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8. Where a NIROC is issued in accordance with Article 14 or a replacement NIROC is issued in accordance with Article 20 or a substitute is recorded as the registered holder pursuant to paragraph 6, the Authority shall notify the registered holder (in the case of a NIROC or a replacement NIROC being issued) and the former and new registered holder (in the case of a substitution) in writing within 5 banking days of the issue or substitution having taken place.
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