FIXED-TIME DEPOSIT REGULATIONS Sample Clauses

FIXED-TIME DEPOSIT REGULATIONS. IF THE CUSTOMER is more than one person, it is understood that any of them acting individually may dispose of deposits deposited in the account, unless otherwise agreed with THE BANK. In any case, the use of the conjunctions "and", "and / or" or "or" between the names of said holders shall have the meaning and consequences attributed to them by Law 42 of November 8, 1984. • The account shall only accept the legal deposit of money in the Republic of Panama and checks drawn against THE BANK or other banks. Refunds or refunds of funds to THE CUSTOMER are payable only in a Panamanian branch of THE BANK, at the time of payment. • If THE CUSTOMER is a juridical person, the changes related to its personality, capacity, existence, articles of incorporation, bylaws, integration of its corporate bodies, designation and removal of Directors, Officers and Officers of the Company and in general all those concerning Its administrative and corporate structure, shall only produce effects vis-à-vis THE BANK, after such changes have been notified to THE BANK in writing and THE BANK confirms, also in writing, that it has taken note of them. The same notification and receipt acknowledgment shall apply to the granting and revocation of powers, both if the CUSTOMER is a natural person and a juridical person. Therefore, the public registration of such changes, grants or revocations is not sufficient for them to bind THE BANK, but it is necessary to comply with the notifications foreseen in this clause. • THE CUSTOMER is guarantor to THE BANK of the legitimacy of the checks deposited in the account for collection and, consequently, guarantees to THE BANK that THE CUSTOMER has a good title on them; that such checks have not been altered, that the persons who have drawn them, endorsed or guaranteed had the power to do so and that their signatures are genuine. • THE CUSTOMER acknowledges that, in this and other banking places, THE BANK, acting as a collection agent for THE CUSTOMER, shall have to guarantee the authenticity of the endorsements appearing in the checks in question in order to demand or receive the payment Consequently, THE CUSTOMER, at his own risk, authorizes THE BANK to give such guarantee, undertaking THE CUSTOMER to reimburse the BANK any sums that he has to pay to third parties for the reason of granting such guaranty. • In the process of collecting the checks drawn against other banks established in this place, THE BANK shall limit itself to presenting them to th...