Part 9 — Security Certificates, Registers and Transfers Division 1 Interpretation and Application
196 Staleness
claim unless the security becomes stale within the meaning of
subsection (2):
(a) an event that creates a right to performance of the princi pal
obligation evidenced by the security;
(b) an event that sets the date on or after which the security is to
be presented or surrendered for redemption or exchange.
(2) A security becomes stale if
(a) the purchaser takes the sec urity more than one year after
(i) the date on which per formance of the principal
obligation evidenced by the security was due, or
(ii) the date on or after wh ich the security was to be
presented or surrendered for redemption or exchange,
o r
(b) the payment of money or the delivery of securities is
required in order to present or surrender the security, the
money or securities are available on the day for the payment
or delivery and the purchaser takes the security more than 6
months after that day.