TEMPORARILY RESUMED TRANSACTIONS UPON COMPANY REORGANIZATION. If the Depositor is a company which has obtained an approval for reorganization from a court before the period of Account Rejection has expired, the Depositor may request the Bank’s approval and transfer to the Bills Clearing House to make a recordation of reorganization; the Bank may temporarily resume transactions with the Depositor if the reorganization is recorded. In the event a negotiable instrument is dishonored due to insufficient funds after the date of temporary resumption of transactions but before the expiry date of the initial Account Rejection, the Bank may reject the Depositor’s account effective for a period of three (3) years commencing from the date on which the Bills Clearing House dishonors.
Appears in 6 contracts
Samples: General Agreement, General Agreement, General Agreement
