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CSD-4.1.4

The business rules of a licensed clearing house and licensed central depository shall be deemed to be, and shall operate as, a binding contract:

(a) Between the licensed clearing house and licensed central depository and each issuer of securities;
(b) Between the licensed clearing house and licensed central depository and each member or depository participant;
(c) Between each issuer of securities and each member or depository participant; and
(d) Between each member or depository participant and every other member or depository participant.
Amended: April 2016