Co-ownership of the collective holding, the custodian's power of administration in collective safe custody

(1) Where securities are taken into collective safe custody, co-ownership in proportionate shares of the securities of the same kind belonging to the custodian's collective holding arises for the previous owners at the time of receipt by the collective custodian. The nominal amount of the securities is decisive for determining the proportionate share, or, for securities without a nominal amount, the number of units.
(2) The depositor may, at any time and against reasonable reimbursement of expenses, demand from the custodian an extract, issued in text form, of the share of the collective holding held in custody for the depositor (custody statement for the exercise of rights). The custodian is answerable for the correctness of its custody statement for the exercise of rights. Whoever is designated by the custody statement for the exercise of rights as entitled to the deposited share of the collective holding is, for evidentiary purposes, deemed its holder. The depositor's claim to performance arising from its share of the collective holding is from the outset limited to the effect that, against the performance, the depositor transfers to the issuer a share of the collective holding corresponding to the performance.
(3) The collective custodian may, out of the collective holding, deliver to each depositor the quantity due to that depositor, or withdraw the quantity due to itself, without requiring the consent of the other parties concerned. The collective custodian may not otherwise reduce the collective holding. These provisions apply, in the case of sub-custody, mutatis mutandis to intermediate custodians.