Common use of Dual Control Clause in Contracts

Dual Control. An SBLC must main- tain dual control over disbursement of funds and withdrawal of securities. (1) An SBLC may disburse funds only by checks or wire transfers authorized by signatures of two or more officers covered by the SBLC’s fidelity bond, except that checks in an amount of $1,000 or less may be signed by one bonded officer, provided that such ac- tion is permitted under the SBLC’s fi- delity bond. (2) There must be two or more bonded officers, or one bonded officer and a bonded employee to open safe deposit boxes or withdraw securities from safe- keeping. The SBLC must furnish to each depository bank, custodian, or en- tity providing safe deposit boxes a cer- tified copy of the resolution imple- ▇▇▇▇▇▇▇ control procedures.

Dual Control. An SBLC must main- tain dual control over disbursement of funds and withdrawal of securities. (1) An SBLC may disburse funds only by checks or wire transfers authorized by signatures of two or more officers covered by the SBLC’s fidelity bond, except that checks in an amount of $1,000 10,000 or less may be signed by one bonded officer, provided that such ac- tion is permitted under the SBLC’s fi- delity bond. (2) There must be two or more bonded officers, or one bonded officer and a bonded employee to open safe deposit boxes or withdraw securities from safe- keeping. The SBLC must furnish to each depository bank, custodian, or en- tity providing safe deposit boxes a cer- tified copy of the resolution imple- ▇▇▇▇▇▇▇ control procedures.