(1) Subject to sections 4.3 and 4.7, a proximate intermediary that receives securityholder materials from a reporting issuer for sending to beneficial owners shall send
(a) one set of the materials to each OBO of the relevant securities that is a client of the proximate intermediary;
(b) one set of the materials to each NOBO of the relevant securities if the reporting issuer stated in the applicable request for beneficial ownership information, or otherwise advised the proximate intermediary, that the reporting issuer will send the materials to NOBOs indirectly through intermediaries; and
(c) appropriate quantities of materials to all intermediaries holding securities of the relevant class or series that are clients of the proximate intermediary, for sending by them under subsection (3).
(2) A proximate intermediary shall comply with subsection (1)
(a) within four business days after receipt in the case of securityholder materials to be sent by prepaid mail other than first class mail; and
(b) within three business days after receipt in the case of securityholder materials to be sent by any other means.
(3) An intermediary that receives securityholder materials from another intermediary under this section shall send, within one business day of receipt
(a) one set of the materials to each OBO that is a client of the intermediary; and
(b) appropriate quantities of the materials to all intermediaries holding securities of the relevant class or series that are clients of the intermediary for sending by them under this subsection.
(4) The persons or companies to whom securityholder materials are sent under this section shall be determined
(a) as at the beneficial ownership determination date, in the case of proxy-related materials; and
(b) as at the date specified in the relevant request for beneficial ownership information, in the case of securityholder materials not sent in connection with a meeting.
(5) An intermediary may satisfy its obligation to send securityholder materials to another intermediary under this section by sending the securityholder materials to a person or company designated by the other intermediary.