(a) As provided by the depository account agreement, a depository account holder may transfer any portion of a precious metal as is available in the depository account holder's depository account to another depository account or any other person. A transfer request must be made using a form prescribed by the depository. The form 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 transfers must be made in units of troy ounces pure or other applicable weights and measures as established by the depository.
(b) If a payee under this section is a depository account holder, the depository shall adjust the depository account balances to reflect the transfer by reducing the payor's depository account balance and increasing the depository account balance of the payee accordingly.
(c) If a payee under this section is not a depository account holder, upon receipt of a valid transfer request, the depository shall at the option of the payee:
  (1) deliver to the payee the amount of precious metals transferred by the transfer request, minus any applicable fees; or
  (2) if the payee is otherwise eligible to open a depository account under applicable laws and regulations, allow the payee to establish a depository account and credit the balance of the payee's account accordingly.
(d) The depository may require a non-account holder to provide information as is reasonably necessary to ensure that a delivery of precious metals to a non-account holder under this section is made in accordance with applicable law and policies established by the depository. Notwithstanding any other provision in these rules, the depository is not obligated to honor a transfer request if doing so violates any applicable law or depository policy. A delivery made to a non-account holder payee under this subsection may only be made in person to the payee at a facility designated by the depository.
(e) As provided by the depository account agreement or depository policy, precious metals transferred under this section are subject to a settlement period for up to ten business days and may not be sold, withdrawn or otherwise transferred during that period unless approved by the depository.

Source Note: The provisions of this §14.4 adopted to be effective December 27, 2017, 42 TexReg 7411; amended to be effective June 29, 2022, 47 TexReg 3694