Common use of Authority of Authorized Parties Clause in Contracts

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. 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.

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 accounttheaccount. 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.

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 accounttheaccount. 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.

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. 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 sha ll 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 theCredit Union has actual notice of wrongdoing.