1. An investment company's assets must be entrusted to a depositary for safe-keeping.
2. A depositary's liability as referred to in Article 16 shall not be affected by the fact that it has entrusted to a third party all or some of the assets in its safe-keeping.
3. A depositary must, moreover:
(a) ensure that the sale, issue, re-purchase, redemption and cancellation of untis effected by or on behalf of a company are carried out in accordance with the law and with the company's instruments of incorporation;
(b) ensure that in transactions involving a company's assets any consideration is remitted to it within the usual time limits;
(c) ensure that a company 's income is applied in accordance with the law and its instruments of incorporation.
4. A Member State may decide that investment companies situated within its territory which market their units exclusively through one or more stock exchanges on which their units are admitted to official listing shall not be required to have de