CODE OF VIRGINIA

DUTY OF SECURITIES INTERMEDIARY TO CHANGE ENTITLEMENT HOLDER’S POSITION TO
OTHER FORM OF SECURITY HOLDING (§ 8.8A-508)

A securities intermediary shall act at the direction of an entitlement holder to
change a security entitlement into another available form of holding for which
the entitlement holder is eligible, or to cause the financial asset to be
transferred to a securities account of the entitlement holder with another
securities intermediary. A securities intermediary satisfies the duty if:

1. the securities intermediary acts as agreed upon by the entitlement holder and
the securities intermediary; or

2. in the absence of agreement, the securities intermediary exercises due care
in accordance with reasonable commercial standards to follow the direction of
the entitlement holder.

HISTORY: 1996, c. 216.