10. Interpretation for Chapter 1I

“adverse claim” means a claim to a property interest in a security credited to the securities account of a person other than that of the claimant, including the right of redemption of a debt, under a mortgage, pledge or charge, or any other transaction intended to secure the payment of a debt and a beneficial interest under a trust ;

“creditor process” means any process of execution issued by a Court of competent jurisdiction on behalf of a creditor or other claimant with respect to a security or securities account, such as a levy, attachment, garnishment, notice of lien, sequestration or similar process, including any order restraining or blocking a disposition, but shall not include any action taken by a securities account holder of a designated securities account to extinguish an adverse claim to a security credited to the designated securities account ;

“customer” means in relation to a dealer direct participant, a transferor or transferee in a disposition, who is a securities account holder, other than a direct participant ;

“dealer direct participant” and “direct participant” shall have the same meanings as are assigned to them in the Local Treasury Bills Ordinance (Chapter 417)

and the Registered Stocks and Securities Ordinance

(Chapter 420) ;

“designated securities account” means a securities account in which title to securities held in it is stated to be subject to adverse claims ;

“disposition” means any absolute transfer of title to a security between a transferor and transferee ;

“own securities account” means a securities account in the name of a direct participant as the securities account holder ;

“securities account” means an account maintained at the

Central Bank to which securities may be credited and debited and in which dispositions of securities are recorded ;

“securities account holder” means a person in whose name the Central Bank maintains a securities account ;

“security” means any—