20 NCAC 01H .0304. SUBSTITUTION OF SECURITIES

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(a) The participant may substitute cash or securities, for existing cash or securities deposited without prior approval of the applicable agency when substitution is provided by, and in strict accordance with the rules of the applicable agency. The trustee shall immediately notify the applicable agency of the substitution.

(b) All other substitutions may be made only after the express approval of the applicable agency as provided in the duly adopted rules of the applicable agency. Upon receipt of the substituted collateral, the trustee shall immediately notify the applicable agency of the substitution.

History Note: Authority G.S. 147‑78.1;

Eff. December 1, 1985.

                    
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