General Terms

Irico World Trust kb

969776-9983 - Swift/BIC: IRWTSES1

IRICO WORLD TRUST Kommanditbolag

Frejgatan 13-529 114 79 STOCKHOLM

Registered Financial institution - registrated Trust Manager - Trustee

Compliance with Measures against Money Laundering and Terrorist Financing for Swedish Trust Companies

REGISTERED AS SWEDISH ANTI-MONEY LAUNDERING REGULATED TRUST MANAGER

 

 

General Terms of Trust Accounts

 

KINDLY AGREE TO OUR TERMS AND CONDITIONS IN ORDER TO COMPLETE YOUR REQUEST

These general terms are applied to the accounts of Irico World Trust , and these general terms form a part of the account agreement between Irico World The trust kb (the “trust”) and the Client.

 

1 DEFINITIONS

 

1.1 ACCOUNT HOLDER

The Account Holder is the natural or legal person to whom the Trust is in debt of the funds in the account, and who can control the account and the funds in the account in the manner he or she prefers, unless otherwise stated below in these terms.

 

1.2 ACCOUNT OPENER

The Account Opener is the natural or legal person with whom the Trust makes an agreement to open an account.

The cost to open a Trust account are 250€ as a one time fee, for Irico S.A. clients its free.

 

1.3 PERSON WITH THE RIGHT TO USE THE ACCOUNT

The Person with the Right to Use the Account is a person, whose right to control the account in accordance with the Section 5 of these terms is based on legal representation or authorization granted by the Account Holder.

 

HOLDER OF THE RIGHT TO USE THE ACCOUNT

In the account agreement, the Account Holder generally authorizes one or several persons to use his or her account in accordance with these terms.

 

PERSON AUTHORIZED TO USE THE ACCOUNT

The Account Holder may authorize one or several persons to use his or her account in accordance with these terms by identifying in a power of attorney the persons authorized to use the account as well as the extent of the authorization.

 

CUSTODIAN

The Custodian is a legal representative of the Account Holder. The position of the Custodian is based on law (concerning minors) or an order by a competent court or magistrate (majors/adults to whom a custodian has been ordered).

 

2 THE ACCOUNT AGREEMENT

 

the basis for interest payment

the interest amount on the date of the agreement, the method of interest calculation, the reference rate applied, the interest period and the interest payment date

basis for a possible withdrawal commission, if any

definition of deposit period, if any

definition of withdrawal restrictions, if any

definition of penalty interest rate, if it is in deviation of the penalty rate defined in these terms

any other matters that can be agreed upon based on these general terms

 

2.1 OPENING OF AN ACCOUNT

The Account Opener and the Trust make an agreement in writing or electronically using the Identification Information, as defined in the General Terms for Electronic Services.

 

Generally, the account is opened by the Account Holder. A person other than the Account Holder or his or her legal representative may, for the purpose of donating funds and with the consent of the Trust, open an account for another person.

 

If the account is opened by a person other than the Account Holder, the Account Opener is not entitled to reserve a right for him- or herself to use the account.

 

For the payments transferred to or from the account, valid general terms for the domestic and international payments as well as receiving international payments, as well as any service-specific terms are applied.

 

2.2 THE INFORMATION REQUIRED BY THE TRUST

The Account Opener is required to give the Trust information on the Account Holder. The Account Holder is responsible for giving the Trust information on persons with the right to use the account. The Account Opener, the Account Holder and any other person entitled to use the account are required to give to the Trust their names, personal identification/social security number, corporate id or other official identification code, postal address, electronic mail address, and if the Trust so requires, their specimen signature.

 

If the above mentioned information has been previously given to the Trust, the Trust may use information recorded in its client registers.

 

The Account Holder and the Person with the Right to Use the Account are obliged to inform the Trust on any change in the above mentioned information.

 

the Trust has a right, on its own initiative, to update the contact information of the Account Holder on the basis of information available in population registers or other reliable up-to-date databases maintained by public authorities. In the event the Account Holder wishes to receive any mailed or emailed information from the Trust to an address or email address other than the address available to the Trust from above mentioned official registers, the Account Holder is obliged to expressly inform the Trust of this.

