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(1) A depository and its participants are liable to a depositor for any loss or damage in respect of a certificate deposited by a depositor with the central securities depository or depository participant.

(2) Despite subsection (1), a depository is not liable for loss or damage of a certificate the transfer of which is not capable of registration.

  (3) Subsection (2) shall not relieve a depository participant from any obligation imposed on the depository participant by the rules of a        stock exchange in its capacity as a member of the stock exchange to effect buying-in resulting from a refusal of an issuer to register a        transfer