Common use of Cancellation and Destruction of Surrendered Receipts; Maintenance of Records Clause in Contracts

Cancellation and Destruction of Surrendered Receipts; Maintenance of Records. All Receipts surrendered to the Depositary shall be canceled by the Depositary. Canceled Receipts shall not be entitled to any benefits under this Deposit Agreement or be valid or enforceable against the Depositary for any purpose. The Depositary is authorized to destroy Receipts so canceled, provided the Depositary maintains a record of all destroyed Receipts. Any ADSs held in book-entry form (i.e., through accounts at DTC) shall be deemed canceled when the Depositary causes the number of ADSs evidenced by the Balance Certificate to be reduced by the number of ADSs surrendered (without the need to physically destroy the Balance Certificate). The Depositary agrees to maintain records of all Receipts surrendered and Deposited Securities withdrawn under Section 2.7, substitute Receipts delivered under Section 2.9, and of canceled or destroyed Receipts hereunder, in keeping with procedures ordinarily followed by stock transfer agents located in The City of New York.

Appears in 1 contract

Sources: Deposit Agreement (PCCW LTD)

Cancellation and Destruction of Surrendered Receipts; Maintenance of Records. All Receipts surrendered to the Depositary shall be canceled cancelled by the Depositary. Canceled The Depositary is authorized to destroy Receipts so cancelled in accordance with its customary practices. Cancelled Receipts shall not be entitled to any benefits under this Deposit Agreement or be valid or enforceable against the Depositary obligatory for any purpose. The Depositary is authorized agrees to destroy Receipts so canceled, provided the Depositary maintains a record maintain or cause its agents to maintain records of all Receipts surrendered and Deposited Securities withdrawn under Section 2.6, substitute Receipts delivered under Section 2.8, and of cancelled or destroyed ReceiptsReceipts under this Section 2.9, in keeping with procedures ordinarily followed by stock transfer agents located in The City of New York or as required by the laws or regulations governing the Depositary. Any ADSs held in book-entry form (i.e.e.g., through accounts at DTC) shall be deemed canceled when the Depositary causes the number of ADSs evidenced by the Balance Certificate to be reduced by the number of ADSs surrendered (without the need to physically destroy the Balance Certificate). The Depositary agrees to maintain records of all Receipts surrendered and Deposited Securities withdrawn under Section 2.7, substitute Receipts delivered under Section 2.9, and of canceled or destroyed Receipts hereunder, in keeping with procedures ordinarily followed by stock transfer agents located in The City of New York.

Appears in 1 contract

Sources: Deposit Agreement (Citibank,N.A./ADR)