Section 351: Sub-Part IV and applicable law

351. Sub-Part IV and applicable law (1) This Sub-part applies to the following issues in respect of securities held with an intermediary— (a) the legal nature and effects against the intermediary and third parties of the rights resulting from a credit of securities to a securities account; (b) the legal nature and effects against the intermediary and third parties of a disposition of securities held with an intermediary; (c) the requirements, if any, for perfection of a disposition of securities held with an intermediary; (d) whether a person’s interest in securities held with an intermediary extinguishes or has priority over another person’s interest; (e) the duties, if any, of an intermediary to a person other than the account holder who asserts in competition with the account holder or another person an interest in securities held with that intermediary; (f) the requirements, if any, for the realisation of an interest in securities held with an intermediary; and (g) whether a disposition of securities held with an intermediary extends to entitlements to dividends, income, or other distributions, or to redemption, sale or other proceeds. (2) This Sub-part applies in relation to a disposition of or an interest in securities held with an intermediary even if the rights resulting from the credit of those securities to a securities account are determined in accordance with subsection (1) (a) to be contractual in nature. (3) Subject to subsection (1), this Sub-part does not apply to— (a) the rights and duties arising from the credit of securities to a securities account to the extent that the rights or duties are purely contractual or otherwise purely personal; (b) the contractual or other personal rights and duties of parties to a disposition of securities held with an intermediary; or (c) the rights and duties of an issuer of securities or of an issuer’s registrar or transfer agent, whether in relation to the holder of the securities or any other person. I14 – 191 [Issue 3] Insolvency Act