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Terms & Conditions

Quick Table of Contents:

1. Introduction
2. General Rules
2.1 CBIB’s Liability
2.2 Authorization
2.3 Processing of Orders
2.4 Fees
3. Terms of Operations
3.1 Current Account
3.2 Deposit Account
3.3 Termination of Agreement
3.4 Savings Account
4. Additional Conditions
4.1 Setting-off Claims
4.2 Performance of Due Diligence by CBIB
4.3 Amending General Terms and Conditions
4.4 Applicable Law

1. Introduction

1.1 These GENERAL TERMS AND CONDITIONS state the rules that govern the business relationship between Chesterfield & Baggins Investment Bankers Ltd. (hereafter referred to as 'CBIB') and its Clients.

1.2 The transactions between CBIB and its Clients are subject to the provisions of these GENERAL TERMS AND CONDITIONS, the Laws of the UK, the Third EU Money Laundering Directive and all other applicable EU Laws.
The currencies of CBIB are European Euros and Pounds Sterling, and the following business activities shall be provided: Personal and Corporate Current Accounts, Assets Deposit Accounts, External and Internal Transfer of Funds.

1.3 CBIB will display these GENERAL TERMS AND CONDITIONS at its Registered Office, its Representative Offices, and on CBIB's web site. Any changes to the GENERAL TERMS AND CONDITIONS are immediately entered on the 'NEWS' page of its web site and the updated terms are immediately displayed at the Registered Office and Representative Offices and are available on the web site.

1.4   Definitions

Account Holder:

An Account Holder is either a person with full contractual capacity, or a legally registered entity, which has a Current Account Agreement with CBIB and complies with the rights and duties therein. A Current Account can have only one Account Holder but an Account Holder can have more than one account. Account Holders may at their own discretion and risk delegate the rights to operate the account to an Authorized Person.

Authorized Person:

An Authorized Person is a person with full contractual capacity authorized by an Account Holder to carry out certain banking transactions on the Holder's behalf. The authorization to do so must be in writing, signed, witnessed and received by CBIB.

Client:

Both Account Holders and Authorized Persons are Clients of CBIB.

Agreement:

This is an approved and accepted Current Account Application. A Current Account Application has to be approved and accepted before an Account Holder can use any of CBIB's services. CBIB reserves the right to change any of its conditions or services, (i.e. required minimum account balance, minimum deposit amount and maturity on Deposit Accounts, account maintenance charges, other charges, etc.) when deemed necessary. Any changes in CBIB's services are immediately published in the 'NEWS' page of its web site, and will be displayed at its Registered Office and at its Representative Offices.

Application:

This is the standard Application that must be completed and signed by the prospective Client wishing to open a Current Account, stating acceptance of the GENERAL TERMS AND CONDITIONS.

Current Account:

The first account that is opened at CBIB allowing Internal and External Transfer of Funds.

Deposit Account:

An interest bearing account where the Client's funds are lodged for an agreed time period.

Internal Transfer:

This is any transfer between two CBIB Accounts.

External Transfer:

This is any transfer that involves a Correspondent Bank.

Correspondent Bank:

This is a bank or another financial institution that performs services for other banks in a banking center where the latter is not represented.
Security Deposit:This is an amount deposited by the Account Holder as security for certain bank transactions. This amount is a cover for the Account Holder's debts and related charges.

Order:

This is any instruction made by the Account Holder or Authorized Person for debiting or crediting an account. The Order or instruction may be made electronically, or on paper using only CBIB's Standard Forms.

Standard Order Form:

This is the official Form, which should be used for recording data and Orders for transactions. The Account Holder or Authorized Person must complete it clearly and legibly without corrections or amendments. To be valid, the form must be dated and signed by the Client. CBIB reserves the right to reject a Standard Order Form that has not been correctly completed.

Internet account management system:

This is a communication system between Clients and CBIB using the World Wide Web, which allows Clients to monitor and manage their accounts.

