①Pledging bonds cannot be asserted against the bond-issuing company and other third parties unless the names and addresses of the pledgees are entered or recorded in the bond register.

②Notwithstanding the provisions of the preceding paragraph, a pledgee of bonds for which there are provisions to the effect that bond certificates are issued may not assert the pledge against the bond-issuing company and other third parties unless the pledgee is in continuous possession of the bond certificates relating to relevant bonds.