Pledge or hypothecation of Bullion Depository Receipts requires prior approval, depository intimation, and record entry as evidence.

A beneficial owner may create a pledge or hypothecation over a Bullion Depository Receipt only with the prior approval of the bullion depository. The beneficial owner must intimate the depository of the arrangement, and the depository must enter it in its records. The recorded entry constitutes evidence of the pledge or hypothecation.

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