Common use of Authority of Joint Account Holders Clause in Contracts

Authority of Joint Account Holders. Except as set forth in the prior section, any Joint Account Holder has the same authority as the Primary Account Holder with respect to the Joint Account and may exercise that authority without notice to the other Account Holders. Furthermore, the Joint Account Holder may open additional accounts with the same ownership structure (i.e., each Account Holder may open a new Joint Account so long as the Primary Account Holder is named as the Primary Account Holder and all Joint Account Holders are named as Joint Account Holders on that new Joint Account).