RULES & REGULATIONS GOVERNING THE OPERATION OF Current Account/ Current Account-i WITH MALAYAN BANKING BERHAD (hereinafter called "the Bank") 1. OPENING AND CLOSING OF ACCOUNT a. The opening of a Current Account ("the Account"), is subject to the Bank s approval. The applicant ('the Customer") agrees to abide and be bound by these rules and regulations ("Rules') governing the operation of the Account in force from time to time. b. An initial deposit of S$3,000.00 or any amount as determined by the Bank from time to time is required to be paid into the Account at the time of its opening. c. The Bank shall be entitled to close the Account in accordance with the following: (i) at any time for any reason whatsoever, upon giving reasonable notice; or (ii) where the Account has been used improperly or in breach of the terms and conditions herein or is being used for criminal activity or for illegal purposes, without notice. d. The Customer may close the Account by giving reasonable notice to the Bank at any time. e. Upon the closing of the Account either by the Customer or by the Bank, all unused cheques and Maybank ATM Cards (if issued) shall be returned to the Bank. 2. CREDITING INTO ACCOUNT a. The Customer must use the deposit slips of the Bank in making a deposit. The deposit slip must be completed accordingly. The Customer's copy of a deposit slip is not a valid receipt unless it is validated by the Bank s computer terminal or signed by an authorised officer of the Bank and its rubber stamp impressed thereon. The Customer must carefully examine the entries made on the deposit slip and report immediately to the Bank any error found therein. b. The Bank may alter any incorrect entry in a deposit slip and shall advise the Customer of any such alteration. If the Customer does not object to any such alteration within seven (7) days of the date of such advice the Customer shall be deemed conclusively to have accepted the altered deposit slip as true and accurate in all respect. c. Any alteration in the Bank's computer validation on the deposit slip will invalidate the receipt unless the alteration is signed by an authorised officer of the Bank. d. The Bank shall not be responsible or liable, for any delay or error in crediting the Account of the Customer in the event of any malfunctioning of the Bank's computer or any of its terminals. e. Outport cheques and postal and money orders may be received for collection but the proceeds will not be credited until after receipt of payment by the Bank. Local cheques and other negotiable instruments drawn on banks in Singapore are credited into the Account on the same day when deposited with the Bank during normal banking hours but the proceeds cannot be drawn against until the proceeds have been received into the Account. The Bank shall have the right to debit the Account if such cheques are dishonoured. f. In the case of dishonoured cheques, only an image return document of the dishonoured cheque shall be returned by post to the Customer at his last recorded address at his own risk and expense. g. The Bank may refuse to accept any cheque or financial instrument (including but not limited to any cheque where the payee's name is not identical with that of the Customer and any cheque made payable to a corporation, firm, partnership, society, association, trade union, institution or other business concern for credit to a personal account) for deposit. h. The Bank acts only as the Customer's collecting agent for items deposited with the Bank for collection. In a case where an item is dishonoured or is honoured for less than the amount credited, the Bank shall have recourse to the Customer for the amount so credited and the credit entry in the Account of the Customer will be reversed. In all cases for items deposited with the Bank for collection, any charges incurred by the Bank will be charged to the account of the Customer. (1/7)
i. Where the Bank acts as collecting banker in respect of any cheque, bill, note, draft, dividend warrant or other instruments presented by the Customer for collection, he Customer shall indemnify the Bank in full for any loss which the Bank may reasonably incur by reason of any irregularity in such instrument or any lack of or defect in the payee's or the Customer's title to such instrument. j. The Bank may at its absolute discretion purchase the Customer's Ringgit Malaysia dividend cheque in Singapore Dollars at such rate of exchange as the Bank may determine and credit it into the Account. The Bank shall be entitled to debit the Account for the amount so credited in the event the cheque is dishonoured. The Customer shall indemnify the Bank from any loss which the Bank may incur in consequence of such purchases. k. Where a cheque is payable to any one or more of the account holders of any joint account, the Bank may at its absolute discretion, accept the cheque for deposit into the joint account without endorsement by any of the account holders. The account holders including the payee of the cheque shall not have any recourse to the Bank for the amount so credited to the joint account. 