Article 18 Transfer of Securities From the Investor's Account With One Broker to his Account With Another Broker
1. The depositing investor may request the transfer of his balance of securities or any part thereof with one broker to his account with another broker, by completing and delivering to the Unit the Transfer of Securities Form No. (5).
2. The owner shall, before requesting the transfer, perform the following:
(a) Open an account with the other broker if he has no such account.
(b) Complete the Transfer of Securities Form No. (5) and submit the same to the Unit.
3. The broker (from whose account the transfer is made) shall make the owner complete the form and deliver the same to the Unit.
4. The Unit shall, upon approval of the application, transfer the balance of the securities intended to be transferred to the investor's account with the transferee-broker.
5. The Unit may reject the transfer or entry of information application in the following circumstances:
(a) If after verification of the transfer request, it was discovered that there are discrepancies between the transfer order and the information entered with respect thereof into the Clearing, Settlement and Central Depository System.
(b) Insufficient balance in the relevant securities account.
(c) The existence of restrictions imposed by these procedures on dealing in the securities.
6. The Unit is not obliged to verify the legal basis for the transfer, movement or restriction on the deposited securities, or compliance by the member with the terms of the contract, or by any other parties to the contract.
7. The Unit may reject the transfer application from the investor's account with a broker to his account with another broker, if the investor has outstanding financial obligations towards the transferring broker, unless it was mutually agreed to settle such obligations.