| Context |
[...] Article 9 - A depositary shall, in accordance with the national law of the State in which the management company’s registered office is situated, be liable to the management company and the unit-holders for any loss suffered by them as a result of its unjustifiable failure to perform its obligations or its improper performance of them. Liability to unit-holders may be invoked either directly or indirectly trough the management company, depending on the legal nature of the relationship between the depositary, the management company and the unit-holders. [...]
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