processing system, at the time when the electronic record is retrieved by the addressee; or (b) where the addressee has not designated an information processing system, occur when the electronic record enters an information processing system that the addressee uses for the purpose of receiving electronic records or information of the type sent from which the addressee is able to retrieve the electronic record or information. (3) Subsection (2) shall apply notwithstanding that the place where the information processing system is located may be different from the place where the electronic record is deemed to be received under subsection (4). (4) Unless otherwise agreed between the originator and the addressee, an electronic record is deemed to be sent from the place where the originator has his place of business, and is deemed to be received at the p lace where the addressee has his place of business. (5) For the purposes of this section (a) where the originator or the addressee has more than one place of business, the place of business is that which has the closest relationship to the underlying transaction or, where there is no underlying transaction, the principal place of business; (b) where the originator or the addressee does not have a place of business, reference is to be made to the usual place of residence; and (c) "usual place of residence", in relation to a body corporate, means the place where it is incorporated or otherwise legally registered. PART V - SECURE ELECTRONIC RECORDS AND SIGNATURES 15. Secure electronic records (1) Where a prescribed security procedure, or a commercially reasonable security procedure agreed to by the parties involved, has been properly applied to an electronic record to verify that the electronic record has not been altered since a specified point in time, the record shall be treated as a secure electronic record from such specified point in time to the time of verification. (2) For the purposes, of this section and section 16, whether a security procedure is commercially reasonable shall be determined having regard to the purposes of the procedure and the commercial circumstances at the time the procedure was used, including (a) the nature of the transaction; (b) the sophistication of the parties; (c) the volume of similar transactions engaged in by