Section 22

In its capacity as financial agent of KXCO, the Reserve may replace the securities that it has been instructed to issue with book-entry securities, issuing global digital certificates. In such case, the securities must be registered with the respective entities authorized if needed. Where circumstances so warrant, the Reserve may issue interim certificates.

The Reserve may sell securities directly or through arrangers, and may promote and supervise the operation of the latter. The Reserve may not underwrite securities on its own behalf, and shall charge a fee for the services referred to above against the National Government’s account.