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of <h1>Depository receipt holders gain voting rights only after converting receipts to shares; depository votes on their behalf until then.</h1> A holder of depository receipts can become a member of a company and gain voting rights only after converting the depository receipts into underlying shares, following the prescribed procedure. Until such conversion, the overseas depository is entitled to vote on behalf of the depository receipt holders, as per the agreement between the depository, the receipt holders, and the company.
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