216. Kinds of transfer.

The general rule is that securities1 are transferred2 with accrued interest3 for the purposes of the provisions on accrued income profits4 if they are transferred with the right to receive interest payable:


    (1)     in a case where the settlement day is an interest payment day, on the settlement day; and


    (2)     in any other case, on the first interest payment day after the settlement day5.

In addition, in the case of certain transfers6, if the person treated as the transferor had the right to receive interest payable as mentioned in head (1) or (2), the securities are treated as transferred