I. INTRODUCTORY PROVISIONS

1.1 The Business Rules and Regulations contain the general terms and conditions governing transactions between TAXC - TAXC Limited, Tax Consult Ltd, TaxC ®, NWMS AG and all subsidiaries entities, official representatives and their staff (hereinafter referred to as 'the TAXC') and its Clients and they regulate the fundamental contractual relationships between them.The extent and conditions of the exact legal relationship and circumstances are governed by the contracts between the parties under these Business Rules and Regulations. By mutual agreement, the parties may modify the provisions of the Business Rules and Regulations, provided that any agreed changes are properly documented in writing.

 1.2 The transactions between the TAXC and its Clients are subject to the provisions of these Business Rules and Regulations of Swiss  Legislation, as amended.

1.3 TAXC undertakes to display these Business Rules at its Registered Office, its Representative Offices, and the TAXC's web site. It will also make them available to Clients upon request. The Citizens and Residents of USA and UK their affiliates does not allowed to be the Client of TAXC or purchase any service offered by TAXC.

1.4 Definitions ClientEither a natural person with full contractual capacity, or an economic organisation registered under the appropriate company legislation, in each case having a  contract with the TAXC, and - subject to that contract - rights and duties with regard to the TAXC.  The TAXC Client can, (at his/her own discretion and risk), delegate the rights to operate the deals with TAXC to another person(s) - "Authorised Person". Authorised Person A natural person with full contractual capacity, authorised by a Client to carry out on his/her behalf certain actions related to the Client's account. Such authority must be in writing, signed and witnessed by the parties, and lodged with the TAXC. Partner A Client and the natural persons authorised by him/her/it. The TAXC shall bear no responsibility, in any disputes between an Authorised Person and a Client, nor can it be summoned before the court. Contract An agreement between a Client and the TAXC, which lays down the individual terms and conditions of the facilities provided by the TAXC, based on the present Business Rules and Regulations. Signing a securities account contract is an absolute pre-condition to using theTAXC's facilities. The TAXC reserves the right to change some conditions concerning use of its facilities, (e.g. account opening minimum, minimum deposit amount, account maintenance charge, card holding charge, etc.), from time to time. These will be advertised in aTAXC Business Conditions, copies of which will be displayed at the TAXC's Registered Office, its Representative Office and the TAXC's website. Business Conditions A document publishing important details of the banking facilities provided by the TAXC, including the different types of available accounts and their terms and conditions. The TAXC  Conditions describes the fixed and variable conditions of each particular type of investment contract and lists the applicable rates of interest, together with commissions, charges and costs debited by the TAXC - and in the event of some special contracts, the sum of the security deposit. The TAXC is entitled to modify the Client Conditions any time. Copies of the TAXC Conditions will be displayed at the TAXC's Registered Office, its Representative Office and Clients can also get information about any amendments through the TAXC's website. OrderAny instruction or Order made by a Client or his/her/its Authorised Person for debiting or crediting an account with the result that the account balance changes, notwithstanding the means of execution, whether it be electronic, paper-based using the TAXC's printed forms, or in some other way. Printed Form A pre-printed TAXC Form, which is suitable for recording data and other Orders and provisions of the particular contract. The Client is obliged to complete it clearly and legibly and it should not contain corrections, insertions or other amendments. The Form is valid only if it is dated and signed by a Client registered in the TAXC. The TAXCreserves the right, without prejudice, to refuse to accept a Printed Form. Internet AccsessA communication system for contact between Clients and the TAXCusing the World Wide Web, which - after personal identification - allows the Client to obtain information about his/her/its accounts as well as execute Electronic Operations (in case of access with the securityPersonal Identification Device) . Electronic  OperationsAll Orders or other transactions initiated by the Client through the Internet, or the TAXC's live-voice customer service, using a Personal Identification Device, (or in exceptional cases without that device - e.g. in the event of the card or Digipass stoppage). In Electronic Operations, the Client's signature is replaced with a one-time numerical code generated by the 'Digipass' device. The TAXC records all telephone conversations related to the execution of Electronic Operations and Orders given through the live-voice customer service. Internet transactions are filed in the archives of the TAXC. Charges, commissions and fees relating to use of Internet facilities are published in the  Account Conditions and Fees and Charges. Digipass™An electronic Personal Authentication Device provided to Clients by the TAXC with special personalisation, which is able - with help of the related PIN number - to create a unique one-time numerical code. With this numerical code, Digipass can identify the account holder and also the Order given by the identified Client. When used in conjunction with Internet TAXC facilities, this unique one-time numerical code substitutes the Client's signature. Only the Client is entitled to change the PIN number of his/her Digipass. PIN Code A unique (secret) identification number, provided separately, for use with with/ without the Digipass Personal Identification Device used for execution of electronic  operations. The TAXC  provides each Client and Digipass holder with a special PIN code prepared under strict safety prescriptions, delivered to the Client in an envelope whose seal should be intact at time of delivery. The PIN number is known exclusively by the Client - at his/her own responsibility. Internet Access Code A unique (secret) identification number for execution of electronic banking operations through the Internet. The TAXC provides each Client without a Digipass with a special Internet Access Code prepared under strict safety prescriptions, delivered to the Client in an envelope whose seal should be intact at time of delivery. The Internet Access Code is known exclusively by the Client - at his/her own responsibility.  Acquirer A unit (bank branch, exchange point, ATM, commercial outlet) which accepts the Credit and Debit Bbank  institutionCard and which provides card-related services. International Card Association Europay International S. A., MasterCard International Inc. and all those international organisations having an agreement with the anyTAXC institution for the issue and/or acquisition of their product.  Merchants' acceptanceA merchant or service unit having contractual relations with any financial institution where, under the contract for the method of acceptance of the TAXCcard, the cardholder can pay for goods or services using his/her TAXCcard. TAXCacquirer A TAXCwhich has a branch network able to execute cash withdrawal transactions or which maintains an ATM or which has a contractual relationship with a Cash withdrawal point or a Merchant's acceptance point for acceptance of TAXC. TAXC issuer  .

