Common use of – BARE OWNERSHIP/BENEFICIAL INTEREST ACCOUNT Clause in Contracts

– BARE OWNERSHIP/BENEFICIAL INTEREST ACCOUNT. The holders of a bare ownership/beneficial interest account undertake to record or hav e recorded in such an account only those financial instruments that have been subject to a separation of the ownership right on a contractual, legal or judicial basis, since the Bank is released f rom any liability as to the consequences of rec ording f inancial instruments in such an account. All transactions in a bare ownership/beneficial interest account may be carried out only with the signature of the beneficial owner. The interest and dividends attached to the f inancial instruments shall be credited to the personal cash account opened with the Bank by the beneficial owner. The same applies to the proceeds of any liquidation surplus, reimbursement, or depreciation of the financial instruments, with the bare owner and benef icial owner being personally responsible for returning the sums to the bare owner at the end of the beneficial ownership. The bare owner authorises the beneficial owner alone to exercise the subscription and f ree allotment rights attached to the f inancial instruments recorded in the account, it being specif ied that the financial instruments obtained by exercising said rights are credited to the bare ownership/beneficial interest account, since the f inancial instruments obtained in this manner belong to the bare owner for bare ownership and to the benef icial owner for beneficial ownership. The v oting rights attached to shares recorded in an account shall be exercised by the benef icial owner in ordinary general meetings and by the bare owner in extraordinary general meetings. The inf ormation with regard to the bare ownership/beneficial interest account shall be sent to the person designated in the application to open an account, who will be responsible f or passing on said information to the other holders. The bare owner and the benef icial owner shall take personal responsibility for any dispute that may arise between them in connection with managing the separated account. The benef icial interest owner authorises the Bank to debit his/her personal cash account for all the expenses related to transactions in the account. Closure of the bare ownership/beneficial ownership cash account will lead to closure of the f inancial instrument account. Additionally , some restrictions are possible if there are several holders that are or that become subject to dif ferent tax regimes. The Bank also reminds co-holders that changing the tax residence of one of them may result in the account being closed.

– BARE OWNERSHIP/BENEFICIAL INTEREST ACCOUNT. The holders of a bare ownership/beneficial interest account undertake to record or hav e have recorded in such an account only those financial instruments that have been subject to a separation of the ownership right on a contractual, legal or judicial basis, since the Bank is released f rom from any liability as to the consequences of rec ording f inancial recording financial instruments in such an account. All transactions in a bare ownership/beneficial interest account may be carried out only with the signature of the beneficial owner. The interest and dividends attached to the f inancial financial instruments shall be credited to the personal cash account opened with the Bank by the beneficial owner. The same applies to the proceeds of any liquidation surplus, reimbursement, or depreciation of the financial instruments, with the bare owner and benef icial beneficial owner being personally responsible for returning the sums to the bare owner at the end of the beneficial ownership. The bare owner authorises the beneficial owner alone to exercise the subscription and f ree free allotment rights attached to the f inancial financial instruments recorded in the account, it being specif ied specified that the financial instruments obtained by exercising said rights are credited to the bare ownership/beneficial interest account, since the f inancial financial instruments obtained in this manner belong to the bare owner for bare ownership and to the benef icial beneficial owner for beneficial ownership. The v oting voting rights attached to shares recorded in an account shall be exercised by the benef icial beneficial owner in ordinary general meetings and by the bare owner in extraordinary general meetings. The inf ormation information with regard to the bare ownership/beneficial interest account shall be sent to the person designated in the application to open an account, who will be responsible f or for passing on said information to the other holders. The bare owner and the benef icial beneficial owner shall take personal responsibility for any dispute that may arise between them in connection with managing the separated account. The benef icial beneficial interest owner authorises the Bank to debit his/her personal cash account for all the expenses related to transactions in the account. Closure of the bare ownership/beneficial ownership cash account will lead to closure of the f inancial financial instrument account. Additionally Additionally, some restrictions are possible if there are several holders that are or that become subject to dif ferent different tax regimes. The Bank also reminds co-holders that changing the tax residence of one of them may result in the account being closed.

