Terms of Custody Sample Clauses
The "Terms of Custody" clause defines the rules and responsibilities regarding the possession, care, and control of certain assets or property during the term of an agreement. It typically outlines who is responsible for safeguarding the items, the conditions under which custody is maintained, and any requirements for returning or transferring the property at the end of the arrangement. This clause ensures that both parties understand their obligations and helps prevent disputes over loss, damage, or mismanagement of the property while it is in custody.
Terms of Custody. If the securities are registered in the name of your associated entity or nominee, the securities will be held by such associated entity or nominee on its standard terms and conditions as may from time to time be in force. You or your associated entity or nominee shall be under no responsibility to forward any notices, proxies or other documents or communications in respect of the securities to me/us. However, if you or your associated entity or nominee determines that any action is required in respect of such securities and I/we cannot be contacted or fail to give you punctual or adequate Instructions for such action, I/we hereby authorize you or your associated entity or nominee to act on my/our behalf in such manner as it may determine in its absolute discretion, including without limitation, exercising any voting rights in respect of securities of which I am/we are the beneficial owner but which are registered in the name of your associated entity or nominee and you and your associated entity or nominee shall not be liable, in the absence of gross negligence, fraud or wilful default, for such action it may take. I/We will indemnify you and your associated entity or nominee against all costs, charges and expenses that may be incurred by them in respect of securities held by it for safe-keeping on my/our behalf.
Terms of Custody. 4.1 Whenever the Customer delivers, or is required by the Specific Terms of Securities Services of the Master Terms and Conditions, this Addendum or any request by the Bank to deliver to the Bank any Overseas Securities or documents of title in respect thereof, the Customer shall at the Customer's risk and expense deliver such Overseas Securities and documents of title in respect thereof to the Bank or such other persons as the Bank may direct, in such manner, within such time and accompanied by such information and documents as the Bank may require at its sole and absolute discretion. The Customer hereby expressly authorizes the Bank to deposit any Overseas Securities or related assets with any Service Provider in a collective custody account or otherwise in the Bank's name for the account and at the risk of the Customer. The Customer also authorizes the Bank to open and maintain one or more consolidated accounts with Service Providers through which transactions will be executed and cleared and where assets will be maintained for the Customer and other customers of the Bank. The Bank may as it considers appropriate establish sub account(s) with Service Providers to facilitate the booking and recording of customer assets and transactions for different customers of the Bank. Unless otherwise agreed between the Bank and the Customer, any such Overseas Securities and related assets shall be held in the relevant overseas jurisdiction(s) and any transfer or delivery of such Overseas Securities and assets from one jurisdiction to another shall be at the expense and risk of the Customer.
4.2 Any Customer's Overseas Securities and assets received or held outside Hong Kong shall be subject to the Applicable Laws and Regulations of the relevant overseas jurisdiction(s) which may be different from the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) and the rules made thereunder including the Securities and Futures (Client Money) Rules (Chapter 571I of the Laws of Hong Kong) and Securities and Futures (Client Securities) Rules (Chapter 571H of the Laws of Hong Kong). The Customer understands that such assets may not enjoy the same protection as that conferred on client assets received or held in Hong Kong, and the Hong Kong regulators (including the Securities and Futures Commission) may not be able to compel the enforcement of the rules of regulatory authorities or markets in other jurisdictions where the Customer's transactions have been effe...
Terms of Custody. 6.1 The Customer may at the Customer’s risk and expense deliver to the Bank or a Custodial Agent as the Bank may direct Funds acceptable to the Bank, accompanied by such documents as the Bank may require for custody. Any such Funds delivered to the Bank and other Funds subscribed for, purchased or acquired by the Bank for the account of the Customer shall be registered in the name of a Custodial Agent together with Funds held for other customers and accordingly be mingled with the Funds of other customers of the Bank.
6.2 The Customer must give not less than two Business Days’ prior written notice to the Bank to withdraw any or all of the Customer’s Funds provided always that:-
(a) such Customer’s Funds may not be withdrawn when they are being processed for transfer to and registration in the name of a Custodial Agent;
(b) the Customer is not indebted to the Bank; and
(c) the Bank’s obligation to re-deliver the scrips and/or documents upon withdrawal of the relevant Customer’s Funds shall be subject to the Bank’s receipt of such scrips and/or documents from the relevant Custodial Agent or person with whom the Bank has deposited the relevant Customer’s Funds.
