22Meaning of depository receipts over gold

22 Meaning of depository receipts over gold

For these rules, a depository receipt over gold means an enforceable and documented obligation: (a) from an entity that is authorised in its principal place of business to carry on banking business (the issuer), to make available a specified amount of gold at the direction of the holder of the depository receipt over gold (the holder); and (b) under which the issuer has an obligation enforceable by the holder that the issuer will at all times until performance hold sufficient gold: (i) of a specified amount that is allocated to the holder and that will be made available at the holder’s direction; or (ii) which is sufficient in amount and available to enable performance of the obligation to the holder and any other obligations of the issuer in relation to gold held by the issuer.