diff --git a/modules/claude-licence-manager/cmd/claude-licence-manager/holdings.go b/modules/claude-licence-manager/cmd/claude-licence-manager/holdings.go
new file mode 100644
index 000000000..1925b9613
--- /dev/null
+++ b/modules/claude-licence-manager/cmd/claude-licence-manager/holdings.go
@@ -0,0 +1,68 @@
+package main
+
+// What every node holds, heard as events (design 39 bus-and-switch §23, §46, B12): the agent module says
+// `holdings-changed` with its holdings report whole, at its start, on every change and when asked; the manager says
+// `holdings.asked` at every start, after its carry-over, and on its resync, and takes each report it hears as that
+// node's latest.
+
+import (
+	"encoding/json"
+	"fmt"
+	"sort"
+	"sync"
+	"time"
+)
+
+// HoldingsChanged is the agent module's event saying what one node holds, which the manager consumes.
+const HoldingsChanged = "claude-code.holdings-changed"
+
+// HoldingsAsked is the manager's event asking every node to say what it holds again.
+const HoldingsAsked = "holdings.asked"
+
+// Heard is what every node last said it holds, by node.
+type Heard struct {
+	mu      sync.Mutex
+	reports map[string]Holdings
+}
+
+// Take keeps one `holdings-changed` as its node's latest report.
+func (h *Heard) Take(body []byte) (Holdings, error) {
+	var r Holdings
+	if err := json.Unmarshal(body, &r); err != nil {
+		return r, fmt.Errorf("%s is not a holdings report: %w", HoldingsChanged, err)
+	}
+	if r.Node == "" {
+		return r, fmt.Errorf("%s names no node", HoldingsChanged)
+	}
+	h.mu.Lock()
+	defer h.mu.Unlock()
+	if h.reports == nil {
+		h.reports = map[string]Holdings{}
+	}
+	h.reports[r.Node] = r
+	return r, nil
+}
+
+// All is every node's latest report, by node's name.
+func (h *Heard) All() []Holdings {
+	h.mu.Lock()
+	all := make([]Holdings, 0, len(h.reports))
+	for _, r := range h.reports {
+		all = append(all, r)
+	}
+	h.mu.Unlock()
+	sort.Slice(all, func(i, j int) bool { return all[i].Node < all[j].Node })
+	return all
+}
+
+// Of is the generation node last reported applying.
+func (h *Heard) Of(node string) int64 {
+	h.mu.Lock()
+	defer h.mu.Unlock()
+	return h.reports[node].Generation
+}
+
+// AskHoldings says `holdings.asked`, its time and who asks (§23).
+func (m *Manager) AskHoldings(by string) error {
+	return m.Emit(HoldingsAsked, map[string]any{"at": m.Now().UTC().Format(time.RFC3339Nano), "by": by})
+}
diff --git a/modules/claude-licence-manager/cmd/claude-licence-manager/main.go b/modules/claude-licence-manager/cmd/claude-licence-manager/main.go
index dc3a4292e..ec5e2015e 100644
--- a/modules/claude-licence-manager/cmd/claude-licence-manager/main.go
+++ b/modules/claude-licence-manager/cmd/claude-licence-manager/main.go
@@ -13,7 +13,6 @@ import (
 	"fmt"
 	"os"
 	"path/filepath"
-	"sort"
 	"strings"
 	"sync"
 	"time"
@@ -87,11 +86,7 @@ func manager() (*Manager, error) {
 			}
 			return a, json.Unmarshal(raw, &a)
 		},
-		Reported: func(node string) int64 {
-			heardMu.Lock()
-			defer heardMu.Unlock()
-			return heard[node].Generation
-		},
+		Reported: heard.Of,
 		Emit:     func(event string, body map[string]any) error { return stdio.Emit(event, body) },
 		Now:      time.Now,
 		Log:      say,
@@ -128,11 +123,8 @@ func keypair(dir string) (KeyPair, error) {
 
