Chapter Six Transfer of Ownership of “Non-Traded Securities”
| Article (103) |
Subject to Commission decision’s related to securities, the Center shall carry out the transfer of ownership of “non-Traded securities” in the Market in accordance with these Instructions. |
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| Article (104) |
The transfer of ownership of non-Traded securities through the Center shall be conducted in accordance with the following measures: |
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A- |
The transferor and the transferee or their legal representatives shall submit an application according to the designated form to transfer the securities from the transferor to the transferee. The application must be signed by the transferor and the transferee or their legal representatives and attached with all the required identification documents and papers. |
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B- |
The Center shall identify the transferor and the transferee in the Center’s electronic systems unless they were previously identified. |
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C- |
The Center shall check that the balance of the deposited sold securities is sufficient and that the securities involved are not subject to any pledge, lien or any ownership restrictions whatsoever in the account of the transferor. |
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D- |
The Center shall transfer the ownership of securities from the transferor’s Account to the transferee’s Account and shall inform the concerned parties of the transfer. |
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E- |
The financial Settlements between the transferor and the transferee shall occur between them directly without the intervention of the Center unless the center decided otherwise. |
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