 

2.3. STATEMENTS RELATING TO THE ACCOUNT

Unless otherwise expressly agreed upon between the Trust and the Account Holder, the Trust will send the account statement and other statements and notices relating to the account to the electronic mail address or the personal section of the Service of the Client (Service as defined in the General Terms for Electronic Services of the Trust).

 

When the Trusts ends an account statement or another statement or notice relating to the Client's account, the Account Holder or another relevant authorized person is seen to have received such statement or notice at the latest seven days after the Trust has sent such statement or notice.

 

3 RIGHTS OF ACCOUNT HOLDER

 

3.1 ONE ACCOUNT HOLDER

The Account Holder is in control of the account. The Account Holder has the right to decide on the use of the funds in the account, the persons with the right to use the account, and make amendments to the terms of the account with the Trust, and close the account.

 

ABILITY TO PLEDGE THE FUNDS IN THE ACCOUNT

The Account Holder has the right to pledge the funds in the account. To assure his or her rights, the beneficiary of the pledge has to inform the Trust of the pledge on the account.

 

Neither an account statement nor an account agreement nor a deposit receipt are documents giving title to the account, and the funds in the account cannot be pledged or transferred on the basis of such documents.

 

MEANS TO USE THE ACCOUNT

The funds are withdrawable from the account with the means to use the account as approved by the Trust. the Trust and the Account Holder may separately agree upon such means to use the account that will be given to the Account Holder and the persons authorized to use the account, unless otherwise stated in the account agreement.

 

When the account is closed or a right to use the account is cancelled, the Account Holder or the Person with the Right to Use the Account has to return the means to use the account to the Trust without any delay. the Trust reserves the right to demand returning of the means to use the account in other situations as well, when it considers there is a material reason to do so.

 

3.2 SEVERAL ACCOUNT HOLDERS (PRIVATE CLIENTS)

If there are a number of Account Holders for a single account, each Account Holder has the right to use the account on his or her own, and use the funds in the account with the means to use the account that have been agreed upon with the Trust in manner he or she sees fit, and make decisions concerning the account, unless otherwise agreed upon in the account agreement.

 

Changes to the ownership of the account cannot, however, be made without the consent of all Account Holders.

 

If it has been agreed upon in the account agreement that the Account Holders can only use the account jointly, all decisions relating to the account require the consent of all Account Holders.

 

If one of the Account Holders wants to prohibit the use of the account, the Trust shall require to be informed of this, when the Trust has the right to stop the use of the account. In such an event, the Account Holders may only jointly use the account.

 

CLOSING OF THE ACCOUNT

The account cannot be closed without the consent of all Account Holders, unless there is no significant amount of funds in the account.

 

Each Account Holder has the right to exit the account agreement on his or her own by terminating the account agreement on his or her part.

Where the account is held by different account holders, the account may be closed with the signature / instructions of all account holders.

 

THE MEANS TO USE THE ACCOUNT

The funds are only withdrawable from the account with the means to use the account approved by the Trust. Each Account Holder shall separately agree upon such means, with which the Account Holder personally uses the account, with the Trust, unless otherwise agreed upon in the account agreement.

 

All Account Holders shall jointly agree with the Trust upon granting the means to use the account to the persons with the right to use the account, unless otherwise agreed upon in the Trust agreement.

 

When the account is closed or if a right to use the account is cancelled, the Account Holders and the Persons with the Right to Use the Account have, without any delay, to return the means to use the account to the Trust. the Trust reserves the right to demand returning of the means to use the account in other situations as well, when it considers there is a material reason to do so.

 

4 THE RIGHTS OF AN ACCOUNT HOLDER UNDER CUSTODY (PRIVATE CLIENTS)

 

A person under custody has the right to make an account agreement with the Trust, unless his or her ability to act has been restricted.

 

The Account Holder is only entitled to use the Account in accordance with the statement of the Custodian.

A minor of at least 16 years of age is entitled to make an account agreement for such funds that he or she has earned with his or her own work, deposit and withdraw funds, and also otherwise control the account.