3. DRAWING FROM ACCOUNT a. The Customer is under a duty not to draw cheques in a manner which may facilitate fraudulent alterations or forgery. b. Cheques may not be drawn on the Bank except on forms supplied for the Account. The cheque must be drawn in Singapore dollars. If a cheque is drawn in any other currency, the Bank shall be entitled to return and dishonour the cheque. c. The Bank may refuse to honour any cheque where, in the opinion of an officer of the Bank, the signature differs from the specimen furnished by the Customer to the Bank. d. The Bank may refuse to make a cash payment on cheques made payable to 'Cash or Order" or to a company, society, association, trade union, firm, organisation, institution or any other form of business concern. e. All alterations on cheques must be confirmed by the Customer's full signature. The Bank shall be entitled to dishonour any cheque where the alteration is confirmed by an incomplete signature or by initials only. f. In the absence of prior arrangement and approval from the Bank, the Account shall not be overdrawn. 4. PLACE OF PAYMENT All moneys in the Account will be payable solely at the Bank's branch in Singapore where the Account is maintained or such other branch in Singapore or elsewhere as the Bank may in its absolute discretion permit. 5. MARKED CHEQUES The Bank may mark cheques as " good for payment" to another bank, in which case, the Account of the Customer shall be immediately debited with the amount of the marked cheque and thereafter payment of the marked cheque cannot be stopped. The Bank may but is under no obligation to present cheques on behalf of the Customer to the drawee bank for marking. 6. STOP PAYMENT INSTRUCTION a. The Customer may stop payment of a cheque and the Bank will act on the instructions only upon receipt of notice in writing signed by the Customer. The Bank shall have complete discretion whether or not to act upon oral or facsimile request to stop payment on a cheque. The Customer shall indemnify the Bank against any claim or loss of any kind which are reasonably incurred by the Bank for stopping payment following such an oral or facsimile request whether confirmed in writing or otherwise. b. The Bank will effect stop payment instructions based on the cheque number. c. The Customer has no right to revoke any stop payment instruction given to the Bank. (2/7)
7. OVERDRAFT FACILITY AND OVERDRAWN AMOUNT a. Overdraft facilities may be permitted at the discretion of the Bank at such rate(s) and on such terms as the Bank may from time to time determine. b. The interest on daily debit balance in the Account shall accrue daily with monthly or such other periodic rest(s) and at such rate and minimum amount as the Bank may notify the Customer. The Bank shall have the right to revise the rate of interest at any time, and the Bank shall notify the Customer of such changes from time to time. 8. SERVICE CHARGES AND RIGHT OF DEBIT a. The Bank reserves the right, upon giving the Customer prior written notice, to impose a service charge, fee, commission and/or discount for any cheque dishonoured for whatever reasons and for any service provided by the Bank on the Account (including dormant account) where the credit balances fall below the current minimum balance for the Account and/ or if the Account is closed within six (6) months of opening b. Any payment by the Customer under the Rules shall be made free and clear of and without any deduction in respect of any tax or similar levies. In the event that any goods and services tax whatsoever ("GST", which expression shall include any tax of a similar nature that may be substituted for or levied in addition to it by whatsoever name called) is now or hereafter chargeable by law on any payment hereunder, the Customer shall pay such GST in addition to all other sums payable hereunder or relating hereto. If the Bank is required by law to collect and make payment in respect of such GST, the Customer agrees to indemnify the Bank against the same. c. The Customer authorises the Bank to debit the Account at any time with the interest and all amounts payable to the Bank. 9. CHEQUE BOOK a. A Bank official cheque book may be issued to the Customer. The Customer should use only the official cheques. b. The Bank reserves the right to impose a fee for cheque book issued. c. The Bank may despatch cheque books to the Customer by ordinary or registered mail. For cheque books despatched by registered mail, the Bank will, at its discretion, levy the necessary fees and charges where it deems fit. The Bank will not be liable for any possible risks/losses associated with the method of despatch or collection, including loss of cheque book(s). d. The conditions printed on the cover of the cheque book must be strictly observed. 