Common use of Closure Clause in Contracts

Closure. 3. In the event if (a) there is any change of law which prohibits or renders illegal the maintenance or operation of the MGIA and/or this Agreement or the rules (i.e. any rules and regulations as may be published by the Bank from time to time (whether or not printed on the Passbook) which regulate the opening and operation of the MGIA and parties’ rights and obligations under this Agreement, hereinafter referred to as the “Rules”) or any part thereof; OR (b) I/we shall fail to execute or re-execute (as the case may be) within such time as requested by you such further document(s) which may be required by you in your sole and absolute discretion or as you think necessary whether for your administrative purposes or as a result of the revision of documentation relating to MGIA and a final 24-hour notice (be it oral or written) for requiring my/our execution or re-execution of such document(s) has been served on me/us and expired, you shall be entitled to immediately without notice or consent from me/us close my/our MGIA and thereupon shall be entitled to sell all the gold for the time being recorded in my/our MGIA to be due by you to me/us as if an instruction for sale as provided in Clauses 12 to 17 hereinafter had been received and the proceeds of such sale shall be credited to my/our designated account in accordance with the provisions of Clause 16 hereof and my/our MGIA shall be closed and this Agreement shall be terminated and be of no further effect.

Closure. 3. In the event if (a) there is any change of law which prohibits or renders illegal the maintenance or operation of the MGIA and/or this Agreement or the rules (i.e. any rules and regulations as may be published by the Bank from time to time (whether or not printed on the Passbook) which regulate the opening and operation of the MGIA and parties’ rights and obligations under this Agreement, hereinafter referred to as the “Rules”) or any part thereof; OR (b) I/we shall fail to execute or re-execute (as the case may be) within such time as requested by you the Bank such further document(s) which may be required by you the Bank in your the Bank’s sole and absolute discretion or as you the Bank think necessary whether for your the Bank’s administrative purposes or as a result of the revision of documentation relating to MGIA and a final 24-hour notice (be it oral or written) for requiring my/our execution or re-execution of such document(s) has been served on me/us and expired, you the Bank shall be entitled to immediately without notice or consent from me/us close my/our MGIA and thereupon shall be entitled to sell all the gold for the time being recorded in my/our MGIA to be due by you the Bank to me/us as if an instruction for sale as provided in Clauses 12 to 17 hereinafter had been received and the proceeds of such sale shall be credited to my/our designated account in accordance with the provisions of Clause 16 hereof and my/our MGIA shall be closed and this Agreement shall be terminated and be of no further effect.

Closure. 3. In the event if (a) there is any change of law which prohibits or renders illegal the maintenance or operation of the MGIA and/or this Agreement or the rules (i.e. any rules and regulations as may be published by the Bank from time to time (whether or not printed on the Passbook) which regulate the opening and operation of the MGIA and parties’ parties‟ rights and obligations under this Agreement, hereinafter referred to as the “Rules”) or any part thereof; OR (b) I/we shall fail to execute or re-execute (as the case may be) within such time as requested by you the Bank such further document(s) which may be required by you the Bank in your the Bank‟s sole and absolute discretion or as you the Bank think necessary whether for your the Bank‟s administrative purposes or as a result of the revision of documentation relating to MGIA and a final 24-hour notice (be it oral or written) for requiring my/our execution or re-execution of such document(s) has been served on me/us and expired, you the Bank shall be entitled to immediately without notice or consent from me/us close my/our MGIA with prior written notice and thereupon shall be entitled to sell all the gold for the time being recorded in my/our MGIA to be due by you the Bank to me/us as if an instruction for sale as provided in Clauses 12 to 17 hereinafter had been received and the proceeds of such sale shall be credited to my/our designated account in accordance with the provisions of Clause 16 hereof and my/our MGIA shall be closed and this Agreement shall be terminated and be of no further effect.

