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V-1.1 - Securities Act
Section 10.1.1
Disposition versions
10.1.1. (Repealed).
10.1.1. An instrument under which a person is required to pay an amount of money to a securities intermediary within the meaning of the Act respecting the transfer of securities and the establishment of security entitlements (chapter T-11.002) or to a clearing house, including as a margin or settlement deposit, and which allows the intermediary or clearing house, in all circumstances described in the instrument, to extinguish or reduce, by means of a set-off, its obligation to repay that amount to the person is enforceable against third persons without further formality.
Such an instrument is governed by the law expressly designated in it or the designation of which may be inferred with certainty from the terms of the instrument.
