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Renminbi Deposit Account Agreement


(Effective on Nov 2016)

 

In consideration of Bank of China (Canada) (the “Bank”) allowing me/us to operate a Renminbi Deposit Account, I/we agree that the following terms shall apply to each such account (the “RMB Account”):

1. “I” and “me” mean each customer who signs this agreement and “we” and “us” mean all of them. Renminbi Deposit Account means an account, such as a savings account or a term deposit account, denominated in Renminbi (“RMB”), the currency of the People’s Republic of China.

2. I/We acknowledge that the RMB Deposit is NOT insured by the Canada Deposit Insurance Corporation because it is not a deposit in Canadian dollars.

3. I/We agree that all the terms and conditions of the Personal Account Agreement/Agreement Re: Operation of Account and other account-related agreement(s) (collectively called the “Account Agreement”) that I/we signed with the Bank shall apply to the RMB Account. However, for operating the RMB account, if there is any conflict between the Account Agreement and this Agreement, this Agreement shall prevail.

4. I/We agree that the following additional terms shall apply to my/our RMB Account / Remittance:

i. In making a deposit, I/we shall purchase RMB from the Bank against Canadian Dollars or U.S. Dollars at the prevailing foreign exchange rate applicable to RMB quoted by the Bank from time to time.

ii. For withdrawals, the Bank shall pay to me/us the equivalent Canadian Dollars or U.S. Dollars, at my/our choice, by converting the RMB at prevailing foreign exchange rate applicable to RMB quoted by the Bank from time to time.

iii. For transactions in RMB cash, I/we may request the Bank to accept RMB cash for deposits and to pay RMB cash for withdrawals upon paying by me/us to the Bank a cash handling fee according to the prevailing fee imposed by the Bank from time to time on each of these deposit/ withdrawal transactions. The Bank can, at its sole discretion, accept or reject my/our request and it is not necessary for the Bank to provide me/us with any explanation. I/We further agree that the Bank’s acceptance of RMB cash from us for deposit does not necessarily mean that the Bank shall pay me/us RMB cash for withdrawal.

iv. The Bank may require me/us to provide information about the background of certain remittance / settlement transaction and I/we agree to comply with such requirement. Otherwise, the Bank shall, at its sole discretion, decline to effect such remittance / settlement transaction.

v. If any remittance or settlement from the RMB Account is returned by the beneficiary’s / our counterparty’s bank, the Bank shall credit into my/our RMB Account the net proceeds received by the Bank less appropriate Bank charges.

vi. I/We acknowledge and agree that the RMB Account and related foreign exchange and fund transfer are subject to the foreign exchange control restriction and other relevant regulations of the People’s Republic of China. For this reason, the Bank may discontinue any or all of the RMB related services and/or alter the terms and conditions, in order to comply with any restrictions imposed by the Chinese authority.

5. I/We acknowledge the receipt of a copy of the Bank’s current Personal / Business Deposit Accounts and Related Services Disclosure (the “Disclosure”) as applicable to my/our case and further agree that the following additional disclosure relating to RMB Account / services should be supplementary to the Disclosure.

6. The Bank may amend this Agreement without prior notice by sending notice of the amendment to me/us, or by posting notice of the amendment in its branches.

7. This Agreement shall be governed by and construed in accordance with the laws of the Province where the RMB account is maintained or where the RMB account service is provided and the laws of Canada applicable therein.

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