1. To guarantee payment of the net balance due from the broker, the Exchange shall be entitled to dispose of all securities purchased by the broker and such right of disposal shall be retained by the Exchange until such time when all obligations of the broker are satisfied.

2. If the broker fails to pay the amount charged against him in the Guarantee Fund account and all other costs associated with the Fund's balance, the Exchange may authorize any other broker to sell all or any part of the securities mentioned in paragraph (1) above and the sale shall be carried out for the account of the Exchange, without notifying the relevant participating broker with the sale transaction. The proceeds of sale shall (after deduction of commission, costs, fees and expenses) be paid to the Guarantee Fund account.