II. GENERAL RULES OF TAXC TRANSACTIONS

2.1 Liability of the TAXC

2.1.1The TAXC is not responsible for losses or damage occurring as a result of military force, political intervention, the prescriptions of domestic or foreign authorities or events occurring as a result of catastrophe or Act of God. The TAXCcannot be held responsible, and will not be liable to indemnify Clients, for damages arising either from disturbances to normal banking operations which are beyond its control, or for damages arising from closing or limiting bank operations on a particular day(s) or for a particular time, provided that there is a sufficient and proper reason for such action.

2.1.2 If the Client supplies false or erroneous data for fulfilment of his/her/its contractual liabilities, (or for data processing), then the TAXC shall not be liable for any resultant damage caused.

2.1.3The TAXCshall not be liable for damages arising from the loss or mutilation of the Digipass  issued by the TAXC, or from loss of the PIN Code or the Internet Access Code necessary for their operation, nor for any damage arising from any indiscretion by a Client or his/her/its Authorised Person, unless the damage arose after the date when such Digipass had been correctly stopped, or caused to be duly stopped either in accordance with the conditions of the Public Notice or after the elapse of the enforcement period. The TAXCis not liable for Client losses arising from the Client's negligence, failure to stop or breach of stoppage rules.

2.1.4 In order to prevent and combat money laundering, the TAXC agrees to meet the obligations defined in relevant international treaties.

2.2 Secrecy

2.2.1The principal of confidentiality and secrecy in investments matters embraces any and all data in the TAXC's possession relating to the economic management, financial position and personal environment and circumstances of the particular Client and to his/her contracts with the TAXC.

2.2.2Any and all persons who may have acquired any confidential/secret information in course of their activity connected with the TAXC , is under a duty to maintain such information in confidence without time limitation.

2.2.3The TAXC had the right to cooperate with national and foreign authorities in information provision in cases where official investigation is being carried out on a client or there is official request for information with reference to an investigation. 

2.3 Rules of representation

2.3.1 Right of TAXC Client and Partner verification

Before entering into a legal relationship, the TAXC is obliged to undertake due diligence with respect to the Client and to the Persons acting for and on behalf of them, in order to protect the probity of the banking relationship and to avoid money laundering -(documents as required by TAXC). Before executing payment Orders and other instructions, the TAXC and its contractual partners (execution assistances) shall check the validity of the Partner as follows:· in the case of the TAXC facility, the client initiated message will be verified by the eight-digit Customer Identification Number and/or PGP key by the six-digit code (Response Code or Electronic Signature) generated by the Digipass with its PIN code or the Internet Access Code to secured site of TAXC client support  in the other case by the signature matching the signature plus presentation of a legal document confirming the cardholder's identity (e.g. passport). The TAXC undertakes solely to fulfil Orders verified under the above provisions. After proper cancellation of the Partner's entitlement to operate a particular account for whatever reason, or in any manner for which cancellation is valid and noted by the TAXC, the relevant  Digipass, PIN code, Internet Access Code and specimen signature of the Partner cannot be used for further Orders.The TAXC at its own discretion is entitled to carry out such further clarification of identity and entitlement as it sees fit, with other data (name, address, etc.) registered under the contracts.The TAXC shall not be liable for the consequences of execution of any false or forged Order if it is shown that, even after diligent examination, it was impossible to discover the falseness or forged nature thereof.

