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III. SECURITIES ACCOUNTS  
     
Art. 32. Deposit Accounts and Securities Accounts  
     
 
1. The registered securities are kept in deposit accounts and securities accounts hereunder referred as “accounts”, each with its account holder.

2. The accounts shall be administered in quantity in accordance with the principles of double entry and taking into account the criteria for securities code adoption.

3. The deposit accounts show the quantity of dematerialized or immobilized certificated securities consolidated in accordance with the criteria for adoption of common code and deposited with the Depository.

4. The quantity of securities with one and the same code, registered in the Depository members’ accounts or other personal accounts, cannot be different from the quantity of securities registered in the deposit account under the same code. Operation which shall cause violation of this requirement shall not be allowed.