Common use of Authority of Custodian Clause in Contracts

Authority of Custodian. 3.1 Until the Bank receives Instructions to the contrary, the Bank is authorised: (a) to receive and collect all income and principal with respect to Securities; (b) to present for payment Securities which are called for redemption or have otherwise matured and all coupons and other income items which call for payment upon presentation to the extent that the Bank is aware of the same; (c) to execute in the name of the Customer such ownership and other certificates as the Bank reasonably deems appropriate to obtain payments in respect thereof; (d) to exchange interim receipts or temporary Securities for Securities in definitive form (including to exchanging warrants or other document of entitlement to Securities for the Securities themselves); (e) to exchange the Securities for other Securities wholly or for any combination of other Securities and cash pursuant to any plan or merger, consolidation, reorganisation, recapitalisation or readjustment and/or upon conversion of Securities pursuant to their terms of issue; (f) to exercise subscription, purchase or other similar rights represented by the Securities; (g) to sell any right, entitlement or a fractional interest received in respect of Securities resulting from a right issue, stock dividend or stock split where such right(s), entitlement or fractional interest bears an expiration date; (h) to convert monies received in foreign currency with respect to any of the Securities into Ringgit Malaysia or any other currency as the Bank in its discretion deems necessary to effect any transaction involving Securities through the facilities of the Bank, its Nominee or any sub-custodian or, through any other customary banking channels, using any method or agency available; (i) to submit or present in the Bank’s sole discretion any of the Securities in the custody of the Bank for registration in the name of the Customer or any person nominated by the Customer or in the name of the Bank or any sub-custodian; and (j) to convert any scrip Securities to scripless Securities and execute all instruments and do all such acts as the Bank deems required for or incidental to the conversion including but not limited to the establishment of a direct securities account in the name of the Customer or the establishment of a securities account with the Bank or its Nominee or sub-custodian.