2.3.2 Authorisation

Clients  may grant a right of disposal to any person so authorised by them, provided that such delegation is made in writing, using the special contract form provided by the TAXC. The TAXC is obliged to accept this authorisation, provided that the contract form is signed and accepted by the Authorised Person. The Authorised Person and the account holder shall hold joint and several liability for all dispositions and other instructions on the account given by the Authorised Person. The TAXC is entitled to debit the securities account directly, thereby setting off claims and charges properly arising from the Authorised Persons' activity relating to the account. A Client is entitled to withdraw the authorisation at any time, in writing. In the event of the account holder' decease, all authorisations are automatically null and void.

2.3.3 Inheritance

A person inheriting the balance of an account acquires a right of disposal only after presentation of the original certificate of distribution of an estate, made before a notary public or other documents legally binding on the TAXC  

2.4 Rules of receipt and handling of Orders

2.4.1 Rules of receipt of Orders

Any Order given to the TAXC concerning the investment oparetions - including transfers or other instructions - shall be made  by means of Electronic  signing Operations using the Digipass or to give his/her Order on the relevant pre-printed TAXC form .Orders - especially those relating to securities transfers - must contain the full name and number of the securities and securities  accounts, both of the Client and of the third party (target account), together with relevant detail of the transfer. The TAXC is neither able nor obliged to check whether the name and number of the target account indicated in the transfer Order is correct. The TAXC shall not be liable for any loss or damage that might arise from the incorrectness of the data indicated on the Order.The TAXC provides its Partners with an electronic identification device (Digipass)  for executing Electronic signing Operations, under conditions specified in the Public Notice. The TAXC is entitled to fulfil those Orders given by a Partner and received by the TAXC, and to debit an account in accordance with the valid contract with the TAXC.The content and the time of the Order or other instruction given by the Partner and the entitlement of the Partner to give that particular Order, is certified as follows:   in the case of an Internet Order operation, by electronic data, ·                                 in the case of non-automatic transactions, by the completed printed form, and ·in the case of card transactions, by the certificate / receipt printed by the POS or ATM.

2.4.2 Forwarding of Orders, involving a third party

The method of forwarding Orders - unless specified in the Order itself - shall be chosen by the TAXC with the due diligence that may reasonably be expected from it. Forwarding is fulfilled at the expense and risk of the ordering Client. The TAXC shall only be held responsible for any damage arising from forwarding errors, misunderstandings with the Client or the third party, telecommunications connections with Clients, third parties or other organisational units of the TAXC, if it is shown to be guilty of negligence in such matter. The TAXC is entitled to involve participation of a third party in fulfilment of Orders, but if the Client nominates such third party, the TAXC is not liable for any subsequent losses.

2.4.3 Place, time, and mode of fulfilment

As between the TAXC and the Client, the place of fulfilment shall be the place specified in the contract. The TAXC shall fulfil Orders given by the Partner on the next banking day following their receipt. The TAXC shall meet its payment obligations on the day on which the amount is taken off the  TAXC bank account. Fulfilment of credit Orders in the Client's favour shall be on the second banking day following receipt of the credit amount on the TAXC account.The Partner shall arrange for fulfilment of his/her/its contractual payment commitments towards the TAXC. In the event of default, the TAXC is entitled, but not obliged, to enforce its claim against any account that the Client holds with the TAXC.The TAXC will only fulfil payment Orders if there are sufficient funds to the credit of the relevant account to cover fulfilment of the Order together with all related charges, commissions and costs (including blocked sums). The TAXC will not undertake partial fulfilment. Costs/losses resulting from non-fulfilment due to lack of cover for an Order are charged to the Client in full.