 

5 THE RIGHTS OF THE PERSON WITH THE RIGHT TO USE THE ACCOUNT

 

5.1 THE RIGHTS OF A PERSON WITH THE RIGHT TO USE THE ACCOUNT

The person with the right to use the account is entitled to use the funds in the account with the means to use the account as agreed upon with the Trust. When the account is closed or the right to use it is terminated, the holder of the right to use the account will have, without any delay, to return the means to use the account to the Trust.

 

the Trust reserves the right to demand returning of the means to use the account in other situations as well, when it considers there is a material reason to do so.

 

5.2 THE RIGHTS OF A PERSON AUTHORIZED TO USE THE ACCOUNT

A person authorized to use the account may, with the consent of the Trust, use the account, control the account and receive information on the account transactions on the basis and within the limits of a personal authorization given by the Account Holder. The authorized person is not allowed to transfer his or her authorization to another person, unless otherwise stated in the authorization/power of attorney.

 

5.3 THE RIGHTS OF A CUSTODIAN (PRIVATE CLIENTS)

The Custodian of the Account Holder controls the account in the same manner as the Account Holder. The Custodian is entitled to make agreements with the Trust to open the account and close it, to announce the persons with the right to use the account to the Trust, and agree upon the means to use the account with the Trust. If there is more than one custodian, they will jointly control the account and jointly make decisions relating to the account, unless otherwise agreed upon between the Custodians and the Trust.

 

Both the Custodian and the principal/the Account Holder have the right to receive information on all matters relating to the account. The Custodian's right to receive information on the account also covers the time before the custody. If the Custodian has only been appointed to handle a specific task, the Custodian shall only have a right to receive account information relating to this specific task.

 

6 ACCOUNT OVERDRAFT AND OVERRUN

 

The Account Holder and the Person with the Right to Use the Account are only allowed to use the account in a manner that the account shall not be overdrawn or overrun. If the Account Holder or a Person with the Right to Use the Account causes an overrun, which overrun is permitted at the sole and absolute discretion of the Trust, the Trust has the right to

book the amount owed to the Client's account as payable to the Trust due immediately; and/or

terminate the account agreement with immediate effect

The Account Holder is liable to pay to the Trust a penalty interest on the overrun. Additionally, the Account Holder is liable to pay to the Trust for the cost of sending a notice on the over run as well as for all costs and fees relating to collecting the overdrawn amount. the Trust has the right to debit the Client's account with the payments and fees.

 

An Overdraft facility is subject to a separate agreement with the Trust. Such Overdraft facility will be subject to the consent of both parties, whereby the Trust will provide the account holder with a specific facility for which the account may be overdrawn, subject to the specific terms and conditions of such service.

 

7 THE TRUST'S RIGHT TO PROHIBIT THE USE OF THE ACCOUNT

 

the Trust has a right not to accept the use of the account, if

 

the Client has not provided the Trust with the required information stated in Section 2.2

the identification made upon withdrawal of funds from the account fails to match the identification information at the Trust on the Client

the user of the account fails to credibly identify him or herself

the authorization or power of attorney given by the Account Holder does not fulfil the requirements defined by the Trust

the Trust has another material reason to doubt the legality of the use of the account

 

8 THE TRUST'S RIGHT TO CLOSE THE ACCOUNT

 

the Trust has a right to close the account, if

the Account Holder is declared bankrupt or financial reorganization

an Account Holder is interdicted or incapacitated, or placed under custody according to law

certain preconditions determined in the banking laws have been fulfilled

one Account Holder (in case of several Account Holders with one account) so demands

the Trust has a material reason to suspect there is a misuse of the account

 

9 BANKING DAY

 

The banking days in accordance with these terms are weekdays from Monday to Friday excluding common holidays that are not generally regarded as banking days.

 

 

10 TERMINATION OR INTERRUPTION IN QUOTATION OF REFERENCE RATE

 

If the quotation of the reference rate is terminated or interrupted, the reference rate applicable to the deposit on the account is determined based on the laws or regulations given on the new reference rate, or orders or instructions given by the competent authority.