 // ---- the long-running half ---------------------------------------------------------------------------
 
-// heard is what every node last reported holding (ADR 0206), by node.
-var (
-	heardMu sync.Mutex
-	heard   = map[string]Holdings{}
-)
+// heard is what every node last said it holds (ADR 0206, design 39 bus-and-switch §23), by node.
+var heard = &Heard{}
 
 // carryOverFirst runs the carry-over at the start, before the manager hears an event, refreshes or reads usage (§11), and
 // answers once it has ended: at once when `carried.postgres` exists, else when a run writes it, this one or one asked
@@ -153,7 +145,6 @@ func carryOverFirst() {
 
 func daemon() {
 	carryOverFirst()
-	mu, reports := &heardMu, heard
 	var passing sync.Mutex
 	pass := func() {
 		passing.Lock() // one pass at a time: each account is leased, and a pass is cheap
@@ -163,14 +154,7 @@ func daemon() {
 			say("not ready: %v", err)
 			return
 		}
-		mu.Lock()
-		all := make([]Holdings, 0, len(reports))
-		for _, r := range reports {
-			all = append(all, r)
-		}
-		mu.Unlock()
-		sort.Slice(all, func(i, j int) bool { return all[i].Node < all[j].Node })
-		adopted, err := m.Consider(context.Background(), all)
+		adopted, err := m.Consider(context.Background(), heard.All())
 		if err != nil {
 			say("considering the reports failed: %v", err)
 		}
@@ -179,42 +163,34 @@ func daemon() {
 		}
 	}
 
-	// What every node holds (ADR 0206): the whole current set, then each change. Asked again until it
-	// answers — the channel to the runtime opens as the bundle starts, and the agent module's state may
-	// arrive after this one.
+	// What every node holds (ADR 0206, design 39 bus-and-switch §23): each `holdings-changed` heard is that node's
+	// latest report and starts a pass; once heard, every node is asked to say it again (B12: at every start, after the
+	// carry-over). Asked again until it answers — the channel to the runtime opens as the bundle starts.
 	go func() {
 		waits := []time.Duration{2 * time.Second, 5 * time.Second, 10 * time.Second, 30 * time.Second}
 		for attempt := 0; ; attempt++ {
-			err := stdio.State("claude-code.holdings").Watch("", func(c stdio.StateChange) error {
-				mu.Lock()
-				if c.Op == "put" {
-					var h Holdings
-					if json.Unmarshal(c.Value, &h) == nil {
-						reports[c.Key] = h
-					}
-				} else {
-					delete(reports, c.Key)
-				}
-				mu.Unlock()
-				// During the current values the pass waits for the whole set: newest login first needs all.
-				if !c.Current {
-					go pass()
+			err := stdio.Subscribe(HoldingsChanged, func(e stdio.Envelope) error {
+				if _, err := heard.Take(e.Body); err != nil {
+					say("%v", err)
+					return nil
 				}
+				go pass()
 				return nil
 			})
 			if err == nil {
-				mu.Lock()
-				n := len(reports)
-				mu.Unlock()
-				say("watching what %d node(s) hold", n)
-				pass()
+				say("hearing what the nodes hold")
+				if m, err := manager(); err != nil {
+					say("not ready to ask what the nodes hold: %v", err)
+				} else if err := m.AskHoldings(Itself); err != nil {
+					say("asking what the nodes hold could not be said: %v", err)
+				}
 				return
 			}
 			pause := time.Minute
 			if attempt < len(waits) {
 				pause = waits[attempt]
 			}
-			say("what the nodes hold cannot be watched yet (%v); asking again in %s", err, pause)
+			say("what the nodes hold cannot be heard yet (%v); asking again in %s", err, pause)
 			time.Sleep(pause)
 		}
 	}()
diff --git a/modules/claude-licence-manager/cmd/claude-licence-manager/manager_test.go b/modules/claude-licence-manager/cmd/claude-licence-manager/manager_test.go
index b2ec649cd..c0e5da2a6 100644
--- a/modules/claude-licence-manager/cmd/claude-licence-manager/manager_test.go
+++ b/modules/claude-licence-manager/cmd/claude-licence-manager/manager_test.go
@@ -388,22 +388,40 @@ func TestANodeThatDoesNotAnswerIsAskedAgainAndOneWithNoLoginIsSettled(t *testing
 	}
 }
 
