Part 9 — Security Certificates, Registers and Transfers Division 1 Interpretation and Application
213 Delivery of security
a stock exchange or otherwise through securities brokers,
(a) the selling customer fulfils the duty to deliver when the
customer delivers the security to the selling securities broker
or to a person designated by the selling securities broker or
when the selling customer causes an acknowledgment to be
made to the selling securities broker, and
(b) the selling securities broke r, including a correspondence
broker, acting for a selling customer fulfils the duty to
deliver by delivering the security or a like security to the
buying securities broker or to a person designated by the
buying securities broker or by effecting clearance of the sale
in accordance with the rules of the exchange on which the
transaction took place.
(2) Except as provided otherwise in this section and unless agreed
otherwise, a transferor's duty to deliver a security under a contract
of purchase is not fulfilled until the transferor delivers the security
in negotiable form to the purchaser or to a person designated by the
purchaser, or causes an acknowledgment to be made to the
purchaser that the security is held for the purchaser.
(3) A sale to a securities broker purchasing for the securities
broker's own account is subject to subsection (2) and not
subsection (1) unless the sale is made on a stock exchange.