 

If there is no law or regulation given on the new reference rate, and if there no order or instruction given by a competent authority, the Trust and the Client will agree upon a new reference rate applicable to the deposit. If the Trust and the Client cannot reach agreement on the new reference rate before the end of the current interest period, the value of the reference rate applied to the deposit will be the same as the value of the reference rate was before the end of the interest period.

 

Unless the Trust and the Client reach an agreement within six months from the end of the interest period, the Trust will determine the new reference rate after having discussed the matter with competent supervisory authorities.

 

11 ACCOUNT TRANSACTIONS

 

the Trust records the amount of the deposit, changes in it and other account transactions into its books, which must be regarded as a valid proof of the account position of the Account Holder, unless otherwise proven by the Account Holder.

 

12 CHARGES AND FEES

 

The Account Holder is responsible for paying for the charges and fees relating to the opening, use and maintenance of the account as well as charges relating to the notices sent by the Trust, the amounts of which are available in the current price list of the Trust's products and services on the Service.

 

the Trust has the right to debit the Client's account with the amounts corresponding to the charges and fees due and payable by the Client.

 

12.1 RESERVATION OF ACCOUNT BALANCE TO COVER THE TRUST'S CHARGES AND FEES

The Account Holder is responsible to undertake that there is a sufficient balance of funds in the account to cover the chargers and fees that the Trust is entitled to debit from the account based on the account agreement, these general terms or any other agreement between the Client and the Trust.

 

12.2 RECORDING OF THE TRUST'S CHARGES AND FEES IN ABSENCE OF SUFFICIENT BALANCE IN THE ACCOUNT

Unless there is a sufficient balance of funds in the account in a situation described in the Section 12.1 for the Trust to debit the Client's account, the Trust has the right to record the receivable amount on the Client's account as a payable to the Trust.

 

Such charges and fees are, among others,

 

penalty rates, charges and fees in accordance with the account agreement

other charges and fees based on the agreements or separate orders between the Trust and the Account Holder and other persons with rights to use the account

that have been agreed upon to be debited from the Client's account

 

12.3 CONSEQUENCES OF AN INSUFFICIENT BALANCE IN THE ACCOUNT

Unless there is a sufficient balance of funds in the account to cover the penalty interest rates and other charges and fees payable to the Trust as indicated above in the Section 12.2, the Account Holder is liable to pay to the Trust, and the Trust has the right to debit the account from funds subsequently received into the account, the amounts corresponding to the accumulated penalty interest, costs of sending notices to the Client and other charges and fees caused by collecting the receivable from the Client.

 

13 AMENDMENTS TO THE ACCOUNT AGREEMENT

 

The account agreement and the related terms of the account can be amended.

 

13.1 AMENDMENTS REDUCING THE RIGHTS OF THE ACCOUNT HOLDER

the Trust shall notify the Client either in writing or electronically of amendments or changes in the account agreement and the corresponding changes in the terms of the account, which will extend the responsibility or reduce the rights of the Account Holder and is not due to changes in laws or decisions by competent authorities. Such changes will step into force from the date announced by the Trust, however, at the earliest, from the beginning of the month that first begins after a month from the date of the announcement by the Trust to the Account Holder.

 

The account agreement shall continue to be in force as amended, unless the Account Holder informs the Trust in writing within one month of not having accepted the change proposed by the Trust. If the Account Holder does not accept the change, the Account Holder is entitled to terminate the account agreement in accordance with the Section 15 of these terms. the Trust shall not charge any fees for a closure of the account.

 

13.2 OTHER AMENDMENTS

If the amendments or changes to the account agreement and the related terms of the account do not extend the liability or reduce the rights of the Account Holder and are due to changes in relevant laws or orders by competent authorities, the Trust has a right to announce the amendment or change by publishing it at the premises of the Trust.

 

The Account Holder has a right to terminate the account agreement in accordance with the Section 15 of these terms.

 

The amendment will step into force at the earliest from the beginning of the month that begins after one month from the date of publication of the amendment at the premises of the Trust.

