right: 1.9pt">
                                              <span style="font-family: Arial">
                                              (iv) other rights, interests or 
                                              instruments that the Minister may, 
                                              by notice in the <i>Gazette, </i>
                                              prescribe. </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -18.0pt; text-autospace: none; margin-left: 64.1pt; margin-right: 1.65pt">
                                              <span style="font-family: Arial">
                                              &quot;securities account&quot; means an 
                                              account established by a central 
                                              securities depository for a 
                                              depositor for the recording of 
                                              deposited securities and cash 
                                              balances, in respect of dealings 
                                              in the securities by the 
                                              depositor; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; . </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -18.0pt; text-autospace: none; margin-left: 64.1pt; margin-right: 1.65pt">
                                              <span style="font-family: Arial">
                                              &quot;selling out&quot; means the selling of 
                                              securities effected by a stock 
                                              exchange according to the rules of 
                                              the stock exchange, in which a 
                                              buyer has failed to accept and to 
                                              pay for when delivered on a day 
                                              fixed for the settlement; </span>
                                              </p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -18.0pt; text-autospace: none; margin-left: 64.1pt; margin-right: 1.65pt">
                                              <span style="font-family: Arial">
                                              &quot;settlement partner&quot; means a 
                                              commercial bank designated by a 
                                              depository participant to settle 
                                              its transactions with the central 
                                              securities depository; </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -18.0pt; text-autospace: none; margin-left: 64.1pt; margin-right: 1.65pt">
                                              <span style="font-family: Arial">
                                              &quot;stock market&quot; means a market 
                                              exchange or other place at which, 
                                              or a facility by means of which 
                                              securities are regularly offered 
                                              for sale, purchase or exchanged; 
                                              and </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -18.0pt; text-autospace: none; margin-left: 65.5pt; margin-right: .95pt">
                                              <span style="font-family: Arial">
                                              &quot;user&quot; means a central securities 
                                              depository agent, an issuer, a 
                                              stock exchange or another person 
                                              that may be prescribed by the 
                                              Commission who may be given access 
                                              to a computer system of a central 
                                              depository. </span></p>
                                              <p class="MsoNormal" style="text-autospace: none">
                                              <b>
                                              <span style="font-family: Arial">
                                              References </span></b></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 11.75pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              61. </span></b>
                                              <span style="font-family: Arial">A 
                                              reference in this Act to </span>
                                              </p>
                                              <p class="MsoNormal" style="text-indent: -17.5pt; text-autospace: none; margin-left: 65.25pt; margin-right: 1.65pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (a) </span></i>
                                              <span style="font-family: Arial">
                                              writing includes any mode of 
                                              presenting or reproducing letters, 
                                              figures or marks in a visible 
                                              form, and </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 47.75pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (b) </span></i>
                                              <span style="font-family: Arial">a 
                                              security being deposited or 
                                              required to be deposited with a 
                                              central </span></p>
                                              <p class="MsoNormal" style="text-indent: -17.75pt; text-autospace: none; margin-left: 83.25pt">
                                              <span style="font-family: Arial">
                                              securities depository shall be 
                                              construed as a reference to a 
                                              deposit of (i) the certificate,
                                              </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 83.5pt">
                                              <span style="font-family: Arial">
                                              (ii) the instrument of transfer, 
                                              if any, or </span></p>
                                              <p class="MsoNormal" style="text-indent: 83.5pt; text-autospace: none; margin-right: 59.25pt">
                                              <span style="font-family: Arial">
                                              (iii) any other document 
                                              representing the security, to the 
                                              central securities depository.
                                              </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: .2pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              Consequential Amendments </span>
                                              </b></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-right: .7pt">
                                              <b>
                                              <span style="font-family: Arial">
                                              62. </span></b>
                                              <span style="font-family: Arial">
                                              (1) The Securities Industry Law, 
                                              1993 (P.N.D.C.L. 333) as amended 
                                              by the Securities Industry 
                                              (Amendment) Act 2000 (Act 590) is 
                                              hereby further amended <i>(a) </i>
                                              by the insertion of a new section 
                                              9 <i>(c) </i>as follows: </span>
                                              </p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -21.1pt; text-autospace: none; margin-left: 104.85pt; margin-right: .45pt">
                                              <span style="font-family: Arial">
                                              &quot;to register, licence, authorise 
                                              or regulate, in accordance with 
                                              this Act or any regulations made 
                                              under it, stock exchanges, 
                                              investment advisers, unit trust 
                                              schemes, mutual funds, securities 
                                              dealers, central securities 
                                              depositories, and their agents, 
                                              and to control and supervise their 
                                              activities with a view to 
                                              maintaining proper standards of 
                                              conduct and acceptable practices 
                                              in the securities business;&quot;
                                              </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -18.0pt; text-autospace: none; margin-left: 65.5pt; margin-right: .95pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              (b) </span></i>
                                              <span style="font-family: Arial">
                                              by the deletion of the following 
                                              from the definition of &quot;dealer&quot; 
                                              under section 142 of the 
                                              Securities Industry Law, 1993 (P.N.D.C.L. 
                                              333) as amended by section 12 <i>
                                              (c) </i>of the Securities Industry 
                                              (Amendment) Act, 2000 (Act 590).
                                              </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -21.1pt; text-autospace: none; margin-left: 104.85pt; margin-right: .45pt">
                                              <span style="font-family: Arial">
                                              &quot;a person who performs the 
                                              functions of central securities 
                                              depository and / or provides 
                                              securities clearing and settlement 
                                              facilities&quot;. </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (2) Section 52 of the Companies 
                                              Code is hereby repealed. </span>
                                              </p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 32.6pt">
                                              <span style="font-family: Arial">
                                              &nbsp;(3) Section 82 of the Companies 
                                              Code is hereby repealed. </span>
                                              </p>
                                              <p class="MsoNormal" style="text-indent: 32.6pt; text-autospace: none; margin-right: .2pt">
                                              <span style="font-family: Arial">
                                              (4) The First Schedule to the 
                                              Companies Code, is hereby amended 
                                              by the substitution of the 
                                              following for the definition of 
                                              the &quot;Register&quot; </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: -18.45pt; text-autospace: none; margin-left: 65.75pt">
                                              <span style="font-family: Arial">
                                              &quot;Register&quot; includes a Register 
                                              maintained in electronic form and 
                                              saved on any device including a 
                                              disc, tape, or other device in 
                                              which sounds or other data are 
                                              embodied so as to be capable (with 
                                              or without the aid of some other 
                                              instrument) of being reproduced 
                                              from the disc, tape or other 
                                              device.&quot; </span></p>
                                              <p class="MsoNormal" style="text-autospace: none; margin-left: 91.7pt; margin-right: .2pt">
                                              <span style="font-family: Arial">
                                              Date of <i>Gazette </i>
                                              notification: 24th May, 2007 .
                                              </span></p>
                                              <p class="MsoNormal">
                                              <span style="font-family: Arial">&nbsp;</span></td>
                </tr>
              </tbody>
            </table>
          </td>
        </tr>
<tr>
  <td width="76" height="50" bgcolor="#003366">&nbsp;</td>
        </tr>