2.4.4 Notices

The TAXC and its Partners are obliged to co-operate and communicate with each other upon the contracts and Orders between themselves - and upon any facts that might be of significance from the point of view of their business relations - to answer questions raised by each other, and to draw each other's attention to any mistakes or negligence that might be observed.The live voice client's service, the TAXC's web site, as well as traditional written notices, may be used in maintaining relations between the  TAXC and its Partner. The detailed conditions thereof are contained in the relevant contracts and in the TAXC's Public Notice.Written notices from the TAXC shall be deemed as despatched if and when the file copy is in the TAXC's possession and despatch to the Partner is proved by postal or telecommunication certificate.Written notices from the TAXC shall be deemed as delivered to the Partner after the usual period of service, provided that they were sent to the Partner's usual correspondence address, registered with or otherwise known to the TAXC, even if such address belongs to a third party authorised to receive consignments addressed to the Partner.

2.4.5 Modification and withdrawal of Orders and other instructions

Electronic instructions relating to payment transactions by VISA/MC or PayPal or wire transfers given through the Internet TAXC cannot be withdrawn or modified. Only by initiating a new contra-Order can an incorrect Order be rectified, however this can only be done through the Internet TAXC in case of internal  transactions. In the event of external transfer Orders, the Partner can only rectify the transfer Order in writing. In the event that loss or damage results from incorrect, false or defective data and information supplied by the Partner, then the Partner is liable both to the TAXC and to other companies collaborating and processing relevant   data. 

2.5 Cost of the TAXC's services and the method of computation

2.5.1 Interest, fees, commissions, charges and contract related expenses

TAXC interest, fees, charges or commissions are levied on the Client account for use of TAXC facilities, either as a fixed sum or as a percentage of the fulfilled deal or contract. Additional expenses incurred during fulfilment of Client Orders - e.g. postal fees, third party charges and commissions - are debited to the Client's account. Relevant banking facility fees are specified in the TAXC's Public Notice and may also be specified in contracts. The TAXC is entitled to amend the Public Notice at any time and Partners can obtain information about amendments through the TAXC's website. By special agreement, Partners can also receive information on any change in the Public Notice in writing. If a particular contract contains a special regime of interest, charges and commissions different from those indicated in the TAXC's Public Notice, these conditions can only be modified in such manner as is defined in the contract.The TAXC pays interest automaticly, the rates of which are specified in the Public Notice.

2.5.2 Default interest

If a Partner fails to meet his/her payment obligations under the contract by the due date, he/she/it shall pay a default (penalty) interest for the period of delay at such rate as is specified in the Public Notice.

2.5.3 Mode of calculation of interests and commissions and fees

III. CONDITIONS OF INDIVIDUAL  INVESTMENT OPERATIONS

3.1 Securities and investment transactions of  Clients/

At the Client's request, the TAXC will provide support to open a securities account  for managing funds and for fulfilment of the Client's financial transactions. Every natural person with full contractual capacity or legally registered corporation identifying itself with the documents listed in the   Account Conditions can open a securities account with the TAXC. The account will bear the name of the Account Holder and operational control of the account is at the discretion of the Account Holder and/or a third party authorised by him/her (who is registered by the TAXC as an Authorised Person).The TAXC shall manage and keep records of the funds available on the securities account on the terms and conditions as set out in the contract and the TAXC's IAccount Conditions, thus it receives payment Orders and credits and fulfils Orders within the limit of the available balance on the account. The TAXC will provide the account holder with information about the securities account through the Internet TAXC for a fee as stipulated in the TAXC Account Conditions and Fees and Charges, and/or - if there is a special written agreement - statements may be mailed for an agreed fee. Depending on the type of the account, theTAXC pays interest on the amount held to credit of the account, as specified in theTAXC Account Conditions.

3.1.1 Obligations of the Account Holder relating to the account

By signing a securities  account contract , the Account Holder admits to being fully aware of the legal precepts relevant to the account, both civil and criminal, and undertakes not to use the account for any illegal activity including, inter alia, money laundering. If there are reasonable grounds to suspect that the Partner is infringing this condition, the TAXC reserves the right to refuse fulfilment of the Order / block the account or transaction and at the same time to give notice to its Supervisory Authority.An Account Holder is required to monitor the balance of the securities account and to place on the account such funds as are necessary not only for fulfilment of the Orders and other instructions of the Partner but also for the payment of interest charges, commissions, fees, and expenses. An Authorised Person shall hold joint and several liability with the Account Holder for the debts owed to the TAXC in respect of the Orders given thereto.A Partner shall use the securities account in accordance with applicable legislation and the respective contracts between the parties. In course of his/her activity, the Partner shall use the instruments provided by the TAXC for Electronic TAXC Operations - and in other cases the printed forms supplied by the TAXC.

