Authority of Authorized Parties Sample Clauses

Authority of Authorized Parties. Responsible Individuals are vested with full authority to open and close accounts on behalf of the Member, add and remove Authorized Signers and Business Representatives on behalf of the Member and transact any business of any nature on the account. Authorized Signers are not permitted to make changes to the account but are vested with limited authority to transact any business including the following:  Depositing, withdrawing and transferring funds and initiating electronic funds transfers into, out of and between one or more accounts;  Signing drafts, checks and other orders for payment or withdrawal;  Issuing instructions regarding order for payment or withdrawal;  Endorsing any check, draft, share certificate and other instrument or order for payment owned or held by the Member; and  Receiving information of any nature about the account. Business Representatives are individuals authorized by a Responsible Individual to make deposits, receive receipts, and obtain balance information only. The Credit Union is directed to accept and pay without further inquiry any item, signed by a Responsible Individual or Authorized signer, drawn against any of the Member’s accounts. Unless otherwise indicated, any one Responsible Individual or Authorized Signer is expressly authorized to endorse all items payable to or owned by the Member for deposit with or collection by the Credit Union and to perform any other transaction permitted under the Agreement. The authority given to the Authorized Parties named on the Account Card shall remain in full force until written notice of revocation or a Business Account Authorization Addendum is delivered to and received by the Credit Union at each location where an account is maintained. Any such notice shall not affect any items in process at the time notice is given. The Responsible Individual shall notify the Credit Union of any change in the Member’s composition, assumed business names, or any aspect of the entity affecting the deposit relationship between the Member and the Credit Union before any such change occurs. The Credit Union shall have no duty to inquire as to the powers and duties of any Authorized Party and shall have no notice of any breach of fiduciary duties by any Authorized Party unless the Credit Union has actual notice of wrongdoing.
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Related to Authority of Authorized Parties

  • EXTENT OF AUTHORITY may manage a work area; • exercise a degree of autonomy (advice available on complex or unusual matters); • manage significant projects and/or functions and/or works programmes.

  • Warranty of Authority Each person signing this Amendment warrants that he or she is duly authorized to do so and to bind the respective party.

  • Lines of Authority The Owner shall establish and maintain lines of authority for his personnel and shall provide this definition to the Construction Manager and all other affected parties.

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  • AUTHORITY OF PARTIES 5.1 Nothing in this Agreement will constitute or be deemed to constitute a partnership between the Parties, or constitute or be deemed to constitute the Parties as agents or employees of one another for any purpose or in any form whatsoever.

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