Powers And Duties Of The Bank. 4.1 The Bank will endeavour to act in accordance with Proper Instructions in the purchase, sale, disposal or acquisition of and other dealings with the Portfolio and in particular, will: 4.1.1. effect settlement of purchases, sales and deliveries of Securities; 4.1.2. collect all monies received from the maturity, redemption, sale or other disposition of Securities, dividends, interest and other income on the Portfolio and hold them to the order of or for the account of the Client; and 4.1.3. notify the Client as soon as is practically possible of all matured but uncollected principal and interest. 4.2 In performing its duties as custodian the Bank is authorised: 4.2.1. to receive all interest, dividends and other payments or distributions in respect of the Portfolio directly or through its agents or the Nominee; 4.2.2. to surrender any part of the Portfolio against receipt of monies payable at maturity, on redemption or otherwise in accordance with Proper Instructions; 4.2.3. where monies are payable in respect of Securities in more than one currency, to collect them in such currency as the Bank may in its discretion determine; 4.2.4. to exchange any Securities in interim or temporary form for Securities in definitive form; 4.2.5. to deal with any monies collected or received as proceeds of sale of the Securities by the Bank in accordance with Proper Instructions; 4.2.6. to deposit in the name of the Bank all Securities with any Custodian or Sub-Custodian; 4.2.7. to keep all or part of the Portfolio in cash or on deposit with a bank or broker or other financial institution, from time to time, including itself or any Associate;
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Samples: Terms and Conditions, Terms and Conditions, Terms and Conditions
Powers And Duties Of The Bank. 4.1 The Bank will endeavour to act in accordance with Proper Instructions in the purchase, sale, disposal or acquisition of and other dealings with the Portfolio and in particular, will:
4.1.1. effect settlement of purchases, sales and deliveries of Securities;
4.1.2. collect all monies received from the maturity, redemption, sale or other disposition of Securities, dividends, interest and other income on the Portfolio and hold them to the order of or for the account of the Client; and
4.1.3. notify the Client as soon as is practically possible of all matured but uncollected principal and interest.
4.2 In performing its duties as custodian the Bank is authorised:
4.2.1. to receive all interest, dividends and other payments or distributions in respect of the Portfolio directly or through its agents or the Nominee;
4.2.2. to surrender any part of the Portfolio against receipt of monies payable at maturity, on redemption or otherwise in accordance with Proper Instructions;
4.2.3. where monies are payable in respect of Securities in more than one currency, to collect them in such currency as the Bank may in its discretion determine;
4.2.4. to exchange any Securities in interim or temporary form for Securities in definitive form;
4.2.5. to deal with any monies collected or received as proceeds of sale of the Securities by the Bank in accordance with Proper Instructions;
4.2.6. to deposit in the name of the Bank all Securities with any Custodian or Sub-Custodian;
4.2.7. to keep all or part of the Portfolio in cash or on deposit with a bank or broker or other financial institution, from time to time, including itself or any Associate;
4.2.8. to decline to accept or deal in partly paid shares, shares in companies with unlimited liability or any other investment which, in the opinion of the Bank, may prove onerous, unless the Bank is provided with such security and on such terms as it considers appropriate, in its discretion; and
4.2.9. to carry out such other acts, deeds or things as may be agreed from time to time.
4.3 Subject to the receipt of Proper Instructions, the Bank may:
4.3.1. borrow money on the security of the Portfolio at any time or from time to time and pay or apply the money so raised in any manner in which money forming part of this Agreement may be paid or applied; and
4.3.2. perform all acts of alienation, hypothecation and other acts of ownership to the same extent and with the same effect as the Bank might perform if it were the beneficial owner and the decisions and actions of the Bank in this regard whether actually made or taken in writing or implied from the acts of the Bank will be conclusive and binding on the Client.
4.4 The Client agrees that if any part of the Portfolio gives rise to a subsequent payment liability, the Bank may utilise monies in the Portfolio to cover such liability. If, in the opinion of the Bank, there is insufficient cash in the Portfolio to meet such liability, the Bank may sell all or any part of the Portfolio upon such terms and conditions as the Bank may see fit and appropriate, the proceeds of such sales to meet the liability.
4.5 The Bank may, after prior consultation with the Client, in so far as is practicable and legally appropriate and at the expense of the Client, engage, consult with and dismiss legal advisors, accountants, consultants and such other persons as the Bank may deem necessary or desirable in respect of any matter concerning the Portfolio.
4.6 When the Bank is acting jointly with another or others, all monies, securities, deeds and documents shall be in the custody of the Bank or of its agents or nominees but any other executor or trustee shall have all reasonable facilities for inspection or verification. The name of the Bank shall appear first on all registered Securities unless they are held in the name of its agents or nominees.
4.7 The Bank may exercise any of the powers in this paragraph separately or in combination with any other power. Any partial or single exercise by the Bank shall not be deemed to be a waiver of any of its rights to exercise any other power.
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Samples: General Terms and Conditions
