Common use of Use of the Account Clause in Contracts

Use of the Account. 3.1 The client agrees that: 3.1.1 the bank open a banking account for the client, the type of account and name of which will be indicated by the client by completing the necessary documentation to be provided by the bank; 3.1.2 the client will supply the bank with the details of the signing arrangement on the account in the format of or similar to the document to be provided by the bank; 3.1.3 the bank will be advised of all changes in signing arrangements; 3.1.4 the bank is authorised to pay all cheques, promissory notes, bills of exchange and other negotiable instruments payable at the bank, purporting to be drawn, made or accepted by or on behalf of the client; 3.1.5 the bank is authorised to debit the above instruments to the account, whether the account is in credit or otherwise; 3.1.6 the bank is authorised to receive and deposit any cheque to the account, but that the proceeds will only be considered as cleared when the cheque has been honoured. All cheque deposits are subject to a clearance period, which normally is 7 (seven) business days, but which may vary; 3.1.7 the bank is authorised to accept any instruction by fax or other electronic means and to treat such instructions as above; and 3.1.8 the use and handling of the account are subject to such arrangements as the bank may have in regard to the implementation of the magnetic ink character recognition system as coupled with the Automated Clearing Bureau.

Use of the Account. 3.1 The client agrees that: 3.1.1 the bank will open a banking account for the client, the type of account and name of which will be indicated by the client by completing the necessary documentation to be provided by the bank; 3.1.2 the client will supply the bank with the details of the signing arrangement on the account in the format of or similar to the document to be provided by the bank; 3.1.3 the bank will be advised of all changes in signing arrangements; 3.1.4 the bank is authorised to pay all cheques, promissory notes, bills of exchange and other negotiable instruments payable at the bank, purporting to be drawn, made or accepted by or on behalf of the client; 3.1.5 the bank is authorised to debit the above instruments to the account, whether the account is in credit or otherwise; 3.1.6 the bank is authorised to receive and deposit any cheque to the account, but that the proceeds will only be considered as cleared only when the cheque has been honoured. All cheque deposits are subject to a clearance period, which normally is 7 (seven) seven business days, but which may vary; 3.1.7 the bank is authorised to accept any instruction by fax or other electronic means and to treat such instructions as above; and 3.1.8 the use and handling of the account are subject to such arrangements as the bank may have in regard to the implementation of the magnetic ink character recognition system as coupled with the Automated Clearing Bureau.

Use of the Account. 3.1 a. The client hereby agrees that: 3.1.1 i. the bank open Bank opens a banking Banking account for the client, the type of account and name styling of which will be indicated by the client by completing the necessary documentation to be provided by the bankBank; 3.1.2 ii. the client will supply the bank Bank with the details of the signing arrangement on the account in the format of or similar to the document to be provided by the bankBank; 3.1.3 iii. the bank Bank will be advised of all changes in signing arrangements; 3.1.4 iv. the bank Bank is authorised to pay all cheques, promissory notes, bills of exchange and other negotiable instruments payable at the bankBank, purporting to be drawn, made or accepted by or on behalf of the client; 3.1.5 v. the bank Bank is authorised to debit the above instruments to the account, whether the account is in credit or otherwise; 3.1.6 vi. the bank Bank is authorised to receive and deposit any cheque to the account, but that the proceeds will only be considered as cleared when the cheque has been honoured. All cheque deposits are subject to a clearance period, which normally is 7 seven (seven7) business days, but which may vary;; and 3.1.7 vii. the bank Bank is authorised to accept any instruction by fax or other electronic means and to treat such instructions as above; and 3.1.8 the use and handling of the account are subject to such arrangements as the bank may have in regard to the implementation of the magnetic ink character recognition system as coupled with the Automated Clearing Bureau.. Page3