Texas Administrative Code › Title 34 - PUBLIC FINANCE › Part 1 - COMPTROLLER OF PUBLIC ACCOUNTS › Chapter 14 - TEXAS BULLION DEPOSITORY › Section 14.3 - Written Demand for Withdrawal or Delivery

Current through Reg. 49, No. 28; July 12, 2024
(a) As provided by the depository account
				agreement, a depository account holder may request a withdrawal from the
				depository of a quantity of precious metal as is available in the depository
				account holder's depository account. A withdrawal request must be made using a
				form or format prescribed by the depository. The form or format prescribed by
				the depository may be electronic and must be submitted either on the depository
				website or in person to the depository or a depository agent as provided in the
				account agreement and in accordance with policies established by the
				depository. All requests for withdrawals must be made in units of troy ounces
				pure or other applicable weights and measures as established by the
				depository.
(b) Upon receipt of a
				withdrawal request by either the depository or depository agent, the depository
				shall make a delivery of the precious metals to the depository account holder
				within ten business days.
(c) The
				depository may deliver precious metals to the address the depository account
				holder designated as their address of record, the facility of the depository
				agent at which presentment was made, or at a facility designated by the
				depository.
(d) For the purposes of
				this chapter, the requirement to make a delivery of precious metals upon
				presentment of a suitable written demand within ten business days shall be
				considered met if the precious metals are shipped to the depository account
				holder's address of record or are otherwise made available for pick-up at the
				facility of the depository at which presentment was made or a facility
				designated by the depository on or before the tenth business day after the
				written demand is received by the depository.
(e) For the purposes of this section, if a
				withdrawal demand is made by a depository account holder whose withdrawal
				privileges have been suspended for non-payment of fees or is made in connection
				with the closure of a depository account, the obligation of the depository to
				make delivery of precious metals within ten business days shall only commence
				after all depository fees have been paid and any existing liens or pledges have
				been released.
(f) If a withdrawal
				demand made under this chapter would result in the value of precious metals
				held in the account to be less than the fees that have accrued as of the date
				of the withdrawal demand, the depository may request payment for the accrued
				fees and the obligation of the depository to make delivery of precious metals
				within ten business days shall only commence after all accrued depository fees
				and other charges have been paid. If the depository account holder does not pay
				the fees within ten business days, the depository may withhold from delivery an
				amount of precious metals sufficient to secure payment of any fees owed by the
				depository account holder as of the date of the withdrawal.