Section 359: Determination of applicable law for multi-unit States

359. Determination of applicable law for multi-unit States (1) Where the account holder and the relevant intermediary have agreed on the law of a specified territorial unit of a multi-unit State— (a) the references to “State” in section 352 (1) are to that territorial unit; (b) the references to “that State” in section 352 (2) are to the multiunit State itself. I14 – 195 [Issue 3] Insolvency Act (2) In applying this Part— (a) the law in force in a territorial unit of a multi-unit State includes both the law of that unit and, to the extent applicable in that unit, the law of the multi-unit State itself; (b) where the law in force in a territorial unit of a multi-unit State designates the law of another territorial unit of that State to govern perfection by public filing, recording or registration, the law of that other territorial unit governs that issue. (3) Where a multi-unit State has, at the time of signature, ratification, acceptance, approval or accession to the Convention, made a declaration under article 12 (3) of the Convention, if, under article 5 of the Convention, the applicable law is that of the multi-unit State or one of its territorial units, the internal choice of law rules in force in that multi-unit State shall determine whether the substantive rules of law of that multi-unit State or of a particular territorial unit of that multi-unit State shall apply. (4) Where a multi-unit State has, at any time, made a declaration under article 12 (4) of the Convention, if, under article 4 of the Convention or section 352, the applicable law is that of one of its territorial units, the law of that territorial unit applies only if the relevant intermediary has an office within that territorial unit which satisfies the condition specified in section 352 (1). (5) A declaration referred to in subsection (4) shall have no effect on dispositions made before that declaration becomes effective.