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Article 7
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A customer intending to have securities deposited with a CSDE in the name of a participant shall prepare and submit to the participant a completed account application together with a chop/signature specimen card.<br/>The participant, upon accepting a customer's application to open a new account, shall enter into a contract with and provide a passbook to the customer.<br/>The contents of the contract referred to in the preceding paragraph shall be determined by consultation among the Securities Dealers' Associations, and shall be filed with the Commission for approval.<br/>The passbook as referred to in paragraph 2 of this article shall not be transferable nor be used as collateral.
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