                                 CODE OF VIRGINIA

DUTY OF SECURITIES INTERMEDIARY TO EXERCISE RIGHTS AS DIRECTED BY ENTITLEMENT
HOLDER (§ 8.8A-506)

A securities intermediary shall exercise rights with respect to a financial
asset if directed to do so by an entitlement holder. A securities intermediary
satisfies the duty if:

1. the securities intermediary acts with respect to the duty as agreed upon by
the entitlement holder and the securities intermediary; or

2. in the absence of agreement, the securities intermediary either places the
entitlement holder in a position to exercise the rights directly or exercises
due care in accordance with reasonable commercial standards to follow the
direction of the entitlement holder.

HISTORY: 1996, c. 216.