Clause 21

The Authority shall not be liable for conversion or for participation in any breach of fiduciary duty where the Authority has, in respect of book-entry Government securities maintained in accounts maintained by the Authority, effected pledges or made entries regarding the securities, or transferred or delivered the securities, according to the instructions of its depositor notwithstanding that the depositor had no right to dispose of or take any other action in respect of the securities.

The Authority shall be fully discharged of its obligations under this Part by the transfer or delivery of book-entry Government securities upon the instructions of its depositor.