Electronic Operations:

These are all Orders or other transactions that go through the Internet account management system using Login and Password and are signed with a Digital Signature. All the Electronic Operations are archived on CBIB's computer database.

Internet Login and Password:

This is the secret identification used for the execution of Electronic Operations through the Internet account management system. Each Client receives a unique Internet Login and Password code that is prepared using the strictest safety measures. This Internet Login and Password is delivered to the Client by courier service or any other means mutually acceptable.

Client Identification Code:

This is the secret number that is used for Client identification over the telephone.

Fees and Rates:

Fees are the various charges for CBIB's services. Rates are the interest rates paid on Deposit Accounts.

2. General Rules

2.1 CBIB's liability

2.1.1 CBIB is in no way responsible for damages or losses that occur due to military action or a natural disaster. CBIB cannot be held responsible and will not be held liable for loss or damage from disturbances to normal operations that are beyond CBIB's control.

2.1.2 If the Client provides false or incorrect data for the Agreement or any transaction, CBIB will not be held responsible for any damage that arises as a consequence.

2.1.3 CBIB is in no way responsible for damages or losses that occur due to lost or stolen Internet account management system Login and Password once both are used together.

2.1.4 To prevent and combat money laundering, CBIB enforces the rules and regulations defined in applicable international treaties.

2.2 Authorization

2.2.1 Right of disposal of Account Holders.

Before executing payment Orders and other instructions, CBIB shall check the validity of the Client as follows: In the case of the Internet account management system facility, the Order authority will be verified by the Client Login and Password as registered the Internet account management system. In the case of account management through facsimile, the Order authority will be verified by matching the signature on the facsimile with the one on the signature card of the Application and by the Client Identification Code. If the Client's entitlement to operate an account has been cancelled, the relevant Internet Login and Password and specimen signature of the Client cannot be used for further Orders. CBIB shall not be liable for any consequences resulting from the execution of any false or forged Order if it is shown that, even after diligent examination, it was impossible to discover the falseness or forged nature thereof.

2.2.2 Authorized Persons.

Account Holders may grant the right to manage their account to any person so authorized by them, provided that such delegation is made in the Application. An Account Holder is entitled to withdraw the authorization at any time, in writing. In the event of the Account Holder's death, all authorizations are automatically null and void. The Authorized Person and the Account Holder shall hold joint and individual liabilities for all Orders and instructions given to CBIB.

2.2.3 Inheritance.

A person inheriting the balance of an account acquires the right of disposal only after proof of the execution of the legal testament has been presented to CBIB. Such a person does not become the Account Holder; therefore his/her instruction may only extend to the transfer of the final account balance, after the deduction of relevant closing costs and charges.

2.3 Processing of Orders

2.3.1 Receipt of Orders.

All Orders given to CBIB dealing with Client Accounts should be made through the Internet account management system or by facsimile on CBIB's Standard Order Forms. All Orders must have the name and number of CBIB accounts, both the Client's and the target account. CBIB is not responsible for the correctness of the data concerning the target account, and is in no way responsible for verifying the correctness of the said data, thus CBIB can in no way be liable for any loss or damage that may arise due to incorrect target account names or numbers. CBIB provides its Clients with: An Internet account management system Client Login and Password generated by the Internet account management system, CBIB's Standard Order Forms. CBIB is entitled to execute those Orders given by a Client and received by CBIB, and to debit and credit an account in accordance with these GENERAL TERMS AND CONDITIONS. The content and time of the Order or other instruction given by a Client is as follows:
In the case of an Internet account management system operation, by electronic data.
In the case of facsimile, by the completed Standard Form.

2.3.2 Forwarding of Orders, involving a Corresponding Bank.

Unless specified in the Order itself, CBIB chooses the method of forwarding Orders. Forwarding is executed at the expense and risk of the Client. CBIB can only be held responsible for any damage arising from forwarding errors, misunderstandings with the Client or the Correspondent Bank, or other organizational units of CBIB. CBIB is entitled to use a Correspondent Bank in the execution of Orders, but if the Client nominates a Correspondent Bank, CBIB is not liable for any subsequent losses.

