Unless otherwise provided by the terms of issue or the issuer's articles of association, an issuer may, at any time and without the account holder's consent, convert certificated securities in collective custody, global certificates or uncertificated securities held or registered as a basis for intermediated securities into another form.26 It shall bear the conversion cost.
Insofar as provided by the terms of issue or the issuer's articles of association, an account holder may at any time require the issuer to deliver certificated securities in the quantity and of the kind corresponding to intermediated securities credited to the account holder's securities account based on a global certificate or uncertificated securities.27 The account holder shall bear the cost of this conversion unless the terms of issue or the issuer's articles of association provide otherwise.
The custodian shall ensure that the conversion of the securities does not alter the total number of the personal and corporate rights issued.