(1) Where the Board is satisfied that a claimant under section 957 or 958
is entitled to make the claim, SEGC must allow the claim.
(2) If SEGC allows the claim and the claimant has, as a result of the
unauthorised execution, ceased to hold some or all of the transferred
securities, SEGC must:
- (a)
- subject to paragraph (b), supply to the
claimant securities of the same kind and number as those of the
transferred securities that the claimant has so ceased to hold; or
- (b)
- if the Board is satisfied that it is not practicable for SEGC to obtain
such securities, or to obtain such securities within a reasonable
timepay to the claimant the amount that, as at the time when the Board
decides that it is so satisfied, is the actual pecuniary loss suffered by the
claimant, in respect of the transferred securities, as a result of the
unauthorised execution (other than loss suffered as mentioned in
subsection (3)).
(3) If SEGC allows the claim, it must pay to the claimant the amount that, as
at the time when the claim is allowed, or when the Board decides as mentioned
in paragraph (2)(b), as the case requires, is the actual pecuniary loss
suffered by the claimant, as a result of the unauthorised execution, in
respect of payments or other benefits:
- (a)
- in any caseto which the
claimant would have become entitled, as the holder of such of the
transferred securities as the claimant has, as a result of the
unauthorised execution, ceased to hold, if the claimant had continued to hold
the securities concerned until that time; or
- (b)
- if the claim was made under section 958that the claimant has
received as holder of any of the transferred securities.
(4) For the purposes of this section, where securities are purportedly
transferred from a person to another person, the first-mentioned person is
taken to cease to hold, and the other person is taken to hold, the securities
even if the other person did not by virtue of the transfer get a good title to
the securities.