2.3.3 Processing of Orders.

Debit Orders are processed on the next banking day following receipt of the Orders. Credit Orders in the Client's favor are processed on the next Banking day following the credit amount being lodged with CBIB. CBIB will only process debit Orders if there are sufficient funds in the Client's account to cover the Order and all related charges, and costs. CBIB does not execute partial payments. Costs and losses arising from non-execution due to insufficient funds are charged to the Client in full.

2.3.4 Communication All communication between CBIB and its Clients should be in writing.

Both parties must answer questions raised by each other and draw each other's attention to any mistakes or negligence that may be observed. Written notices from CBIB shall be deemed as dispatched if and when the file copy is in CBIB's possession and a postal or telecommunication certificate proves that the Client received the notice. Written notices from CBIB shall be deemed as delivered to the Client after the usual delivery period provided that they were sent to the Client's usual address, registered or otherwise known to CBIB, notwithstanding that the address belongs to a third party authorized to receive documents on behalf of the Client. In certain circumstances information concerning a Client's account can be disclosed over the telephone if and only if the Client uses their Client Identification Code. The communication will be deemed as received even if CBIB keeps all Clients' bank communications on Clients' behalf.

2.3.5 Modification and Withdrawal of Orders and other instructions.

No Order given through the Internet account management system can be withdrawn or modified. The only way to rectify an incorrect Order is to send a new contra Order, which must be done via the Internet account management system. If a Client wishes to correct an External Transfer Order sent by facsimile, it must be done in writing. In the event that loss or damage results from incorrect or false data or information supplied by the Client, then the Client is liable to CBIB and to any other banks collaborating and processing relevant bank data.

2.4 Fees

2.4.1 Fees, Commissions, Charges and Other Related Expenses.

Fees or charges are levied on the Client's account for use of facilities, either as a fixed sum or as a percentage of the amount of the transaction. The Client's account is debited for any additional expenses incurred during the processing of Client Orders, e.g. courier fees, third party charges and commissions. Relevant service Fees are specified in CBIB's website. CBIB is entitled to amend the Fees at any time and Clients can obtain information about amendments through CBIB's website. If a particular agreement contains a special regime of interest and/or charges and commissions different from those indicated in CBIB's web site, these conditions can only be modified in such manner as is defined in the Agreement.

2.4.2 Interest Rates.

The Rates of interest are available at Client's request. The interest earned upon maturity of a Deposit Account is automatically credited to the Client's Current Account.

3. Terms of Operations

3.1 Current Account.

Before entering into a business relationship, CBIB is obliged to undertake due diligence with respect to the Client and to the persons acting for and on behalf of the Client, in order to protect the probity of CBIB relationship and to avoid money laundering. A Current Account is opened for a Client when their Application has been accepted and approved. This account is used for the management of funds. Any person or a legally registered entity that has completed and provided all requested documents and who complies with the other specific requirements of CBIBcan open a Current Account with CBIB. The account bears the name of the Account Holder who controls the operations of the account, unless the Account Holder gives the authority to a third person who is registered with CBIB as an Authorized Person. If any requested information is not forthcoming, the relationship already initiated is discontinued, and any funds held to the order of a prospective Client is returned only to the source from which they came and not a third party. CBIB receives debit and credit Orders, manages and keeps records of Client's Current Accounts in accordance with these GENERAL TERMS AND CONDITIONS. Debiting and crediting of the account can only be done via wire transfer - CBIB does not accept cash transactions. Clients are able to monitor their account through the Internet account management system 24 hours a day, 7 days a week.

3.1.1 Obligations of the Account Holder relating to a Current Account.

On signing a Current Account Application the Client declares to be fully aware of the legal obligations and applicable legislation relevant to the account, and undertakes not to use the account for any illegal activity or money laundering. If CBIB has reasonable grounds to suspect the infringement of these conditions, CBIB reserves the right not to execute the Client's Orders and to notify its Supervisory Authority. Account Holders must monitor their Current Account balance and lodge the funds necessary for CBIB to execute Orders and to settle charges, Fees and expenses.

