Designated Persons. The Designated Persons must meet the following conditions: HSBC Bank USA, N.A. Precious Metals Depository Agreement i. List must be on company/personal letterhead. ii. Designated Persons’ names must be typed or printed, then signed by the individuals. iii. Instructions must be included (i.e. multiple signatures required for withdrawals). iv. Authorization letter must be signed by an officer of the Depositor. The Depositor must use reasonable efforts to notify the Depository of any changes in the list of Designated Persons immediately. Section 7.1. The Depositor must provide a listing of individuals authorized to transact business involving materials held by the Depository. This list shall be attached to this Agreement as Schedule 1. Section 7.2. The Depository shall be entitled to rely upon any notice or other instrument in writing received by the Depository from Designated Persons and reasonably believed by the Depository in good faith to be genuine. Section 7.3. The Depositor will hold harmless and indemnify the Depository for any transaction made by the Depository upon the instructions whether written or by facsimile transmission of an individual not properly removed by the Depositor from the Designated Persons list.
Appears in 2 contracts
Sources: Depository Agreement (Midas Fund, Inc.), Precious Metals Depository Agreement (Midas Perpetual Portfolio, Inc.)