diff --git a/modules/claude-code/cmd/claude-code/config_test.go b/modules/claude-code/cmd/claude-code/config_test.go
index 5cdbc2238..bb985c3b7 100644
--- a/modules/claude-code/cmd/claude-code/config_test.go
+++ b/modules/claude-code/cmd/claude-code/config_test.go
@@ -279,7 +279,7 @@ func TestTheManifestListsEveryToolServed(t *testing.T) {
 	// the controller, and no read of the indexer's or the assigner's state (ADR 0615 §1): their views are consumed.
 	if !slices.Equal(m.Invokes, []string{"seat:mesh-hand-acts.warranted", "seat:mesh-hand-acts.hand-act", "seat:mesh-catalog.seat-definitions", ModulesTool, ManifestsTool, AssignmentsTool}) ||
 		!slices.Equal(m.Reads, []string{"claude-licence-manager.bindings"}) ||
-		!slices.Equal(m.Consumes, []string{"mesh-delivery-indexer.views.modules", "mesh-delivery-indexer.views.manifests", "mesh-delivery-assigner.views.assignments", "mesh-catalog.seat-definition-changed", "mesh-catalog.seat-definition-removed"}) {
+		!slices.Equal(m.Consumes, []string{"mesh-delivery-indexer.views.modules", "mesh-delivery-indexer.views.manifests", "mesh-delivery-assigner.views.assignments", "mesh-catalog.seat-definition-changed", "mesh-catalog.seat-definition-removed", HoldingsAsked}) {
 		t.Errorf("invokes = %v, reads = %v, consumes = %v", m.Invokes, m.Reads, m.Consumes)
 	}
 	if src, _ := os.ReadFile("proposals.go"); !strings.Contains(string(src), `"seat:mesh-hand-acts.warranted"`) ||
diff --git a/modules/claude-code/cmd/claude-code/holdings.go b/modules/claude-code/cmd/claude-code/holdings.go
new file mode 100644
index 000000000..38d036408
--- /dev/null
+++ b/modules/claude-code/cmd/claude-code/holdings.go
@@ -0,0 +1,37 @@
+package main
+
+// What this node holds, said (design 39 bus-and-switch §23): kept in this module's own state `holdings` and said as
+// the event `holdings-changed`, the holdings report whole and never a token, at start, whenever it changes, and again
+// when the licence manager says `holdings.asked`.
+
+import "encoding/json"
+
+// HoldingsChanged is the event that says what a node holds.
+const HoldingsChanged = "holdings-changed"
+
+// HoldingsAsked is the licence manager's event asking every node to say what it holds.
+const HoldingsAsked = Manager + ".holdings.asked"
+
+// HoldingsSayer keeps and says what this node holds.
+type HoldingsSayer struct {
+	Put  func(Holdings) error
+	Emit func(Holdings) error
+	said string
+}
+
+// Say keeps and says now when it differs from what was said last, or always when again: true when it said it. A
+// failure says nothing was said, so the next call tries again.
+func (s *HoldingsSayer) Say(now Holdings, again bool) (bool, error) {
+	raw, _ := json.Marshal(now)
+	if !again && string(raw) == s.said {
+		return false, nil
+	}
+	if err := s.Put(now); err != nil {
+		return false, err
+	}
+	if err := s.Emit(now); err != nil {
+		return false, err
+	}
+	s.said = string(raw)
+	return true, nil
+}
diff --git a/modules/claude-code/cmd/claude-code/holdings_test.go b/modules/claude-code/cmd/claude-code/holdings_test.go
new file mode 100644
index 000000000..c74b0d682
--- /dev/null
+++ b/modules/claude-code/cmd/claude-code/holdings_test.go
@@ -0,0 +1,52 @@
+package main
+
+import (
+	"encoding/json"
+	"errors"
+	"strings"
+	"testing"
+)
+
+// design 39 bus-and-switch §23: the holdings are said at start, on a change and when asked again, kept in the
+// module's own state each time, the report whole and never a token.
