Common use of Accounts for Member Organizations Clause in Contracts

Accounts for Member Organizations. Organizations that qualify for membership can open and own a one owner account, and both the organization and its designated signers are subject to the terms, responsibilities and liabilities of this contract. We may require any signer to provide proper evidence of the organization’s existence (e.g., articles of incorporation, partnership agreement, business license), and to establish both his or her authority to act as a signer (e.g., through a notarized board resolution, partnership letter, etc.) and his or her identity as a signer prior to opening the account. Each director, officer, partner, shareholder, employee, member, trustee, agent, signer, etc., promises that the organization has been legally formed and exists, that it qualifies for membership, and all signers promise that they hold the positions/titles as shown on Part 1 of this contract and have the authority to transact business on behalf of the organization member account owner. The organization account owner and all directors, officers, partners, shareholders, employees, members, trustees, agents and signers agree to the terms, responsibilities and liabilities of this contract (and the agreement, all disclosures, bylaws, policies and procedures incorporated by reference), and further agree to indemnify, defend, and hold us harmless for any loss, damage, claim or liability that occurs as a result of opening, maintaining, conducting transactions on and closing the account. As important, the organization and all signers authorize us to rely exclusively on the terms of Parts 1 and 2 of this contract, and agree that we have no obligation to rely on any other documents. In the event we need to review any documentation for opening, maintenance or termination of the organization account, or for any transaction on the organization account, you agree to pay all costs and expenses, including reasonable attorney fees, incurred for the review of that documentation. We reserve the right to require that all checks made payable to an organization be deposited to the organization’s account.