Financial Markets Act, 2012 (Act No. 19 of 2012)

Chapter IV : Custody and Administration of Securities

General provisions relating to custody and administration of securities

40. Ranking of interests in securities
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(1)Despite any other law, if more than one interest or limited interest is entered against the same securities, priority must be granted to the interest or limited interest entered first in time in the securities account or central securities account, as the case may be.

 

(2)
(a)Despite subsection (1), the order of priority in any interest or limited interest may be varied by agreement between the parties.
(b)Any variation referred to in paragraph (a) is not effective against third parties.