SECTION 747

Subject to the provisions of Articles 772 and 773 of this Uniform Act, the pledge of transferable securities registered in an account shall be effected, with respect to both the issuing corporate person and third parties, by a statement dated and signed by the holder of the securities. The statement shall contain the amount of money due as well as the amount and nature of the securities pledged. The secured bonds shall be transferred into a special account opened in the name of the holder of the securities and kept by the issuing corporate person or the financial broker, as the case may be. A certificate of pledge shall be issued to the pledgee. In case of a collective action for the wiping off of debts of the intermediary financial broker who keeps the account, the holders of the securities entered in the account shall have all their rights transferred into an account kept by another financial broker or by the issuing corporate person. The competent court shall be informed of such transfer. Where the entries in the account are insufficient, the holders of the securities shall make a declaration thereof to the representative of the creditors for their rights to be supplemented. The pledge of registered securities provided for in Article 764 1) below shall be carried out by registration in the transfer registers of the company. The same shall apply in the case of sequestration of goods.