Exercise of voting rights - GMSLA Provision: Difference between revisions

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Paragraph {{gmsla2000prov|6.3}} of the {{2000gmsla}} is materially identical.
Paragraph {{gmsla2000prov|6.3}} of the {{2000gmsla}} is materially identical.


Note the tension between this provision — the implication being, if you want to vote your shares, you should recall them, and Paragrpah 6.7 which implies the {{gmslaprov|Lender}} has some right to the [[Fruits of the contract|fruits]] of any [[corporate action]] that should happen during a {{gmslaprov|Loan}}, should the Lender ''not'' recall the {{gmslaprov|Securities}}.  
Note the tension between this provision — the implication being, if you want to vote your shares, you should recall them — and Paragrpah 6.7 which implies the {{gmslaprov|Lender}} has some right to the [[Fruits of the contract|fruits]] of any [[corporate action]] that should happen during a {{gmslaprov|Loan}}, should the Lender ''not'' recall the {{gmslaprov|Securities}}.  
{{Seealso}}
{{Seealso}}
*What happens under {{gmslaprov|corporate actions}} under para {{gmslaprov|6.7}} of the {{gmsla}}
*What happens under {{gmslaprov|corporate actions}} under para {{gmslaprov|6.7}} of the {{gmsla}}

Revision as of 13:56, 18 July 2018

GMSLA Anatomy™


In a Nutshell™ Clause 6.6:

6.6 Exercise of voting rights
If any voting rights arise under any Loaned Securities or Collateral, the party holding the asset in question is not required to vote it at the direction of the party that originally delivered it.
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2010 GMSLA full text of Clause 6.6:

6.6 Exercise of voting rights
Where any voting rights fall to be exercised in relation to any Loaned Securities or Collateral, neither Borrower, in the case of Equivalent Securities, nor Lender, in the case of Equivalent Collateral, shall have any obligation to arrange for voting rights of that kind to be exercised in accordance with the instructions of the other Party in relation to the Securities borrowed by it or transferred to it by way of Collateral, as the case may be, unless otherwise agreed between the Parties.
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Paragraph 6.3 of the 2000 GMSLA is materially identical.

Note the tension between this provision — the implication being, if you want to vote your shares, you should recall them — and Paragrpah 6.7 which implies the Lender has some right to the fruits of any corporate action that should happen during a Loan, should the Lender not recall the Securities.

See also

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