Section 15: Set-off

15. Set-off (1) The CDS may terminate its agreement to clear or settle securities transactions, or to act as a depository for securities, with an insolvent participant or with a participant in respect of which insolvency or bankruptcy proceedings are taken, whether such proceedings are voluntary or involuntary. (2) On terminating an agreement under subsection (1), the CDS may set off obligations between the insolvent participant and the CDS in accordance with the provisions of the agreement and, if on termination there is a net termination sum owed to the CDS by the insolvent participant, the CDS shall be deemed to be a creditor of the insolvent participant in respect of that net termination sum. (3) The CDS may, notwithstanding any other enactment, realise assets of the insolvent or bankrupt participant pursuant to a pledge in favour of the CDS or pursuant to the rules of the CDS or guarantees established by the CDS in accordance with its rules.