+func TestHoldingsAreSaidAtStartAndOnChange(t *testing.T) {
+	var kept, said []string
+	failing := false
+	s := &HoldingsSayer{
+		Put: func(h Holdings) error { raw, _ := json.Marshal(h); kept = append(kept, string(raw)); return nil },
+		Emit: func(h Holdings) error {
+			if failing {
+				return errors.New("no responders")
+			}
+			raw, _ := json.Marshal(h)
+			said = append(said, string(raw))
+			return nil
+		},
+	}
+	fp := "sha256:0123456789abcdef"
+	start := Holdings{Node: "laptop"}
+	changed := Holdings{Node: "laptop"}
+	changed.Refresh.Present, changed.Refresh.Fingerprint = true, &fp
+	for i, step := range []struct {
+		h          Holdings
+		again, out bool
+	}{{start, false, true}, {start, false, false}, {changed, false, true}, {changed, true, true}} {
+		if got, err := s.Say(step.h, step.again); err != nil || got != step.out {
+			t.Fatalf("step %d: said %v (%v), want %v", i, got, err, step.out)
+		}
+	}
+	if len(said) != 3 || len(kept) != 3 {
+		t.Fatalf("said %d, kept %d, want 3 each", len(said), len(kept))
+	}
+	if !strings.Contains(said[1], fp) || !strings.Contains(said[1], `"node":"laptop"`) {
+		t.Fatalf("the report is not said whole: %s", said[1])
+	}
+	failing = true
+	if got, err := s.Say(start, false); err == nil || got {
+		t.Fatal("a failed event counts as said")
+	}
+	failing = false
+	if got, _ := s.Say(start, false); !got {
+		t.Fatal("what failed to be said is not said at the next call")
+	}
+}
diff --git a/modules/claude-code/cmd/claude-code/main.go b/modules/claude-code/cmd/claude-code/main.go
index 53a18a1a0..6c7580ebf 100644
--- a/modules/claude-code/cmd/claude-code/main.go
+++ b/modules/claude-code/cmd/claude-code/main.go
@@ -20,6 +20,7 @@ import (
 	"os/exec"
 	"path/filepath"
 	"strings"
+	"sync"
 	"time"
 
 	"git.novox.be/novox/mesh-contracts/health-and-repair/go/clients/meshconditionsclient"
@@ -567,15 +568,24 @@ func run(p Paths, view *ServerView, configView *ConfigView) {
 	// every change of the credentials file, polled, because the file is replaced by rename and a watch on
 	// the old inode would go quiet. Fingerprints and expiries only.
 	holdings := stdio.State("holdings")
-	reported := ""
-	report := func() {
+	var sayMu sync.Mutex
+	sayer := &HoldingsSayer{
+		Put:  func(h Holdings) error { _, err := holdings.Put(p.Node, h); return err },
+		Emit: func(h Holdings) error { return stdio.Emit(HoldingsChanged, h) },
+	}
+	sayHoldings := func(again bool) {
+		sayMu.Lock()
+		defer sayMu.Unlock()
 		now := HoldingsOf(p)
-		raw, _ := json.Marshal(now)
-		if string(raw) == reported {
-			return
-		}
-		persist("reporting what this node holds", func() error { _, err := holdings.Put(p.Node, now); return err }, func(int) {
-			reported = string(raw)
+		said := false
+		persist("reporting what this node holds", func() error {
+			var err error
+			said, err = sayer.Say(now, again)
+			return err
+		}, func(int) {
+			if !said {
+				return
+			}
 			account := "no account"
 			if now.Identity != nil && now.Identity.EmailAddress != "" {
 				account = now.Identity.EmailAddress
@@ -593,6 +603,15 @@ func run(p Paths, view *ServerView, configView *ConfigView) {
 			say("%s", line)
 		})
 	}
+	report := func() { sayHoldings(false) }
+	// The licence manager asks every node to say what it holds again (§23): after its carry-over, at its start and on
+	// its resync.
+	go persist("hearing the licence manager ask what this node holds", func() error {
+		return stdio.Subscribe(HoldingsAsked, func(stdio.Envelope) error {
+			go sayHoldings(true)
+			return nil
+		})
+	}, func(n int) { say("hearing %s%s", HoldingsAsked, refusals(n)) })
 
 	// What this node should hold (ADR 0206): the manager's `bindings` key for this node; a newer
 	// generation is fetched with the seat's `current`, sealed to this module's key.
diff --git a/modules/claude-code/module.json b/modules/claude-code/module.json
index 7bfbd71fd..c3e46ff70 100644
--- a/modules/claude-code/module.json
+++ b/modules/claude-code/module.json
@@ -35,7 +35,8 @@
     "mesh-delivery-indexer.views.manifests",
     "mesh-delivery-assigner.views.assignments",
     "mesh-catalog.seat-definition-changed",
-    "mesh-catalog.seat-definition-removed"
+    "mesh-catalog.seat-definition-removed",
+    "claude-licence-manager.holdings.asked"
   ],
   "state": [
     "servers",
@@ -48,7 +49,8 @@
     "findings"
   ],
   "emits": [
-    "judged"
+    "judged",
+    "holdings-changed"
   ],
   "reads": [
     "claude-licence-manager.bindings"