ACCOUNT OPENING (CORPORATE)
TERMS AND CONDITIONS
We, the within-named company hereby request and authorize you to:
- Open an Infinity Trust Mortgage Bank Plc current account in our name:
- Honour all cheques or other orders which may be drawn on the said account until the Bank receives a written notice to the contrary, provided such cheques or orders are signed by the authorized signatures as stated in our Mandate Card and to debit such cheques of orders to the said account und in consideration we hereby irrevocably and unconditionally agreed and undertake as follows:a. To assume full responsibility for the genuineness or correctness and validity of all signatures and/or other document to be deposited in respect of our account with the Bank.
- That advances to the Company by way of over draft, loan mortgage or otherwise credit facilities in any other form, as well as the issuance of guarantees by you from time to time may be requested by any authorized signatory(ies) specified below.
- That the Bank may at any time without notice, notwithstanding any settlement of account of any matter whatsoever combine or consolidate all or any of the then existing account(s) opened in the name of the company or a related party and set-off, appropriate or transfer any such sum(s) standing to the credit of any such account(s) towards the satisfaction of any liabilities of the company whatsoever, whether such liability be present or future, actual or contingent, primary or collateral and several or joint.
- “Related Party” means an entity that is a subsidiary or an affiliate of the company, or on individual (person) that is a director/shareholder of the company, or an entity in which the company shareholder.
- That in the absence of any directive to the contrary, any account(s) subsequently opened in the name of the Company shall be operated and dealt with upon the terms set out above in so far as the same may be applicable.
- That no liabilities whatsoever shall be ascribed to the Bark for funds handed to staff of the Bank outside banking hours or outside the Bank’s premises, unless by specific agreement in writing with the Bank, and we hereby indemnify and keep the Bank indemnified again all loss, claim, damage or action that may arise therefrom.
- That we have been notified by the Bank and we are aware of the necessity of safeguarding our cheque book and banking Instruments so that unauthorized persons are unable to gain access to the cheque book and any of the other banking Instruments as failure or negligence on our part may lead to any loss rising therefrom, for which we be solely responsible and the Bank is hereby absolved of all responsibilities.
- That we shall notify the Bank of any disagreement with entries on our Bark statement within 15 days of receipt of the Bank statement via any medium including but not limited to electronic mail, printed statement or internet banking screen shot, falling which the Bank is expressly-permitted to assume that the statement is correct, and that we have no objections.
- That the Bank may close any of our accounts with the Bank, 7 days after dispatch of notice in writing, of the Bank’s intention to do so, to us at our last known address.
- That the Bank may act on any instruction to counter and/or revoke any cheque, draft or other instrument before payments effected.
- That we hereby indemnify and keep the Bank indemnified against all loss, claim, damage, action, liability or request for repayment of any loss or damage to funds, Instruments or documents deposited with the Bank, which occurs as a result of any Government order, law, levy, tax, embargo, moratorium, exchange restriction and/or other causes beyond the Bank’s control.
- That all funds standing to our credit in our accounts are payable on demand only in such currency as they were remitted or deposited.
- That we shall be bound by any notification of change in conditions governing our account(s) which is communicated or sent to us at our last known address and such notice, letter, or correspondence shall be considered as delivered 7 days from the date of dispatch, and its content shall be binding.
- That Bank is under no obligation to honour any cheques drawn on this account unless there is sufficient fund in the account to cover the value of the said cheques, and we understand and agree that such cheque may be returned to us unpaid. In the event that such cheque(s) is/are honored and paid for any reason whatsoever, we hereby undertake to pay the bark on demand the value of said cheques, plus bank charges, interest or fees as the Bank may require.
- That where the Bank, in its absolute discretion, has reasonable grounds to suspect that any cheque, instruction or instrument purportedly issued by us contains any fraudulent element of whatsoever nature, the Bank may refuse to honor such instrument.
- We hereby affirm that we are aware that it is a crime under the laws of the Federal Republic of Nigeria to issue cheques without sufficient funds in account in the value of our cheques and we hereby undertake to bear all consequences and/or liabilities arising from our instructions to the Bank to pay on cheques drawn on our account where such account is not sufficiently funded with the value of our cheques.
- We also agree that in addition to any general lien or similar right which you may as barkers may be entitled to by law, you may at any time and without notice to us combine or consolidate all or any of our account liability to you and set-off or transfer any sum(s) standing to our credit in any one or more of such other respect, towards the satisfaction of any ability of the company whatsoever, whether such lability be actual or contingent, primary or collateral and several or joint.
- We undertake that we shall not release cash to or issue cheques in favour of any staff of the Bank, or transfer money into the account of any staff of the Bank in the event that we write such cheques or make such transfers, the Bank is hereby indemnified against all loss, claim, damage, action, liability or request for repayment which may arise therefrom;
- For Cash withdrawals from my/our accounts shall be subject to availability.
- We acknowledge that the Bank consults with various bureaus and reference agencies, and may be required to disclose the Company’s Information to these credit bureaus for the purpose of conducting checks on the Company. We hereby irrevocably and unconditionally grant our consent to the Bank and expressly authorizes such disclosures of any or all Information on our account(s)/transaction(s) with the Bank, to such credit bureau and reference agencies whether based locally or abroad, including information on our Directors and other personnel, transactions and conduct on the account together with details of any non-payment or delayed payments as the Bank may deem necessary. The consent herein given discharges the Bank from all liabilities, claims, and damages for such disclosure made by the Bank to any credit bureau pursuant to the consent herein granted.
- Subject to the provisions of all laws, rules and/or regulations, the customer hereby agrees that the Bank or any of in subsidiaries and/or affiliates can share Information related to their account(s) with any domestic or overseas regulators or tax authorities where necessary to establish their tax liability in any jurisdiction Where required by any domestic or overseas regulators or tax authorities, the customer agrees that the Bank may withhold and pay out from their account(s) such amounts as may be required according to applicable laws, rules and regulations.
- I/We understand and acknowledge that electronic mail, facsimile and verbal Communication are Insecure transmission media where I/We advise the bank to accept the instruction in such manner, I/we however undertake to indemnify the bank in full for any loss it may suffer or Incur by reason of its honoring my/our letters electronic mail, facsimile or verbal Instructions Irrespective of whether same are erroneous fraudulent or issued otherwise than in accordance with the mandate for my/our account(s), any all payment Instruction Issued in accordance with the mandate for my/our Account(s), and which bears or purports to bear the facsimile or electronic mall signature of the person(s) and whose specimen signature have been provided to the bank by me/us. The Bank Is hereby authorized to honor and to debit my/our account for any and all payment Instruction/ confirmations Issued or provided by me/un using a pre-agreed format for same which may include but is not limited to oral or written Instructions/confirmations and where given orally, such oral instruction may if previously agreed Involves the use of specific password(s) and when given in writing may be letter, facsimile or electronic mail.