Common use of TITLE TO AMERICAN DEPOSITARY SHARES Clause in Contracts

TITLE TO AMERICAN DEPOSITARY SHARES. Subject to the limitations set forth herein, it is a condition of this Receipt, and every successive Holder, by accepting or holding American Depositary Shares consents and agrees, that (i) title to the American Depositary Shares evidenced by a Receipt, when such Receipt is properly endorsed or accompanied by proper instruments of transfer, shall be transferable as certificated registered securities under the laws of New York and (ii) American Depositary Shares not evidenced by Receipts shall be transferable as uncertificated registered securities under the laws of New York. The Company and the Depositary, notwithstanding any notice to the contrary, may treat the Holder of American Depositary Shares as the absolute owner thereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in this Deposit Agreement and for all other purposes.