Common use of Standing Authority Clause in Contracts

Standing Authority. 26.1 The Client Money Standing Authority covers money held or received by the Company in Hong Kong (including any interest derived from the holding of the money which does not belong to the Company) in one or more segregated account(s) on the Client’s behalf (“Monies”). 26.2 The Client authorizes the Company to: 26.2.1 combine or consolidate any or all segregated accounts, of any nature whatsoever and either individually or jointly with others, maintained by the Company or any of the Company’s Group Companies and the Company may transfer any sum of Monies to and between such segregated account(s) to satisfy the Client’s obligations or liabilities to the Company or any of the Company’s Group Companies, whether such obligations and liabilities are actual or contingent, primary or collateral secured or unsecured, or joint or several; and 26.2.2 transfer any sum of Monies interchangeably between any of the segregated accounts maintained at any time with the Company or any of the Company’s Group Companies. 26.3 The Client acknowledges and agrees that the Company may do any of the things set out in Clauses 26.2 without giving the Client notice. 26.4 The Client also acknowledges that: 26.4.1 the Client Money Standing Authority is given without prejudice to other authorities or rights which the Company or any of the Company’s Group Companies may have in relation to dealing in Monies in the segregated accounts; and 26.5 Each of the Client Money Standing Authority is valid for a period of 12 months from the date of the Client’s Agreement, subject to renewal by the Client or deemed renewal under the Client Money Rules (as the case may be) referred to in Clause 26.7. 26.6 Each of the Client Money Standing Authority may be revoked by giving the Company written notice addressed to the Administration Manager at the Company’s address specified in the Client’s Agreement or such other address which the Company may notify the Client in writing for this purpose. Such notice shall take effect upon the expiry of 14 days from the date of the Company’s actual receipt of such notice. 26.7 The Client understands that each of the Client Money Standing Authority shall be deemed to be renewed on a continuing basis without the Client’s written consent if the Company issues the Client a written reminder at least 14 days prior to the expiry date of the relevant authority, and the Client does not object to such deemed renewal before such expiry date.

Standing Authority. 26.1 10.1. The Client Money Standing Authority covers money held or received by the Company in Hong Kong (including any interest derived from the holding of the money which does not belong to the Company) in one or more segregated account(s) on the Client’s 's behalf (“the "Monies”"). 26.2 10.2. The Client authorizes authorises the Company to: 26.2.1 10.2.1. combine or consolidate any or all segregated accounts, of any nature whatsoever and either individually or jointly with others, maintained by the Company or any of the Company’s 's Group Companies and the Company may transfer any sum of Monies to and between such segregated account(s) to satisfy the Client’s 's obligations or liabilities to the Company or any of the Company’s 's Group CompaniesCompanies under this Agreement, whether such obligations and liabilities are actual or actual, contingent, primary or collateral collateral, secured or unsecured, or joint or several; and 26.2.2 10.2.2. transfer any sum of Monies interchangeably between any of the segregated accounts maintained at any time with the Company or any of the Company’s 's Group Companies. 26.3 10.3. The Client acknowledges and agrees that the Company may do any of the things set out mentioned in Clauses 26.2 Clause 10.2 without giving the Client noticenotice during the period during which the Client Money Standing Authority is valid. 26.4 10.4. The Client also acknowledges that: 26.4.1 the Client Money Standing Authority is given without prejudice to other authorities or rights which the Company or any of the Company’s 's Group Companies may have in relation to dealing in Monies in the segregated accounts; andaccounts under this Agreement. 26.5 Each of the 10.5. The Client Money Standing Authority is shall be valid for a period of 12 months from the date of the Client’s this Agreement, subject to renewal by the Client or deemed renewal under the Client Money Rules (as the case may be) referred to in Clause 26.710.7. 26.6 Each of the 10.6. The Client Money Standing Authority may be revoked by giving the Company written notice addressed to the Administration Manager Customer Service Department at the Company’s 's address specified in the Client’s Agreement Account Opening Form or such other address which the Company may notify the Client in writing for this purposepurpose provided that there are no outstanding debts or obligations owed to the Company or any of the Company’s Group Companies. Such notice shall take effect upon the expiry of 14 fourteen days from the date of the Company’s 's actual receipt of such notice. 26.7 10.7. The Client understands that each of the Client Money Standing Authority shall may be deemed to be renewed on a continuing basis without the Client’s 's written consent if the Company issues the Client a written reminder reminder, reminding the Client of the impending expiry of the Client Money Standing Authority and informing the Client unless the Client objects the Client Money Standing Authority will be renewed upon expiry upon the same terms and conditions as specified therein, at least 14 days prior to the expiry date of the relevant authorityClient Money Standing Authority, and the Client does not object to such deemed renewal before such expiry date.