Closing Accounts and Redeeming Membership Shares Sample Clauses

Closing Accounts and Redeeming Membership Shares. You may close any or all of the Accounts at any time. Vancity may also, at its discretion, close any or all of the Accounts without prior notice and without liability to you or any other person. Upon your closure of all of the Accounts, you agree that unless you give us written instructions to the contrary at the time of closing that: (a) you are deemed to have provided your resignation as a Member, effective immediately; (b) that this Agreement will be your written request to withdraw from the membership of Vancity; and (c) Vancity may also close your membership share Account. You may also instruct Vancity to redeem your membership shares in Vancity by giving notice in writing to Vancity in accordance with Vancity’s Rules. If you redeem any of your shares, and you then have less than the minimum required shares, then Vancity may close any or all of your Accounts and may be precluded from providing you further Services. If you have a positive balance on your share Account, any such amount may be setoff and applied against amounts that you owe to Vancity. Subject to Vancity’s rights under this Agreement, you agree that Vancity may return any funds remaining in the Accounts after closure by crediting the amount against amounts you owe to Vancity, or by issuing and delivering a Vancity official cheque in the Member’s name. Delivery of the official cheque may be made personally to one of your Authorized Signatories, Delegates, or other agents, by sending it, by courier or mail, to the most recent address listed in Your Contact Info in Vancity’s files, to such other address as you may designate in writing, by personally delivering it to such address, or as otherwise permitted by law.
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