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.