-func TestAReportIsReadAsTheAgentModuleWritesIt(t *testing.T) {
-	// The agent module's own report shape (claude-code's holdingsOf), parsed here.
-	raw := `{"node":"laptop","identity":{"accountUuid":"u-1","emailAddress":"a@example.org"},"kind":"subscription",
-	  "refresh":{"present":true,"fingerprint":"sha256:0123456789abcdef","expiresAt":null},
-	  "access":{"fingerprint":"sha256:fedcba9876543210","expiresAt":1},"licence":null,"generation":0,
-	  "changedAt":"2026-10-04T11:00:00.000Z"}`
-	var h Holdings
-	if err := json.Unmarshal([]byte(raw), &h); err != nil {
+// design 39 bus-and-switch §23, §46, B12, B22: a holdings-changed, decoded from a copy of the agent module's form, is
+// kept as its node's latest report, and one carrying a fingerprint the manager does not hold is a candidate; the
+// manager asks every node with holdings.asked, its time and who asks.
+func TestAHoldingsChangedIsHeardAndMakesACandidate(t *testing.T) {
+	mm := newMesh(t)
+	raw, err := os.ReadFile("testdata/holdings-changed.json")
+	if err != nil {
 		t.Fatal(err)
 	}
+	heard := &Heard{}
+	if _, err := heard.Take(raw); err != nil {
+		t.Fatal(err)
+	}
+	all := heard.All()
+	if len(all) != 1 || heard.Of("laptop") != 4 {
+		t.Fatalf("heard %+v", all)
+	}
+	h := all[0]
 	if h.Node != "laptop" || h.Identity.AccountUUID != "u-1" || !h.Refresh.Present || h.Refresh.Fingerprint != "sha256:0123456789abcdef" {
 		t.Fatalf("%+v", h)
 	}
 	if _, err := time.Parse(time.RFC3339Nano, h.ChangedAt); err != nil {
 		t.Fatalf("the report's time does not parse: %v", err)
 	}
+	if c, err := mm.m.CandidatesIn(context.Background(), all); err != nil || len(c["u-1"]) != 1 {
+		t.Fatalf("candidates %v %v", c, err)
+	}
+	if _, err := heard.Take([]byte(`{"kind":"subscription"}`)); err == nil {
+		t.Fatal("a report naming no node was kept")
+	}
+	if err := mm.m.AskHoldings(Itself); err != nil || len(mm.events) != 1 ||
+		mm.events[0] != HoldingsAsked+` {"at":"`+t0.UTC().Format(time.RFC3339Nano)+`","by":"claude-licence-manager"}` {
+		t.Fatalf("said %v %v", mm.events, err)
+	}
 }
 
 // A node whose report arrives after its account was adopted — with an older login, so never a candidate —
diff --git a/modules/claude-licence-manager/cmd/claude-licence-manager/testdata/holdings-changed.json b/modules/claude-licence-manager/cmd/claude-licence-manager/testdata/holdings-changed.json
new file mode 100644
index 000000000..2a45f1859
--- /dev/null
+++ b/modules/claude-licence-manager/cmd/claude-licence-manager/testdata/holdings-changed.json
@@ -0,0 +1 @@
+{"node":"laptop","identity":{"accountUuid":"u-1","emailAddress":"a@example.org"},"kind":"subscription","refresh":{"present":true,"fingerprint":"sha256:0123456789abcdef","expiresAt":null},"access":{"fingerprint":"sha256:fedcba9876543210","expiresAt":1},"licence":null,"generation":4,"changedAt":"2026-10-04T11:00:00.000Z"}