Common use of Sub-Accounts Clause in Contracts

Sub-Accounts. In addition to the Share Account, any Account Owner may open other accounts (Sub Accounts) by submitting an appropriate account card which we accept to open such Sub Accounts (Checking Accounts, Certificate of Deposit Accounts, IRA Accounts and Christmas Club Accounts are examples of Sub Accounts). Except for IRA Accounts, all Accounts (including Certificate Accounts) opened under the Share Account number will be owned by the same Owner(s), unless other ownership is unequivocally designated on the most recently executed Master Membership Application(s) for a particular Sub Account which is accepted by us. An IRA Account is owned pursuant to designations in the IRA documents. Except for IRA Accounts, the Owner(s) of any Sub Account is controlled by the Account Card we accept and maintain for such Sub Account.