10. STATEMENT OF ACCOUNT a. A statement of the Account of the Customer generated by the Bank's computer will be sent to the Customer on a monthly basis or such other intervals as the Bank may deem fit. The Customer is required to examine all entries in the statement of account (which term shall include a combined statement as described below) and to report immediately to the Bank any error found therein. If the Customer does not within fourteen (14) days after the receipt of a statement of account object to any entry therein, he shall be deemed to have accepted the entries made up to the date of the last entry in the statement of account as correct and accurate. Notwithstanding the foregoing, the Bank reserves the right upon giving notice to the Customer to add to and/or alter the entries in the Account in the event of omission or errors in the entries made. b. The Bank may prepare and send to the Customer a statement of account incorporating all or any other accounts maintained by the Customer (including accounts maintained in the Customer s sole name or jointly with another/others) (a combined statement ). c. For audit purposes, the Customer shall sign and return any confirmation slip relating to the statement of account or other particulars of the Account, at the Bank's request. (3/7)
11. DISCLOSURE a. The Customer irrevocably authorises the Bank, at its discretion, at any time, from time to time, to disclose any information and/or data relating to the Customer, the Customer s account(s) and/or credit cards (if any) with the Bank, or any other information as the Bank may deem necessary: (i) to any member of the Visa International Service Association and/or Mastercard International Incorporated; (ii) to any merchant or bank; (iii) to any head office, representative and branch offices and to any related company or associated company of the Bank, in any jurisdiction; (iv) to the Bank's stationery printer or agent for the purpose of printing and/or mailing personalised cheques and other documents; (v) to any government or regulatory agency or authority; (vi) to any potential assignee or transferee of the Banks' interests herein; (vii) where applicable, to any auditors for the time being the auditors of the Customer, and the Customer shall pay all costs, charges, fees and other out-of-pocket expenses, whether legal or otherwise, in respect of such disclosure; (viii) to any credit bureau (including, without limitation, Credit Bureau (Singapore) Pte Ltd), as well as the members of such credit bureau; (ix) to any service provider, computer, telecommunications or financial institution; and (x) to any credit reference or evaluation agencies wherever situated for any purpose whatsoever. b. The Customer acknowledges and agrees that the Bank does not warrant the security of any information sent or transmitted to him whether electronically or otherwise and the Customer hereby accepts the risk that any information sent or transmitted to the Customer may be accessed by unauthorised third parties. The Customer shall not hold the Bank or any of its officers, employees or agents responsible or liable in contract, tort (including breach of statutory duty), equity or otherwise for any such access or disclosure or for any damages, losses, expenses or costs (whether direct or indirect, or whether foreseeable or not) suffered or incurred by the Customer as a result of such access or disclosure. 12. ACCOUNT "IN TRUST" The Bank shall not recognise any trust or any person other than the Customer as having any interest in the Account unless the Bank otherwise expressly agrees in writing. If the Bank agrees to open the Account in the Customer's name "in trust' or "as nominee" or using some other similar designation, whether or not for a specified third party, the Bank will accept cheques, payment orders and other instructions relating to the Account from the Customer only and will not be required to obtain any consent from any other person or see to the execution of any trust for any person. 13. JOINT ACCOUNTS a. In the event of the Account being a joint account or otherwise operated by more than one account holder the Bank shall be entitled in addition to its other rights : (i) (ii) (iii) (iv) To honour and comply with all cheques, drafts, orders to pay, bills of exchange and promissory notes signed in accordance with the mandate of the account holders and to debit the amounts thereof to such joint Account and to carry out instructions in accordance with the mandate of the account holders notwithstanding that such debiting or carrying out may cause the Account to be overdrawn or any overdraft thereon to be increased but without prejudice to the Bank's right to refuse to allow the Account to be overdrawn or any increase of overdraft. Without in any way limiting the foregoing, to make advances to the account holders in accordance with their mandate by way of loan or overdraft or in any manner however with or without security and the account holders Will jointly and severally be responsible for the repayment of any monies advanced on the Account together with interest, commission and other banking charges and expenses thereon. To hold on the death of any one of the account holder any credit balance(s) in the Account to the order of the survivor without prejudice to any right the Bank may have arising out of any lien, charge, pledge, set-off, counterclaim or otherwise whatsoever. Any payment made by the Bank to the survivor(s) shall constitute a complete discharge of the Bank's obligations binding on all the account holders and their personal representatives. To act on written instruction from any one of the account holder (without further authorisation or notification to the other account holder(s)) to stop payment on a cheque or to close the Account. (4/7)
