SUSPENSION OF ACCOUNTS. (a) If the Bank receives notice of a petition for the bankruptcy of a Customer or a Customer begins negotiation with any creditor or creditors for the purposes of considering any individual voluntary arrangement, the Bank may suspend all or any operations relating to accounts maintained in the name of that Customer until the Bank is satisfied that the relevant petition is irrevocably discharged. After such suspension, and notwithstanding the terms of any existing or future account opening forms/mandates signed by the Customer or other agreements between the Bank and that Customer governing the operation of accounts held in 7 8 the name of that Customer or credit or other facilities or banking arrangements with that Customer, the Bank may in its absolute discretion refuse to act in accordance with any instructions relating to the operation of accounts maintained in the name of that Customer so suspended (whether given before or after the Bank's receipt of notice of petition for bankruptcy of that Customer)
(b) In case of suspicious activities by the Customer, the Bank may also suspend all or any operations relating to accounts maintained in the name of that Customer until the Bank is satisfied that no illegal or suspicious activities are being carried out by the Customer.
(c) The Bank shall not be liable to the Customer for any action taken or not taken by it with respect to any accounts the operations of which are suspended under paragraph (a) above unless directly caused by the gross negligence or willful misconduct of any officer, employee or agent of the Bank.
