Sub-custody

(1) The custodian is entitled to entrust the securities, under its own name, to another custodian for safekeeping. Branches of a custodian are, both among themselves and in their relationship to the head office, deemed different custodians within the meaning of this provision.
(2) The custodian who has securities kept by another custodian (intermediate custodian) is liable for any fault of the sub-custodian as for its own fault. It remains responsible for observing the care required in selecting the sub-custodian even where liability for a fault of the sub-custodian has been excluded by contract, unless the securities are kept with a particular sub-custodian on the depositor's express instruction.