Account Agreement Hague Convention

1. Perfection is by control, but the law chosen in the account agreement is that of a non-UCC jurisdiction. 5. With respect to securities credited to securities accounts held by an individual as the operator of a system of management and transfer of these securities on the issuer`s registrations or other registrations which constitute the primary authorization for the issuer, the State Party which has the right to incorporate these securities may, at any time , declare that the person who operates this system: , cannot be an intermediary within the meaning of this convention. (a) the legal nature and impact of credit rights on a title account on a title account, against the intermediary and third parties; (b) the legal nature and effects of an order relating to securities held with an intermediary against the intermediary and the third party; (c) the conditions for the development of a sale of securities held with an intermediary, if any; (d) if a person`s interest in securities held with an intermediary is extinguished or outweighs the interests of another person; (e) if applicable, the obligations of an intermediary to a person other than the account holder who, in competition with the account holder or another person, claims an interest in securities held with that intermediary; (f) the conditions under which a shareholding in securities held with an intermediary is operated; (g) that an assignment of securities held with an intermediary applies to dividends, income or other distributions, withdrawal, sale or any other product. (a) the sale of a title account; (b) an order in favour of the intermediary of the account holder; (c) a legal guarantee in favour of the intermediary of the account holder with respect to any claim related to the management and operation of a title account. 3. Perfection is done by deposit, the debtor is in a non-UCC jurisdiction (as under section 9-307 of the UCC) and the account agreement is governed by the law of a UCC jurisdiction. The agreement provides for three rules of recidivism that apply either where the intermediary does not have a qualified authority or the applicable account contract does not set a chosen law. In order of priority, the case back rules define the chosen law as follows: In the second stage, the “Qualifying Office” test is applied.

Article 4, paragraph 2, contains a “blacklist” of activities, each of which, in itself, is not sufficient to constitute the maintenance of title accounts. 2. For the purposes of paragraph 1, point (a), an office does not engage in commercial or other regular title account management activity, for example where the account contract is governed by New York law: the entitled (according to Section 9-307 of the UCC) is located in Ontario, Canada, and the development of the securities interest is claimed by an Ontario application. , and the perfection of the interest of securities is claimed by a claim in Ontario , and the perfection of the interest of securities is claimed by a claim in Ontario, and the perfection of the interest of the securities is claimed by a claim in Ontario, and the perfection of the interest of the securities is claimed by a request in Ontario, and the perfection of the interest of the securities is claimed by a claim in Ontario , and the perfection of the interest of securities is claimed by an application in Ontario, and the perfection of the interest in securities is claimed by an application in Ontario, and the perfection of the interest of the securities is claimed by an application in Ontario, and the perfection of the interest of the insured party would be necessary for the insured party to perfect its security interest under the material law of New York , probably by filing a financing statement in New York. This is the case, even if filing a funding return in New York under Section 8 and 9 is not in any other meaningful way. The agreement contains legislation relating to the choice of the right of perfection and the priority of the interest of securities for “securities credited securities”. those