4.7 Deemed Depositor and Securities Account

The Depository Agent shall be regarded as the Depositor in respect of all the Deposited Securities credited to all the Sub-Accounts maintained by it and shall be deemed to maintain a Securities Account in respect of the said Deposited Securities. The Depository shall be under no obligation to recognize, even where having notice thereof, the interest of any Sub-Account Holder in the Deposited Securities.