3.1.2 Opening of a Current Account.

CBIB does not enter into a business relationship with a prospective Client based solely upon data supplied by them. Documents, certificates and data will be verified before accepting the Application. A unique Current Account number is allocated once the Application has been accepted and approved. Once all the conditions for opening a Current Account have been satisfied CBIB allots the Client with a six- digit Client Identification Code, to be used for telephone communication with CBIB. This Client Identification Code is not an Account Number. Depending on the selected method of account management, the Client receives an Internet account management system Login and Password and its Standard Forms. These codes are sent separately and individually by international courier services to the Client's registered address. CBIB accepts no liability for any damage that arises from the execution or non-execution of any Order or other instruction given prior to the Current Account Application being fully approved and the Agreement coming into effect. The Internet account management system Login and Password can only be changed by CBIB when a Client sends a written request to do so stating why the Login and Password should be changed.

3.1.3 Types of Orders that can be carried out on a Current Account.

CBIB accepts Orders for Internal Transfers between Client accounts or for External Transfers to another bank account, either through the Internet account management system, or by facsimile. CBIB will not execute any Order if there are insufficient funds on the Client's account. When adequate funds become available to cover the Client's debit Order the Client must issue a new Order. The Client is responsible for all losses that arise because of insufficient funds. CBIB has the right to debit the Current Account without notification if an entry has to be corrected, or if any account charges or Fees have to be recovered.

3.1.4 Debit Entry on Current Accounts.

CBIB processes any Orders on a Current Account according to the time and date they were received. Orders received during CBIB's opening hours are deemed as received on that day. Orders received after banking hours are deemed as received on the following banking day. CBIB executes Internal Orders accepted before closing time on the same Banking day. For an External Transfers, two additional banking days are required. When a Client transacts business using the Internet account management system the date and time of the arrival of the Order are considered the same as those recorded on CBIB's database. The Orders are dealt with in the order that CBIB receives them.

3.1.5 Credit entry on a Current Account.

The Current Account number is necessary for CBIB to process credit operations. If no account number is used, or it is given incorrectly, CBIB may (but is not obliged) to use the Account Holder's name to execute the Order. Once CBIB has recorded the credit entry in its correspondent account, the Client's account is credited on the next banking day.

3.1.6 Closure of a Current Account.

If an Account Holder wishes to discontinue their Current Account they must give sixty (60) days notice to CBIB. A Current Account may also be closed if the Account Holder has not complied with the account opening stipulations within thirty (30) days of CBIB receiving and approving the original account Application. CBIB has the right to freeze the balance of an account and to reject all subsequent Orders as soon as CBIB has received the account closure notice. After the fixed period of sixty days CBIB transfers - after deducting all Fees - the remaining balance of the Client's Current Account to another account in accordance with the Client's directions.

3.2 Deposit Account

3.2.1 Opening of a Deposit Account.

Deposit Accounts are only opened for Current Account Holders who give CBIB instructions to do so. The deposit Order is given through the Internet account management system or on CBIB's Standard Form. The requested deposit amount is transferred from the Current Account to the newly opened Deposit Account on the day following the receipt of the Order once the funds are available on the Current Account. The Client can monitor the Current and Deposit Account through the Internet account management system. CBIB's management specifies the rates of interest on Deposit Accounts, please contact us. The opening date of interest is the date when the initial credit transaction took place on the Deposit Account. At maturity, the interest earned on the Deposit Account is credited to the Client's Current Account. The Deposit Account is automatically renewed the day after its maturity for the same period as that of the original deposit unless CBIB has received other instructions.

3.2.2 Types of Deposit Accounts.

The Deposit terms are for periods of 12, 24 or 36 months, and for higher returns different currencies than the Euro or the Pounds Sterling might be considered in agreement with the Client.

