41.1 To secure the due payment of net to pay balance amounts due from the Participant to the BSE, the BSE shall have the right to dispose of all or any securities purchased in favour of the Participant, provided that the right of disposition shall subsist until such time as the Participant's obligations have been fulfilled.

41.2 In case a Participant fails to refund the amount debited to the Guarantee Fund account and cover all the costs relating to the use of the Guarantee Fund, the BSE may be obliged to authorize the selling of all or any of the securities referred to in sub-Article (41.1) hereof by another Participant. Such a sale shall be made at the BSE without further notice to the said Participant. The proceeds of the sale (net of commission, costs, fees and expenses) shall be paid into the Guarantee Fund account.