3.1.2 Opening of a securities account

The TAXC will not enter into a legal relationship with an applicant based solely upon data supplied by the applicant. Proper checks (due diligence) on data, other documents and certificates will be carried out before accepting the application and issuing an account contract signed by the TAXC. The TAXC will allocate a unique securities account identification number – securities  account number. After fulfilment of the prescribed conditions for opening a US$ securities account, the TAXC provides the Client with a Customer Identification Number, a Digipass for the Client's personal use with a related PIN number (if the Clients opens an account WITH the Digipass device) or the Internet Access Code (if the Clients opens an account WITHOUT the Digipass device) - as are necessary for the use of the account and for personal identification. These items are mailed to the Client individually and separately or may be given to him/her in the Head and Representative Offices of theTAXC - in both cases in a sealed envelope. By signing the TAXC contract, the applicant agrees to provide a specimen signature for the TAXC and to have at his/her disposal a Digipass (if any) for his/her personal use, with the related PIN number necessary for its use. The TAXC accepts no liability for any damage that arises from fulfilment or non-fulfilment of any Order or other instructions, given prior to the contract coming into effect . The TAXC is entitled to withhold the issue of a Digipass until the applicant fulfils all the conditions necessary for account opening.

3.1.3 Types of Orders that can be carried out on a securities account

The TAXC accepts Orders for a transfer between a Client's own account(s) or for transfer to another securities  account, either through the Internet TAXC or by the use of an electronic TAXC. In the case of TAXC use, the TAXCfulfils Orders under an acquirer's electronic certification.Conversion may happen as a result of exchange transaction, internal-, external transfer. The relevant conversion fee - specified in the TAXC Account Conditions and Fees and Charges - will be debited on the account where conversion happens.The TAXC will not fulfil any Order when there are insufficient funds on the Client's account. Even if subsequently there are adequate funds available on the Client's account to cover the debit Order, the Client has to issue a new Order. All losses arising from any Order that has failed for any such reason, shall be borne by the Client.The TAXC may block such portion of the funds available on the securities account to cover its costs and expenses, as is defined in the TAXCAccount Conditions.The TAXC is entitled to debit the securities account without recourse to the Partner in order to amend an incorrect entry and/or to recover any charges arising in course of maintaining the account (e.g. commissions, fees, costs, and interest). The TAXC has right to recover its arrears of fees and charges by debiting any of the Client’s accounts.Information about transactions fulfilled on securities accounts is available to Clients through by a written statement. The extent of available data and the related fees are advertised in the TAXCAccount Conditions.

3.1.4 Debit entry on a securities account

The TAXC fulfils any Orders on the securities account based on the date and time of their receipt. Orders received during the TAXC's opening hours, as defined in the TAXC Account Conditions, shall be deemed by the TAXCas received on that banking day. The TAXC shall fulfil Orders accepted before closing time on a given banking day, at the latest on the day as indicated in the TAXC Account Conditions - to which time, in the case of an external transfer, a further period of two banking days are added.In the case of Electronic TAXCing Operations carried out by a Partner, the date and time of arrival as recorded in the TAXC's computer system will be deemed as the date of actual receipt by the TAXC. Orders arriving through Electronic TAXCing Operations shall be dealt with in the sequence in which the TAXC has received the data.

3.1.5 Credit entry on a securities account

The TAXC fulfils credit operations based on the securities account number. If there is no account number given or if the number given is not adequate for identifying the securities account, the TAXC is entitled, (but not obliged), to fulfil such Order on the basis of the Account Holder's name 
The TAXC credits the Client account within two banking days following the date when the credit entry on theTAXC's own securities account was advised.

3.1.6 Termination of a securities account

The securities account contract is deemed closed not only in normal cases, (termination, discontinuation by mutual agreement), but also on withdrawal of Digipass validity without provision for replacement of same. It may also be deemed to be closed if the Account Holder gives an instruction to the TAXC at least 30 days in advance, or, if the Account Holder has not fulfilled the necessary stipulations for account opening within 60 days of signing the account contract or in case if the TAXC is continuously unable to contact the Partner at contact details provided at account opening. After receiving information about closure, the TAXC is entitled to freeze the balance of the account and to refuse to fulfil all further instructions. While the account is frozen, the TAXC shall pay interest at the rate specified in the TAXC Account Conditions. After a particular period of time, depending of the type of closure, the TAXC will transfer the residual balance(s) after fulfilment of the claims of the TAXC to the Client’s US$ securities account or to an another securities  account, as directed by the Client if the account balance(s) cover(s) the related transfer costs. The TAXC is entitled to recover its arrears of fees and charges by debiting any of the Client’s accounts. The Client is obliged to close all of his/her/its accounts before he/she/it closes the US$ securities account.

