Separated account Clause Samples

Separated account. The separated account is a collective account requiring the signature of all co-Holders on the application to open the account. The Holders of a bare ownership/beneficial interest account undertake to register or have registered on such an account only financial instruments that have been subject to a contractual, legal or judicial stripping of the ownership right. The Issuer and BNP Paribas Securities Services are discharged from all liability in respect of the consequences of registering financial instruments on such an account. The bare owner and beneficial owner shall make it their business to deal with any dispute that may arise between them due to such stripping. The first Holder, (representative of the bare ownership), is empowered by all the other bare owner Holders to receive documents or information concerning the account and the Directly Registered Financial Securities, to give all instructions (except right of option for payment of the dividend in shares), to attend and vote at extraordinary general shareholder meetings (unless otherwise specified in the Issuer’s articles of association). The second Holder (representative of the beneficial ownership) is empowered by all the other beneficial owner Holders to receive revenues from the financial securities, to attend and vote at ordinary general shareholder meetings (unless otherwise specified in the Issuer’s articles of association) and to exercise alone the right of option for payment of the dividend in shares, said shares then being credited in their name alone to the direct registered account. The representative is sole beneficiary of the Internet access codes for the Planetshares website when the Issuer has subscribed to said service. All information in writing is sent to the representative who is then responsible for reporting to the co-Holders.