E. ACCOUNT OPENING, MAINTENANCE, AND CANCELLATION
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10. The Bank opens accounts based on written contract on account opening. The Bank shall verify Client’s identification data for account opening based from valid proof of identification, i.e. the name, surname, permanent address, birth date and number of proof of identification. Alike the Bank shall verify identity of other person authorized to dispose with account or funds on this account. Client’s signature specimen shall be attached to the contract on account opening together with the copy of Client’s proof of identity. If the Client refuses to approve preparation of the copies, the Bank shall refuse the execution of requested bank operation. The Client shall submit documents testifying legal entity establishment or the identification of a physical entity, authorized signature card of persons authorized to dispose with the funds on the account. The Bank does not establish Client’s numbered accounts. The Bank shall verify for resident corporate identity:

(i) data from submitted original extract from companies register or notary’s statement of the copy of the extract;

(ii) data on persons forming statutory body;

(iii) identity of natural person representing the corporate body in relation to the Bank;

(iv) content of the mandate (letter of attorney) of corporate body where natural person representing the corporate body is entitled to act on behalf of corporate body, or to perform repeatedly banking operations; plausibility of signature on the letter of attorney, checked by notary public, if the letter of attorney was not signed in the face of competent bank employee;

(v) moreover in the case of corporate body – undertaker – valid authorization to run a business on the territory of the Slovak Republic prepared by correspondent state and/or public authority.

While checking the identity of foreign corporate bodies, the Bank shall request along with identification of natural person acting on behalf of corporate body also submission of the extract from public (official) companies register administered by corresponding body or agency of foreign state similar to the Slovak companies register.

The Client shall agree to submit to the Bank a binding written declaration for any transaction over SKK 100.000 (one thousand Slovak crowns) using means, which are not its property or transaction made for account of third person's account at the latest together with the request or order to perform this transaction. The declaration shall content the name, surname, personal number or birth date and permanent address of natural person or the name, address and identification number of legal person (if available) of which the means are in the ownership and for which account the transaction is made. At the same time the Client shall submit to the Bank written approval of aggrieved party for the use of its means for this transaction and to perform this transaction for its account.

11. If the Bank opens an account to the person who holds the paid up deposits before the establishment of the trading company, in order to fulfill the condition for the establishment of the trading company, it requests the Client to submit the Articles of Association or the Agreement on establishment, respectively the Establishment Certificate.

12. The Client shall notify the Bank promptly in writing of any changes in the evidence handed to the Bank when opening an account (mainly the change of company name, including the seat or address, change in the statutory body, persons authorized to dispose with the funds on the account, announcement to the creditors, entering the liquidation). The Bank is authorized to make the above mentioned changes only based on such written instruction from the Client.

13. When opening an account the Bank will inform the Client about the account number and title in writing, as well as about the date of opening the account. The Bank discloses the account number and title without the Client’s permission only in cases set by the appropriate laws of the Slovak republic.

14. Each bank account shall have an identification number. The Bank may irrevocably accept funds for Client and credit the same to the Client’s bank account for the entire duration of the business relationship between the Bank and Client.

15. The Bank shall issue a statement or statements with respect to a bank account in the time required by the Client’s instructions and, in any event, at least once a year. The Client shall notify the Bank in writing within fifteen (15) calendar days from the date of the bank statement of any claims or discrepancies with respect to the bank statement. Failure to deliver such notification shall be deemed to constitute approval of the bank statement by Client.

16. Each co-holder of a joint account is entitled to dispose of all funds in such account unless the holders of the joint account provide the Bank with written instructions to the contrary. Each co-holder of a joint account, as joint debtor, is fully responsible for all liabilities resulting from the joint account.

17. The Bank closes the account if the period for which it was established expired or on the basis of the written notice of the Bank or the Client effective fifteen days following the delivery. The Bank and the Client are obliged to settle their mutual debts and obligations. The Client agrees that the Bank takes all its payable receivables from the Client before closing of the account . The Bank shall manage Client’s balance according to his written notice. If the Client does not set otherwise until the notice comes into effect, the Bank holds the account in the evidence and does not remunerate the account with interest. The Bank informs the Client about closing the account with the information as of which date the account was closed in writing.