– BARE OWNERSHIP/BENEFICIAL INTEREST ACCOUNT. The holders of a bare ownership/beneficial interest account undertake to record register or hav e recorded in have registered to such an account only those financial instruments that have been subject to a separation of the ownership right on a contractual, legal or judicial basis, since the Bank is released f rom from any liability as to the consequences of rec ording f inancial registering financial instruments in on such an account. All transactions in a bare ownership/beneficial interest usufruct account may be carried out only with the signature of the beneficial ownerusufructuary. The interest and dividends attached to the f inancial financial instruments shall be credited to the personal cash account opened with the Bank by the beneficial owner. The same applies to the proceeds of any liquidation surplus, reimbursement, or depreciation of the financial instruments, with the bare owner and benef icial beneficial owner being personally responsible for returning the sums to the bare owner at the end of the beneficial ownership. The bare owner authorises the beneficial owner alone to exercise the subscription and f ree free allotment rights attached to the f inancial financial instruments recorded in registered to the account, it being specif ied specified that the financial instruments obtained by exercising said rights are credited to the bare ownership/beneficial interest account, since the f inancial financial instruments obtained in this manner belong to the bare owner for bare ownership ownership, and to the benef icial beneficial owner for beneficial ownership. The v oting voting rights attached to shares recorded registered in an account shall be exercised by the benef icial beneficial owner in ordinary general meetings and by the bare owner in extraordinary general meetings. The inf ormation information with regard to the bare ownership/beneficial interest account shall will be sent to the person designated in the application to open an account, who will be responsible f or for passing on said information to the other holders. The bare owner and the benef icial beneficial owner shall take personal responsibility for any dispute that may arise between them in connection with at the time of managing the separated account. The benef icial interest usufruct owner authorises the Bank to debit his/her his personal cash account for all the expenses related to transactions in the account. Closure of the bare ownership/beneficial ownership cash account will lead to closure of the f inancial instrument financial instruments account. Additionally Additionally, some restrictions are possible if there are several holders that are or that become subject to dif ferent different tax regimes. The Bank also reminds co-holders that changing the tax residence of one or other of them may result in the account being closed.

– BARE OWNERSHIP/BENEFICIAL INTEREST ACCOUNT. The holders of a bare ownership/ownership / beneficial interest account undertake to record register or hav e recorded in have registered to such an account only those financial instruments that have been subject to a separation of the ownership right on a contractual, legal or judicial basis, since the Bank is released f rom from any liability as to the consequences of rec ording f inancial registering financial instruments in on such an account. All transactions in a bare ownership/beneficial interest usufruct account may be carried out only with the signature of the beneficial ownerusufructuary. The interest and dividends attached to the f inancial financial instruments shall be credited to the personal cash account opened with the Bank by the beneficial owner. The same applies to the proceeds of any liquidation surplus, reimbursement, or depreciation of the financial instruments, with the bare owner and benef icial beneficial owner being personally responsible for returning the sums to the bare owner at the end of the beneficial ownership. The bare owner authorises the beneficial owner alone to exercise the subscription and f ree free allotment rights attached to the f inancial financial instruments recorded in registered to the account, it being specif ied specified that the financial instruments obtained by exercising said rights are credited to the bare ownership/ownership / beneficial interest account, since the f inancial financial instruments obtained in this manner belong to the bare owner for bare ownership ownership, and to the benef icial beneficial owner for beneficial ownership. The v oting voting rights attached to shares recorded registered in an account shall be exercised by the benef icial beneficial owner in ordinary general meetings and by the bare owner in extraordinary general meetings. The inf ormation information with regard to the bare ownership/ownership / beneficial interest account shall will be sent to the person designated in the application to open an account, who will be responsible f or for passing on said information to the other holders. The bare owner and the benef icial beneficial owner shall take personal responsibility for any dispute that may arise between them in connection with at the time of managing the separated account. The benef icial interest usufruct owner authorises the Bank to debit his/her his personal cash account for all the expenses related to transactions in the account. Closure of the bare ownership/beneficial ownership cash account will lead to closure of the f inancial instrument financial instruments account. Additionally Additionally, some restrictions are possible if there are several holders that are or that become subject to dif ferent different tax regimes. The Bank also reminds co-holders that changing the tax residence of one or other of them may result in the account being closed.