FIXED-TERM DEPOSIT REGULATIONS Sample Clauses

FIXED-TERM DEPOSIT REGULATIONS.  IF THE CUSTOMER is more than one person, it is understood that any of them acting individually may dispose of deposits deposited in the account, unless otherwise agreed with THE BANK. In any case, the use of the conjunctions "and", "and / or" or "or" between the names of said holders shall have the meaning and consequences attributed to them by Law 42 of November 8, 1984.  The account will only accept the legal deposit of money in the Republic of Panama and checks drawn against THE BANK or other banks. Refunds or refunds of funds to THE CLIENT are payable only in a Panamanian branch of THE BANK, at the time of payment.  If THE CUSTOMER is a legal entity, the changes related to its personality, capacity, existence, bylaws, bylaws, integration of its corporate bodies, designation and removal of Directors, Officers and Officers of the Company and in general all that concern Its administrative and social structure, will only produce effects vis-à-vis THE BANK, after such changes have been notified to THE BANK in writing and THE BANK confirms, also in writing, that it has taken note of them. The same notification and acknowledgment of receipt will apply to the granting and revocation of powers, whether the CLIENT is a natural person or a legal entity. Therefore, registration of such changes, grants or revocations is not sufficient for them to oblige THE BANK, but it is necessary to comply with the notices provided for in this clause.  THE CLIENT is guarantor against THE BANK of the legitimacy of the checks deposited in the account for collection and, consequently, guarantees to THE BANK that THE CLIENT has a good title on them; That the said checks have not been altered, that the persons who have turned them, endorsed or endorsed had the power to do so and that their signatures are authentic.  THE CUSTOMER acknowledges that, in this and other banking places, THE BANK, acting as a collection agent for THE CLIENT, will have to guarantee the authenticity of the endorsements that appear in the checks in question in order to demand or receive the payment Consequently, THE CUSTOMER, at his own risk, authorizes THE BANK to give such guarantee, pledging THE CLIENT to reimburse the BANK any sum that he has to pay to third parties for the reason of granting the said warranty.  In the process of collecting the checks drawn against other banks established in this place, THE BANK will be limited to presenting them to the collection through the clearing house that wor...