| (a) As provided by the depository account agreement,
a depository account holder may transfer any portion of a precious
metal as is available in the depository account holder's depository
account to another depository account or any other person. A transfer
request must be made using a form prescribed by the depository. The
form prescribed by the depository may be electronic and must be submitted
either on the depository website or in person to the depository or
a depository agent as provided in the account agreement and in accordance
with policies established by the depository. All transfers must be
made in units of troy ounces pure or other applicable weights and
measures as established by the depository.
(b) If a payee under this section is a depository account
holder, the depository shall adjust the depository account balances
to reflect the transfer by reducing the payor's depository account
balance and increasing the depository account balance of the payee
accordingly.
(c) If a payee under this section is not a depository
account holder, upon receipt of a valid transfer request, the depository
shall at the option of the payee:
(1) deliver to the payee the amount of precious metals
transferred by the transfer request, minus any applicable fees; or
(2) if the payee is otherwise eligible to open a depository
account under applicable laws and regulations, allow the payee to
establish a depository account and credit the balance of the payee's
account accordingly.
(d) The depository may require a non-account holder
to provide information as is reasonably necessary to ensure that a
delivery of precious metals to a non-account holder under this section
is made in accordance with applicable law and policies established
by the depository. Notwithstanding any other provision in these rules,
the depository is not obligated to honor a transfer request if doing
so violates any applicable law or depository policy. A delivery made
to a non-account holder payee under this subsection may only be made
in person to the payee at a facility designated by the depository.
(e) As provided by the depository account agreement
or depository policy, precious metals transferred under this section
are subject to a settlement period for up to ten business days and
may not be sold, withdrawn or otherwise transferred during that period
unless approved by the depository.
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