Acceptance of Orders. (a) The customers in question are for all purposes your customers and not our customers. We shall execute transactions for each of your customers only upon your authorization, it being understood in all cases that (i) you are acting as the agent for the customer; (ii) the transactions are subject to the federal and state securities laws without recourse against you by the customer; (iii) as between you and the customer, the customer will have beneficial ownership of the securities; (iv) each transaction is initiated solely upon the order of the customer; (v) each transaction is for the account of the customer and not for your account; and (vi) you shall not have any authority in any transactions to act as our agent or agent of the Funds.
Appears in 8 contracts
Samples: Broker Dealer Agreement (State Street Research Capital Trust), Dealer Agreement (State Street Research Securities Trust), Dealer Agreement (State Street Research Growth Trust)
