Income - GMSLA Provision
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So the question is how this dovetails into the manufactured income provisions where the Income in question is in some way contingent on a corporate action, vote, or shareholding status.
For if you lent the security to me — title transfer — and I sold it short (as one does under a stock lending arrangement) and then a corporate action arose which entitled each shareholder who makes a certain election to receive a certain distribution, must I manufacture that distribution to you, even if I didn't make that election or, for that matter, even hold the share to be able to make that election?
As to this, see Para 6.7