6.3 The Bank shall be entitled at its discretion at any time without giving any reason or notice therefor not to accept any Funds for deposit or to return the Customer’s Funds from time to time to the Customer and the Customer shall accept delivery of the same forthwith.
6.4 The Customer shall only be entitled to be returned and shall accept delivery of Funds of the same scheme, class and denomination (or in the event of any change in class and/or denomination, Funds of such equivalent class and/or denomination) as the Funds originally deposited and the Bank shall not be liable and/or responsible to return to the Customer Funds bearing serial and/or scrip numbers identical and/or traceable to the Funds originally deposited.
6.5 Any and all of the Customer’s Funds required to be delivered and/or returned to the Customer shall be returned by registered post or by courier at the sole risk and expense of the Customer or may by prior arrangement with the Bank be collected by the Customer. The Customer’s Funds if sent to the Customer by registered post or by courier to its address last known to the Bank shall be conclusively deemed to have been received by the Customer 3 days from their despatch and the Bank shall not be obliged to make any enquiry as to the receipt thereof.
6.6 The Bank or the Custodial Age...
Terms of Custody. 4.1 The Customer will at the Customer’s risk and expense deliver securities to the Bank or a Custodial Agent as the Bank may direct, accompanied by such documents as the Bank may require.
4.2 The Bank in its sole discretion and in accordance with the laws governing the same may at the cost and risk of and as agent for the Customer:-
(a) engage any brokers, dealers, Custodial Agents or other agents on any terms and conditions and subject to such exemptions as the Bank may in its sole discretion determine;
(b) register Customer’s Securities (not being bearer securities) in the name of the Customer or a Custodial Agent;
(c) deposit bearer Customer’s Securities in a designated account with any branch of the Bank in Hong Kong or, as permitted by law, with any other institution which provides facilities for the safe custody of documents as Custodial Agent;
(d) where Customer’s Securities are in uncertified form or are otherwise transferable by book entry transfer, to use the services of any depository as Custodial Agent;
(e) hold any Customer’s Securities directly or indirectly through one or more Custodial Agents and change such Custodial Agents from time to time.
4.3 The Customer must give reasonable prior written notice to the Bank to withdraw any or all of the Customer’s Securities provided always that:-
(a) such Customer’s Securities may not be withdrawn when they are being processed for transfer to and registration in the name of the Bank or a Custodial Agent;
(b) withdrawal of any class of Customer’s Securities shall be in multiples of its lowest denomination (whether in board lots or otherwise) and shall be effected at such place as the Bank may direct;
(c) the Customer is not indebted to the Bank;
(d) the Bank’s obligation to re deliver the scrips and/or documents upon withdrawal of the relevant Customer’s Securities shall be subject to the Bank’s receipt of such scrips and/or documents from the relevant Custodial Agent or person with whom the Bank has deposited the relevant Customer’s Securities; and
(e) the Customer shall not be entitled to withdraw such Customer’s Securities which he has agreed not to do so.
4.4 In the absence of contrary instructions from the Customer, the Bank is authorized at its sole discretion and at the cost and expense of the Customer:-
(a) to request payment of and receive all interest, dividends, bonuses and other payments or distributions (whether of a capital or income nature) in respect of Customer’s Securities;
(b) to su...
Terms of Custody. 4.1 Whenever the Customer delivers, or is required by the Specific Terms of Securities Services of the Master Terms and Conditions or these Specific Terms for whatever reason to deliver, securities or documents of title in respect thereof to Bank, the Customer shall at the Customer’s risk and expense deliver such securities or documents of title in respect thereof to the Bank or a Custodial Agent as the Bank may direct, in such manner, within such time (if specified) and accompanied by such documents as the Bank may require in its sole discretion.
4.2 The Customer hereby expressly authorises the Bank to deposit any overseas securities or related assets with any Custodial Agent, Service Provider, sub-custodian or depository employed or appointed by the Bank in a collective custody account or otherwise in the Bank’s name but for the account and at the risk of the Customer. Unless otherwise agreed between the Bank and the Customer, any such overseas securities and related assets shall be held in the relevant overseas jurisdiction(s) and any transfer or delivery of such overseas securities and assets from one jurisdiction to another shall be at the expense and risk of the Customer.
4.3 Any Customer’s Securities received or held outside Hong Kong shall be subject to the applicable laws of the relevant overseas jurisdiction(s) which may be different from the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) and the rules made thereunder. The Customer understands that such assets may not enjoy the same protection as that conferred on client assets received or held in Hong Kong.
Terms of Custody