Common use of Passbook Clause in Contracts

Passbook. The Undersigned agrees that he/she/it may agree with the Bank on whether or not to issue a passbook during the account opening process. If the Undersigned (or its authorized person) agrees to use an account with a passbook, when doing transactions at the counters of the Bank, he/she/it agrees that such transactions may be handled without the passbook being presented, and that he/she/it may update his/her/its passbook subsequently. The Undersigned who agrees to use an account with a passbook agrees that a third party may present the passbook and seal of the Undersigned to enter into the transactions at the Bank, and record the transactions in the passbook after the transactions are completed or update the passbook at the Bank subsequently. During the update of the passbook, if the passbook is used up, the Undersigned agrees that the Bank may issue a new passbook, and deliver the new passbook to a third party who updates the passbook for him/her/it to take away. The Undersigned understands that there is a risk associated with the disclosure of the account information when a third party is commissioned to perform the passbook update or when a third party is authorized to enter into transactions with the Bank. The Undersigned also agrees that in view of risk control, the Bank may (but is not obligated to) inform the Undersigned under any circumstances mentioned above and may also refuse to perform transactions or passbook updated for any third party.