 

14 CHANGES IN THE PRICES OF PRODUCTS AND SERVICES

 

the Trust has the right to change the prices of its products and services.

 

14.1 NEW CHARGES AND FEES

the Trust notifies the Account Holder in writing or electronically of the changes, through which the Trust adds fees or charges to this agreement that were not included in the price information on the Trust's products and services on the date of the agreement and that are not due to changes in laws or decisions by competent authorities. the Trust has the right to collect the new charge or fee from the date announced by the Trust, however, at the earliest from the beginning of the month that begins after one month from the date of informing the Client of the change.

 

The account agreement shall continue to be in force as amended, unless the Account Holder informs the Trust in writing within one month of not having accepted the change proposed by the Trust. If the Account Holder does not accept the change, the Account Holder and the Trust are entitled to terminate the account agreement in accordance with the Section 15 of these terms. the Trust shall not charge any fees for a closure of the account.

 

14.2 OTHER CHANGES IN CHARGES AND FEES

the Trust shall inform the Client of any changes due to which the Trust will add to this agreement charges or fees resulting from amendments to laws or decisions by competent authorities by publishing the prices in its appropriate pricing information for its products and services. Such changes will step into force from the date the Trust has published the changes, however, at the earliest, from the beginning of the month that first begins after a month from the date of the publication by the Trust of the changed prices, unless otherwise stated in the amendments to laws or decisions by the competent authorities.

 

the Trust announces the increase of prices for its products and services by publishing it in its pricing information for its products and services. Such changes will step into force from the date the Trust has published the changes, however, at the earliest, from the beginning of the month that first begins after a month from the date of the publication by the Trust of the changed prices.

 

The Account Holder has a right to terminate the account agreement in accordance with the Section 15 of these terms.

 

15 DURATION OF THE ACCOUNT AGREEMENT, TERMINATION AND ACCOUNT CLOSURE

 

The account agreement is in force until further notice.

 

Unless otherwise agreed upon in the account agreement, the Account Holder has the right to terminate the account agreement with immediate effect, when the funds in the account will have to be withdrawn. the Trust has the right to terminate the account agreement with one month's notice period, unless otherwise agreed upon in the account agreement.

 

the Trust has the right to terminate the account agreement with immediate effect, if the Account Holder or another Person with the Right to Use the Account materially violates the account agreement or the related terms of the account.

 

the Trust has the right to close the account, when the notice period has passed or if the account agreement has been terminated in the manner described above.

 

Upon termination of the account or account closure, the charges and fees payable to the Trust become due with immediate effect.

 

If there are funds in the account upon account closure, the Trust will hold the funds for the Account Holder or it may transfer the funds to a designated account or the account used for the first original transfer. There will be no interest paid on such funds.

 

After the notice period has passed or the account closure has taken place, the services related to the account can no longer be used.

 

16 FORCE MAJEURE

 

A party to this agreement cannot be held responsible for damage that is caused by a force majeure or a similar cause disproportionally compromising the party's ability to operate, which it is unable to influence and the consequences of which it could not have avoided by careful course of action.

 

A party to this agreement is responsible for informing the other party to this agreement of such force majeure as soon as possible. the Trust may announce such force majeure on its website or in major newspapers.

 

17 APPLICABLE LAW LEGAL DISPUTES

 

This agreement is governed by Swedish laws.

 

Disputes and differences concerning the account agreement shall be handled by a competent court in Sweden, Stockholm.

 

Where any information, terms and conditions, contract, agreements or documentation are translated into another language, the English version will prevail.

 

18 DEPOSIT GUARANTEE AND TAXATION OF DEPOSITS

 

The funds on the account are covered by the general deposit guarantee as stated in the relevant laws up to the extent stated in the law.

 

The Account Holder is responsible for the taxes and charges (e.g. withholding tax on interest) in accordance with the relevant legislation in force.

 

19 CHANGES TO CLIENT INFORMATION

 

The account holder undertakes to keep the Trust informed of any changes to their personal information, status and state of affairs.

 

 

Date of last update: 2nd Jan 2016