Common use of JOINT CLIENT Clause in Contracts

JOINT CLIENT. 19.1 Where the Client consists of more than one person: (A) the liability and obligations of each of them shall be joint and several and references to the Client shall be construed, as the context requires, to any one of them; (B) the Broker is entitled to, but shall not be obliged to, act on instructions or requests from any of them; (C) any notice, payment or delivery by the Broker to any one of the Client shall be a full and discharge of the Broker’s obligations to notify, pay or deliver under this Agreement; and (D) the Broker is entitled to deal separately with any one of the Client on any matter including the discharge of any liability to any extent without affecting the liability of any others. Notwithstanding the above paragraph (B) and any agreement between any person of the Client with the Broker, the Broker reserves the right to demand all the persons of the Client to give instructions or requests in writing or in any such other manner determined by the Broker before the Broker’s accepting or acting on such instructions. 19.2 Where the Client consists of more than one person (“joint account holder(s)”), on the death of any of such persons (being survived by any other such persons), the death of one person does not operate to terminate this Agreement automatically unless terminated in according to other provisions of this Agreement but such death constitutes an Event of Default (Clause9.1(B)) and the interest in the Account of the deceased will thereupon vest in and enure for the benefit of the surviving joint account holder(s) provided any liabilities incurred by the deceased joint account holder(s) shall be enforceable by the Broker against such deceased person’s estate. Notwithstanding the foregoing paragraph, in case that the Broker is aware of any claim received from a third party in relation to the assets in the Account of a deceased joint account holder or any joint account holder is incapacitated or a bankruptcy order is made against any joint account holder or the operation of the Account is affected by any Court order or notice from any competent authority against a joint account holder, the Broker is entitled to take necessary action to solve the issue at its discretion, including without limitation suspension of the operations of and withdrawals of assets from the Account until the issue is solved (such as an administrator or receiver is appointed or the consent of the receiver or Official Receiver is obtained or the Court order is discharged or the relevant notice is removed).

Appears in 2 contracts

Samples: Cash Client Agreement, Cash Client Agreement

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JOINT CLIENT. 19.1 Where the Client consists of more than one persononeperson: (A) the liability and obligations of each of them shall be joint and several and references to the Client shall be construed, as the context requires, to any one of themofthem; (B) the Broker is entitled to, but shall not be obliged to, act on instructions or requests from any of them; (C) any notice, payment or delivery by the Broker to any one of the Client shall be a full and discharge of the Broker’s obligations to notify, pay or deliver under this Agreement; and (D) the Broker is entitled to deal separately with any one of the Client on any matter including the discharge of any liability to any extent without affecting the liability of any others. Notwithstanding the above paragraph (B) and any agreement between any person of the Client with the Broker, the Broker reserves the right to demand all the persons of the Client to give instructions or requests in writing or in any such other manner determined by the Broker before the Broker’s accepting or acting on such instructions. 19.2 Where the Client consists of more than one person (“joint account holder(s)”), on the death of any of such persons (being survived by any other such persons), the death of one person does not operate to terminate this Agreement automatically unless terminated in according to other provisions of this Agreement but such death constitutes an Event of Default (Clause9.1(B)) and the interest in the Account of the deceased will thereupon vest in and enure ensure for the benefit of the surviving joint account holder(s) provided any liabilities incurred by the deceased joint account holder(s) shall be enforceable by the Broker against such deceased person’s estate. Notwithstanding the foregoing paragraph, in case that the Broker is aware of any claim received from a third party in relation to the assets in the Account of a deceased joint account holder or any joint account holder is incapacitated or a bankruptcy order is made against any joint account holder or the operation of the Account is affected by any Court order or notice from any competent authority against a joint account holder, the Broker is entitled to take necessary action to solve the issue at its discretion, including without limitation suspension of the operations of and withdrawals of assets from the Account until the issue is solved (such as an administrator or receiver is appointed or the consent of the receiver or Official Receiver is obtained or the Court order is discharged or the relevant notice is removed).

Appears in 1 contract

Samples: Cash Client Agreement

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JOINT CLIENT. 19.1 16.1 Where the Client consists of more than one person: (A) the liability and obligations of each of them shall be joint and several and references to the Client shall be construed, as the context requires, to any one of them; (B) the Broker AIF SEC is entitled to, but shall not be obliged to, act on instructions or requests from any of them; (C) any notice, payment or delivery by the Broker AIF SEC to any one of the Client shall be a full and discharge of the BrokerAIF SEC’s obligations to notify, pay or deliver under this Agreement; and (D) the Broker AIF SEC is entitled to deal separately with any one of the Client on any matter including the discharge of any liability to any extent without affecting the liability of any others. Notwithstanding the above paragraph (B) and any agreement between any person of the Client with the BrokerAIF SEC, the Broker AIF SEC reserves the right to demand all the persons of the Client to give instructions or requests in writing or in any such other manner determined by the Broker AIF SEC before the BrokerAIF SEC’s accepting or acting on such instructions. 19.2 16.2 Where the Client consists of more than one person (“joint account holder(s)”), on the death of any of such persons (being survived by any other such persons), the death of one person does not operate to terminate this Agreement automatically unless terminated in according to other provisions of this Agreement but such death constitutes an Event of Default (Clause9.1(BClause 6(C)) and the interest in the Account of the deceased will thereupon vest in and enure for the benefit of the surviving joint account holder(s) provided any liabilities incurred by the deceased joint account holder(s) shall be enforceable by the Broker AIF SEC against such deceased person’s estate. Notwithstanding the foregoing paragraph, in case that the Broker AIF SEC is aware of any claim received from a third party in relation to the assets in the Account of a deceased joint account holder or any joint account holder is incapacitated or a bankruptcy order is made against any joint account holder or the operation of the Account is affected by any Court order or notice from any competent authority against a joint account holder, the Broker AIF SEC is entitled to take necessary action to solve the issue at its discretion, including without limitation suspension of the operations of and withdrawals of assets from the Account until the issue is solved (such as an administrator or receiver is appointed or the consent of the receiver or Official Receiver is obtained or the Court order is discharged or the relevant notice is removed).

Appears in 1 contract

Samples: Client Agreement

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