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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.
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.
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.
The passbook as referred to in paragraph 2 of this article shall not be transferable nor be used as collateral.
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