b. The account holders shall be jointly and severally liable for all liabilities incurred on the Account or the debit balances in the Account. c. Where the Account is in joint names or there is more than one authorised signatory: (i) in honouring cheques and all other instructions to debit the Account, the Bank shall act in accordance with its written mandate; and (ii) for all other matters not expressly provided for in this clause 13, the Bank shall be entitled to act on the instructions (whether oral or written) of any one of the Customers, authorised signatories or account holder. If prior to acting on instructions received from one or more authorised signatories, the Bank receives contradictory instructions from any of the remaining authorised signatories, the Bank shall immediately thereafter act only on the mandate of all authorised signatories to the Account. 14. OPERATION OF PARTNERSHIP ACCOUNT a. Where the Customer is a partnership, upon the change of the firm s constitution by death or resignation or bankruptcy or otherwise of a partner, the Bank may, prior to the receipt of written notice to the contrary treat the remaining partner(s) as having full power to carry on the business of the firm and to deal with the Account as if there had been no change in the firm's constitution. b. All provisions herein contained shall bind all partners jointly and severally notwithstanding any change in the constitution, or name of the firm or the admission of any new partner or modification or termination of any power of any partner. 15. FORCE MAJEURE The Bank may suspend operations of the Account and/or service if as a result of force majeure, any calamity or condition, industrial actions, computer breakdown or sabotage, or any other reason whatsoever, the Bank's customer records, accounts or services are not available or access to such records, accounts, services is hindered. 16. NOTIFICATION OF CHANGES BY CUSTOMER The Customer shall notify the Bank of any change of relevant particulars, such as authorised signatories, addresses, email address, contact numbers, partners(for partnership accounts), Memorandum and Articles of Association (for company accounts), constitution and/or rules (for Association/Club/Societies). 17. NOTICES AND COMMUNICATIONS TO THE CUSTOMER All notices and communications to the Customer may be sent by post or left at the address of the Customer last notified to the Bank and shall be deemed to have been received by the Customer on the day following such posting (even if the letter is returned through the post office undelivered) or on the day when it was so left or may be published or communicated through any media the Bank shall have the right to determine in its sole discretion, and the Customer shall be deemed to have notice thereof on the date of publication or communication. 18. EXEMPTION CLAUSE The Bank shall not be liable for any loss, damage or expense suffered or incurred by the Customer (whether as a result of computer breakdown, forgery of signatory s or signatories signature(s), material alteration of withdrawal/request or other reasons of any kind whatsoever) through no fault of the Bank. 19. INDEMNITY BY CUSTOMER The Customer agrees to indemnify the Bank for all losses, costs, damages, claims and expenses, including legal fees and costs (on a full indemnity basis), suffered or reasonably incurred by the Bank : (i) In the performance of its functions as banker for the Customer including any liability incurred as a collecting banker for any cheque, bill, note, draft, dividend warrant or other instrument presented for collection in respect of any irregularity in such instrument or any lack of or defect in the payee's or the Customer's title to such instrument; and (ii) In connection with the Bank s enforcement of its rights under these Rules or as a result of any noncompliance of these Rules by the Customer. (5/7)
20. RIGHT OF SET-OFF The Bank shall be entitled at any time without notice, to combine or consolidate all or any account of the Customer and set-off any credit balances (whether matured or not) in any one or more such accounts wheresoever situate including those in overseas branches against any liabilities of the Customer or of any one or more of them on any account or in any other respect whatsoever, whether such liabilities be present or future, actual or contingent, primary or collateral, and several or joint. Where such set-off requires the conversion of one currency into another, such conversion shall be calculated at the spot rate of exchange (as conclusively determined by the Bank) on the date of set-off. Furthermore, the Bank shall be entitled in the event of any breach by the Customer of these Rules or any default under or non-payment of any other debt, obligation or liability of the Customer to the Bank of whatsoever nature or kind, to sell any collateral (as defined in clause 22 b) by way of public or private sale without any judicial proceedings whatsoever, and retain from proceeds derived therefrom the total amount remaining unpaid, including all costs, legal fees and costs (on a full indemnity basis), charges and other expenses incidental to such sale. The Customer will immediately upon demand pay to the Bank the amount of any deficiency. 21. CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 2001 A person who is not a party to these Rules and Regulations For Operation Of Current Accounts may not enforce its terms under the Contracts (Rights of Third Parties) Act. 22. GENERAL a. Instructions in relation to the Account shall be in writing and in accordance with the mandate for the Account. Arrangements for any other mode of instructions shall be at the risk of the Customer, and the Bank shall not be liable for any loss or liability suffered by the Customer as a result thereof and Customer undertakes to promptly indemnify the Bank on demand in respect of any loss or liability suffered by the Bank as a result thereof. Where the Bank is of the view that any instructions are ambiguous, unclear or not authentic, the Bank may decline to act on such instruction and shall not be liable to the Customer or any other person for any loss or liability suffered as a result of such omission to act. b. When the Bank accepts or incurs liability for or at the request of a Customer or when the Account is overdrawn, any funds, documents, shares or other securities or valuables (collectively called 'collateral") deposited with the Bank belonging to the Customer and in the hands of the Bank shall automatically be deemed to be pledged or charged to and constitute continuing security to the Bank for the discharge of such liability and repayment of such overdraft and the Bank shall have the right to retain such collateral or any part thereof and even dishonour the customer s cheques until the liability is fully settled. c. The Bank does not accept responsibility for any loss or damage suffered or incurred by the Customer to any government orders, law, levy, tax, or exchange restriction or any other cause of any kind whether similar to the forgoing or not. d. The Rules shall be governed by and construed in accordance with the laws of Singapore and the Customer irrevocably submits to the non-exclusive jurisdiction of the Courts of Singapore. Any proceedings whatsoever for the recovery and/or enforcement of any monies claimed to be due from the Bank shall be instituted by the Customer solely in the Courts of Singapore unless the Bank otherwise agrees in writing and any judgement or order of court made against the Bank shall not be enforceable or executed against any overseas branch of the Bank. e. The Bank shall have the right to change any provision under these Rules, including, without limitation, any fees or charges payable by the Customer under these Rules, and will notify the Customer of the changes at least 30 days prior to the implementation of the changes except where otherwise provided in these Rules. f. In these Rules, unless the context requires otherwise (i) Words importing a person import also a sole-proprietorship, partnership or corporation. (ii) Where the Account is in the name of two or more persons, the term 'Customer", "account holder" and "authorised signatories" shall refer to such persons jointly and severally. (iii) "Business day refers to a day when the Bank is open for business. (iv) The headings to these Rules are for ease of reference and have no legal effect. (v) Words denoting the singular number only shall include the plural and vice versa and words denoting the masculine gender only shall also include the feminine gender and vice versa. (6/7)
23. ADDITIONAL RULES & REGULATIONS GOVERNING Current Account-i a. The Account shall include Current Account-i and the Rules governing the operation of the Account in force from time to time shall include the operation of the Current Account-i b. The Bank shall accept the sum of money deposited and any sum of monies to be subsequently deposited into the Current Account-i based on the Syariah principle of Al-Wadi ah Yad Dhamanah (guaranteed custody) and the Customer shall give his consent to the Bank to deal with the whole or any part of any monies standing to the credit of his account in the manner that the Bank shall deem fit. c. Under the concept of Al-Wadi ah, the Bank guarantees payment of the whole sum or any part thereof standing to the credit of the Current Account-i when demanded. d. Under the concept of Al-Wadi ah, the declaration of dividends (if any) for the utilisation of the funds in the Current Account-i is at the absolute discretion of the Bank. Reference to interest in clause 8(c) shall mean dividend(s). e. No overdrawing of the Current Account-i shall be permitted and clauses 7 and 13(a)(ii) and any other clauses (or parts thereof) concerning the overdraft facility shall not be applicable. The Bank reserves the right to impose a fee for any debit balance in the Current Account-i. (7/7)