Examples of approved institution in a sentence
The Transfer Agent shall not be liable for any losses or damages to the Fund or its shareholders in the event that a computer tape or electronic data transmission from an Approved Institution is unable to be processed for any reason beyond the control of the Transfer Agent, or if any of the information on such tape or transmission is found to be incorrect.
Evidence of the ownership of Shares shall be maintained on the Transfer Agent's records in book (uncertificated) form, or, if requested by an Approved Institution (or the Distributor or its agent acting on behalf of such Approved Institution) or shareholder, share certificates shall be issued, subject to the provisions of Article 5 hereof, to evidence the ownership of Shares.
Notwithstanding the foregoing, if a redemption specified in a computer tape or electronic data transmission is for a dollar value of Shares in excess of the dollar value of uncertificated Shares in the specified account, the Transfer Agent shall not effect such redemption in whole or in part and shall within twenty-four (24) hours orally advise the Approved Institution which supplied such tape of the discrepancy.
The Transfer Agent will, upon receipt of any such cash, make payment of such cash dividends or distributions to the shareholders of record as of the record date by: (i) mailing a check, payable to the registered shareholder, to the address of record or dividend mailing address; or (ii) wiring such amounts to the accounts previously designated by an Approved Institution, as the case may be.
The Transfer Agent shall not be liable for any losses to the Fund or its shareholders in the event that a computer tape or electronic data transmission from an Approved Institution is unable to be processed for any reason beyond the control of the Transfer Agent, or if any of the information on such tape or transmission is found to be incorrect.