Scope of the authorisation for exchange custody

A declaration by which the depositor authorises the custodian to return securities of the same kind instead of the securities entrusted to it for safekeeping includes, unless expressly excluded in the declaration, the authorisation to replace the securities with securities of the same kind even before the return. It does not include authorisation for measures of another kind and does not mean that ownership of the securities is to pass to the custodian merely by their receipt.