37.12
| If an issuer is issuing guaranteed debt securities under rule 37.08 the guarantee: |
|
| (a) | must have been validly authorised; |
| (b) | must comply with the guarantor's memorandum and articles of association or equivalent documents, if the guarantor is a body corporate (including a State corporation); and |
| (c) | must comply with the law of the place where the guarantor is incorporated or established. |