Authorised Agents. The Customer may authorise one or several persons to exercise the right of disposal over the Customer’s Payment Accounts kept at the Bank—in respect of any specific account, or all accounts—by completing a signature card provided by the Bank for such person(s). Such an authorisation or its withdrawal shall take effect after the lapse of 2 business days from the receipt of the same by the Bank at the latest. Authorised agents notified in a signature card may represent the Customer in any and all legal transactions and contracts concluded, to be concluded or under conclusion with the Bank in accordance with the signature card, subject to any limitations specified therein. A representative shall not have the right to modify or withdraw the signature card, or to register new representatives. The cash withdrawal orders of persons authorised by the Customer on an ad hoc basis shall be executed up to the limit specified in the List of Terms & Conditions only. The Bank hereby informs the Customer of the risk of ad hoc authorisations, and the authenticity and verifiability of the signatures featuring in ad hoc authorisations. With the exception of wilful or grossly negligent conduct by the Bank, any liability of the Bank for damages that might arise from ad hoc authorisations is excluded.
Appears in 4 contracts
Sources: Payment Account Agreement, Payment Account Agreement, Payment Account Agreement