Section 353: Fall-back rules

353. Fall-back rules (1) Where the law to be applied is not determined under section 352, but it is expressly and unambiguously stated in a written account agreement that the relevant intermediary entered into the account agreement through a particular office, the law applicable to all the issues specified in section 351 (1) is the law in force in the State, or the territorial unit of a multi-unit State, in which that office was then located, provided that such office then satisfied the condition specified in section 352 (2). (2) In determining whether an account agreement expressly and unambiguously states that the relevant intermediary entered into the account agreement through a particular office, none of the following shall be considered, namely a provision that— (a) notices or other documents shall or may be served on the relevant intermediary at that office; (b) legal proceedings shall or may be instituted against the relevant intermediary in a particular State or in a particular territorial unit of a multi-unit State; (c) any statement or other document shall or may be provided by the relevant intermediary from that office; (d) any service shall or may be provided by the relevant intermediary from that office; or (e) any operation or function shall or may be carried on or performed by the relevant intermediary at that office. (3) Where the law to be applied is not determined under this section, that law is the law in force in the State, or the territorial unit of a multi-unit State, under whose law the relevant intermediary is incorporated or otherwise organised at the time the written account agreement is entered into or, if there is no such agreement, at the time the securities account was opened; but when the relevant intermediary is incorporated or otherwise organised under the law of a multi-unit State and not that of one of its territorial units, the applicable law is the law in force in the territorial unit of that multi-unit State in which the relevant intermediary has its place of business, or, if the relevant intermediary has more than one place of business, its principal place of business, at the time the written account agreement is entered into or, if there is no such agreement, at the time the securities account was opened. (4) Where the law to be applied is not determined under subsection (1), (2) or (3), that law is the law in force in the State, or the territorial unit of a multi-unit State, in which the relevant intermediary has its place of business, or, if the relevant intermediary has more than one place of business, its principal place of business, at the time the written account agreement is entered into or, if there is no such agreement, at the time the securities account was opened. I14 – 193 [Issue 6] Insolvency Act