Closure. 3. In the event if (a) there is any change of law which prohibits or renders illegal the maintenance or operation of the MGIA MSIA and/or this Agreement or the rules (i.e. any rules and regulations as may be published by the Bank from time to time (whether or not printed on the Passbook) which regulate the opening and operation of the MGIA MSIA and parties’ rights and obligations under this Agreement, hereinafter referred to as the “Rules”) or any part thereof; OR (b) I/we shall fail to execute or re-execute (as the case may be) within such time as requested by you the Bank such further document(s) which may be required by you the Bank in your the Bank’s sole and absolute discretion or as you the Bank think necessary whether for your the Bank’s administrative purposes or as a result of the revision of documentation relating to MGIA MSIA and a final 24-24- hour notice (be it oral or written) for requiring my/our execution or re-execution of such document(s) has been served on me/us and expired, you the Bank shall be entitled to immediately without notice or consent from me/us close my/our MGIA MSIA with prior written notice and thereupon shall be entitled to sell all the gold silver for the time being recorded in my/our MGIA MSIA to be due by you the Bank to me/us as if an instruction for sale as provided in Clauses 12 to 17 hereinafter had been received and the proceeds of such sale shall be credited to my/our designated account in accordance with the provisions of Clause 16 hereof and my/our MGIA MSIA shall be closed and this Agreement shall be terminated and be of no further effect.

Closure. 3. In the event if (a) there is any change of law which prohibits or renders illegal the maintenance or operation of the MGIA and/or this Agreement or the rules (i.e. any rules and regulations as may be published by the Bank from time to time (whether or not printed on the Passbook) which regulate the opening and operation of the MGIA and parties’ rights and obligations under this Agreement, hereinafter referred to as the “Rules”) or any part thereof; OR (b) I/we shall fail to execute or re-execute (as the case may be) within such time as requested by you the Bank such further document(s) which may be required by you the Bank in your the Bank’s sole and absolute discretion or as you the Bank think necessary whether for your the Bank’s administrative purposes or as a result of the revision of documentation relating to MGIA and a final 24-hour notice (be it oral or written) for requiring my/our execution or re-execution of such document(s) has been served on me/us and expired, you the Bank shall be entitled to immediately without notice or consent from me/us close my/our MGIA and thereupon shall be entitled to sell all the gold for the time being recorded in my/our MGIA to be due by you the Bank to me/us as if an instruction for sale as provided in Clauses 12 to 17 hereinafter had been received and the proceeds of such sale shall be credited to my/our designated account in accordance with the provisions of Clause 16 hereof and my/our MGIA shall be closed and this Agreement shall be terminated and be of no further effect.

Closure. 3. In the event if (a) there is any change of law which prohibits or renders illegal the maintenance or operation of the MGIA and/or this Agreement or the rules (i.e. any rules and regulations as may be published by the Bank from time to time (whether or not printed on the Passbook) which regulate the opening and operation of the MGIA and parties’ parties‟ rights and obligations under this Agreement, hereinafter referred to as the “Rules”) or any part thereof; OR (b) I/we shall fail to execute or re-execute (as the case may be) within such time as requested by you the Bank such further document(s) which may be required by you the Bank in your the Bank‟s sole and absolute discretion or as you the Bank think necessary whether for your the Bank‟s administrative purposes or as a result of the revision of documentation relating to MGIA and a final 24-hour notice (be it oral or written) for requiring my/our execution or re-execution of such document(s) has been served on me/us and expired, you the Bank shall be entitled to immediately without notice or consent from me/us close my/our MGIA and thereupon shall be entitled to sell all the gold for the time being recorded in my/our MGIA to be due by you the Bank to me/us as if an instruction for sale as provided in Clauses 12 to 17 hereinafter had been received and the proceeds of such sale shall be credited to my/our designated account in accordance with the provisions of Clause 16 hereof and my/our MGIA shall be closed and this Agreement shall be terminated and be of no further effect.