2. Account mandate
- In order for the Bank to set up an account, you must give us account operating authority details in the form of an account mandate. This includes details of:
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- all account holders (for joint accounts),
- All account signatories (if you are a corporate entity) and all authorised persons (if you appoint any); and
- Any signature requirement (for example, whether any one account holder/signatories/authorised persons (as applicable) may sign instructions that we require confirmation by signatures or some/all account holders to sign such instructions jointly).
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- The Bank will act on the account mandate until you vary (by adding or removing account signatories or authorised persons, or by changing the signature requirement) or cancel You must do so by giving us instructions in writing. The variation or cancellation becomes effective within a reasonable time (normally within 7 working days) after we accept your instructions, and in the meantime, we may continue to act in accordance with the existing account mandate. If you have multiple accounts, varying or cancelling the account mandate for one account does not vary or cancel the account mandate for other accounts.
- The Bank will rely on and is authorised to act on any instructions given in accordance with the account mandate. You must act in accordance with the account mandate. You must use the same signature as used on the account mandate.
- The Bank may in its discretion require more than one or all account holders, account signatories or authorised persons to sign or confirm any act if we think it is necessary or prudent to do so.