Common use of Checking Account Clause in Contracts

Checking Account. A checking account shall be established upon receipt by the Custodian of a certified copy of a resolution adopted by the Fund's Board of Directors authorizing the creation and funding of that checking account with the Custodian. The resolution must specify the purposes for which moneys placed in the checking account may be disbursed, that the balance maintained in the account does not exceed the Fund's fidelity bond coverage and that the balance maintained in the account does not exceed the amount which is necessary to meet current or recurring expenses and distributions declared and payable to shareowners. A check drawn on the checking account shall be honored only if: