Common use of Limitations on Contractor’s Authority Clause in Contracts

Limitations on Contractor’s Authority. The following limitations are hereby imposed on both the Contractor’s and Manager’s authority with respect to the Office: (a) neither the Contractor, Manager nor any of its employees are authorized to commit the Company’s funds or to bind the Company to act (except for the execution of securities trades in the ordinary course) without receiving prior written approval from J▇▇▇▇ ▇▇▇▇▇▇▇. (b) the Contractor, Manager and all employees of the Office are forbidden to recommend or permit any person or persons under his supervision to recommend any prolonged volume accumulation of securities unless the branch manager provides a written statement as to suitability which is acceptable to the compliance department and then receives prior written approval from J▇▇▇▇ ▇▇▇▇▇▇▇. Prolonged accumulation shall be interpreted as the accumulation of a particular security in one or more accounts representing either a majority of the assets in the account of the customer or representing a majority of the trading activity conducted with clients by a registered representative in one of the Office. (c) the Company must approve the proposed hiring of all registered personnel in writing, such approval not to be unreasonably withheld; (d) the Company must approve in writing all advertising or marketing material prior to its distribution: Internet, virtual, cyber, and all other electronic media are subject to this approval requirement; (e) neither the branch managers nor registered representatives will be permitted to conduct any options business until the office has a registered options principal; (f) no purchase or sale transaction may be accepted in a new account unless sufficient funds, equity or securities to consummate the transaction are in the account for which the order is taken; (g) the Contractor and Manager shall not hold or commingle funds from investors or securities purchased with the Contractor’s own funds, whether in a personal, business, trust or special account, and all such funds shall be immediately forwarded to the Company or its clearing agent; (h) The Contractor and Manager will not enter into any investment banking or advisory arrangements without the prior review and written approval of J▇▇▇▇ ▇▇▇▇▇▇▇;