Section 362: Account agreements and securities accounts

362. Account agreements and securities accounts (1) References in this Part to an account agreement include an account agreement entered into before the commencement of this Part. (2) References in this Part to a securities account include a securities account opened before the commencement of this Part. (3) Unless an account agreement contains an expressed reference to this Part or to the Convention, a Court of Mauritius shall apply subsections (4) and (5) in applying section 352 (2) with respect to account agreements entered into before the commencement of this Part. [Issue 3] I14 – 196 Revised Laws of Mauritius (4) Any expressed terms of an account agreement which would have the effect, under the rules of the State whose law governs that agreement, that the law in force in a particular State, or a territorial unit of a particular multiunit State, applies to any of the issues specified in section 351 (2), shall have the effect that such law governs all the issues specified in section 351 (2), provided that the relevant intermediary had, at the time the agreement was entered into, an office in that State which satisfied the condition specified in section 352 (2) (b). (5) Where the parties to an account agreement, other than an agreement to which subsection (4) applies, have agreed that the securities account is maintained in a particular State, or a territorial unit of a particular multi-unit State, the law in force in that State or territorial unit is the law applicable to all the issues specified in section 351 (2), provided that the relevant intermediary had, at the time the agreement was entered into, an office in that State which satisfied the condition specified in section 352 (2) (b). (6) An agreement referred to in subsection (5) may be expressed or implied from the terms of the contract considered as a whole or from the surrounding circumstances.