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Art. 19. Actions upon Membership Suspension  
     
 
1. During the suspension period, the Depository shall carry out only these operations that debit the securities accounts of the member or of its clients as well as those which credit these accounts for transactions carried out before the suspension date as well as for transactions which correct previous errors.

2. The principles mentioned in p.1 shall apply also in the cases in which the Depository Board of Directors decides to terminate the membership.

3. In case a member is restricted from operations with the system under Art.17, p.7.1 orders for transferring availabilities from client accounts to other investment intermediaries, members of the Central Depository, can be fulfilled without change of ownership.

4. In case a bankruptcy of an investment intermediary, member of the Central Depository is declared, the procedure pursuant to Art.109c Para.2, 3 and the following of LPOS shall apply.

5. In case of withdrawal of a license for performing the activities as an investment intermediary, member of the Central Depository, orders for transferring availabilities from client accounts to other investment intermediaries, members of the Central Depository can be fulfilled without change of ownership. After expiration of the term pursuant to Art. 38b of LPOS, the client accounts’ balances shall be ex-officio transferred to the accounts of the holders in Register A by the Central Depository.

6. In case of membership suspension, orders for transfer availabilities from client accounts to other investment intermediaries, members of the Central Depository can be fulfilled without change of ownership.

7. In cases of membership termination, the procedure established under p.5 shall apply.

8. The Central Depository shall also execute orders of empowered bodies and persons in cases as envisaged by law.