3.2.3 Withdrawal of Deposits.

CBIB transfers amounts held in a Deposit Account back to the Client's Current Account when instructed by the Client. If the Deposit Account is closed on the original expiry date, CBIB credits the amount of the deposit and the interest earned to the Client's Current Account the day after CBIB receives the Order to close the Deposit Account. If the Deposit Account is closed before maturity, CBIB credits the amount of the deposit and the interest earned to the Client's Current Account, and CBIB debits the Clients Current Account for withdrawal before maturity. In both cases, if a different currency was used an automatic conversion to Euros at the then ongoing exchange rate will be effected.

3.3 Termination of Agreement

3.3.1 Standard closure of accounts.

A Client can close their Current Account with CBIB by giving sixty (60) days written notice, or for the case of Deposit Accounts, at the maturity of the deposit. The closure commences on the day a party issues the written notice. Once the closure has come into effect the Client can no longer give instructions concerning accounts, and CBIB may reject any such instructions. Once the closure is effective CBIB stops all related services, i.e.: The Internet account management system, Account management by facsimile.
Any funds remaining after the closure of the account are transferred to any other external account as indicated in the closure notice.

3.3.2 Extraordinary Closure.

CBIB is entitled to close a Client's Current Account and any related accounts instantaneously and with immediate effect if the Client fails to respect his or her Agreement with CBIB or if the Client's activity violates any legal regulations (inter alia international regulations against money laundering) or violates the interests of CBIB.

3.4 Savings Accounts.

Any current account holder - private or corporate is entitled to free Savings Account opening and management. Eligible currencies for the savings accounts are EUROS and others as applicable and available at time of transaction. Please contact us for rates and availability. Minimum balance of the savings account is 100,000.00. To open the Savings Account, current account holder has to send free format message to CBIB via Internet account management system module with request. Then accounts managers open the corporate savings account or private savings account send the confirmation to the current account holder via Internet account management system. Account holders can transfer funds from/to current account to savings account via Internet account management system free of charge. However interest will be earned and accrued only starting from the 1st calendar day of the month and ending at the last calendar day of the month. For example if funds where transferred to the savings account on 26th of the months, there will be no interest for this month and accruals will start only from the 1st day of the next month. Also if accruals started on the 1st day of the month, but funds are withdrawed on 20th day of the same month, there will be no interest paid for these 20 days. Interest accrued and paid to the same savings account on the last day of the month.

4. Additional Conditions

4.1 Setting off claims.

If the Client owes any money to CBIB, CBIB is entitled to defer any payment Orders, and can also set off its own claims against any credits for the Client's Current Account.

4.2 Performance of Due Diligence by CBIB.

While CBIB has an Agreement with the Client, CBIB has the right to verify that the Client is entitled to initiate the requested transaction, and to check the data registered with CBIB. Provided these requests are reasonable the Client cannot object to these control procedures. If the Client does not comply with such a request for supplementary information or verification, CBIB is entitled to refuse any Order and may, if it thinks fit, terminate the Agreement with extraordinary notice.

4.3 Privacy Policy.

All information given to CBIB by its clients is kept in the strictest confidence; this includes all application forms, declaration of Source of Funds forms and all other communication between the client and CBIB. Usual ICC non-disclosure terms to apply.

4.4 Amending General Terms and Conditions

Any changes that are made to these GENERAL TERMS AND CONDITIONS are found on the 'News' page of CBIB's website. An updated form of the GENERAL TERMS AND CONDITIONS are displayed at CBIB's Registered Office and Representative Offices. Clients are deemed to be apprised of and bound by these changes. Nevertheless the Client is entitled to object to these amendments in respect to his or her own Agreement with CBIB, however he or she must notify CBIB in writing within 30 thirty days of the amendments being published, or the Client looses the right to object. It is the Client's obligation to make sure that he is totally aware of all new modifications to CBIB's General Terms and Conditions by frequently checking the "News" page of CBIB's website.

4.5 Applicable Law.

Applicable law concerning interpretation and enforcement of the provisions of these GENERAL TERMS AND CONDITIONS is the law of the UK. The responsible judicial court is the Court of London, England.

 
     
 
         
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