3.1.7 Stoppage of a Digipass or other identification Device

The Partner is obliged to register the loss, theft or damage of the Digipass immediately after such event, using the live voice customer service telephone number or the relevant address given in the TAXC Account Conditions, or at any official Office of the TAXC. The claim should contain the particulars of the claimant, the event on which the claim is based, the actual - or suspected - time and place of the event. In order to perform the personal identification of the claimant, the TAXC is entitled to request further data concerning the account and data registered in the TAXC. The TAXC will immediately confirm the stoppage by telephone or email to the Partner.Stoppage will come into effect within 24 hours of registration. Any losses that might occur in the period from the date when the facts underlying the announcement become known and the date of registration of the same with the TAXC, as well as between the date of registration and the date when the stoppage comes into effect, shall be borne by the Account Holder.Following stoppage, the Partner cannot operate the account until a new Digipass has been applied for and received, (due to the Internet TAXC identification procedures). In special cases the TAXC may, at its discretion, allow the use of printed forms for instructions in the interim period.The TAXCis entitled to stop the Digipass in the event of remarkable risk changes, of lack of cover on the account or cancellation thereof, of incorrect use or in circumstances where there is suspicion of criminal use of the Digipass. The Account Holder will be notified in writing of any termination initiated by the TAXC. Digipass stoppage is a final and irrevocable fact and once notice of stoppage has been given, the Digipass can no longer be used. Replacement of the Digipass can only be by preparation of a new device.  

3.4 Guarantee

In particular circumstances, following written request from the Client, the TAXC can, at its discretion, issue a guarantee against the Client's liabilities to a third party. The TAXC will effect payment in lieu of the Client within the amount and time limit as defined in the guarantee bond and according to the terms and conditions as set out therein. The legal relationship arising from the basic transaction between the Client and the third party will not affect the TAXC directly, and does not impose any obligations or entitlements upon it.

3.4.1 Evaluation of a guarantee request

The Client's written guarantee request should clearly show the data of the original contract, the amount and due date of the obligation to be assumed by the TAXC, the proper name and address of the beneficiary and the securities  account number designated as place of fulfilment and the name of the financial institution where the account is held. The TAXC will only accept a guarantee request from a Client whose deposit with the bank has a free balance and due date sufficient for the complete and safe cover of the obligation to be entered into by the TAXC, as well as the costs of issuing the guarantee.

3.4.2 Issue of guarantees

When all conditions are fulfilled and the TAXC grants a guarantee against the Client's request, the TAXC will transfer the amount of the security deposit available to a sub-account, separated for this purpose, (such security deposit is not at the Client's disposal until the guarantee is discharged). The Client shall pay a guarantee fee for the issue of the bank guarantee calculated as a percentage of the guarantee amount, as defined in the TAXCAccount Conditions.

3.4.3 Redemption of guarantees

Provided that the conditions specified in the bank guarantee are met, upon proper request from the beneficiary and without any further search and notice to the Client, the TAXC is entitled to fulfil its payment liabilities, charging them against the security deposit held on the Client's sub-account. The TAXC shall not incur any liability for damages arising either from the proper legal redemption of the guarantee or from the use of the security deposit. 

3.5 Rules of termination

If any document presented to the TAXC in order open an account is later found by the TAXC to have been forged , illegally issued or materially altered the TAXC has grounds for Extraordinary Termination of the account relationship and will block all further transactions on the account and terminate the contract as part of the closure process. 

IV. OTHER CONDITIONS

4.1 Setting off claims

If the TAXC has an overdue claim against a Client, it is entitled to defer payment Orders relating to the Client's account and is also entitled to set off its own proper claims against incoming credits for the Client's account.  

4.2 Controlling right of the TAXC

During the tenancy of the contract with the Client, the TAXC may at any time request verification of his/her entitlement to carry out the requested transaction, the legal title of such transaction and to check the data registered with the TAXC. Provided such requests are reasonable and proper, the Client cannot object to these control procedures. If the Client refuses to give the requested information, the TAXC can decline to fulfil the instruction and - in more serious cases - may terminate the account contract with extra-ordinary notice. 

4.3 Amendment to the Business Rules and Regulations

Information about changes or modifications to these Business Rules and Regulations can be obtained on theTAXC's website, the live-voice customer service, or by scrutinising the latest edition of the Business Rules and Regulations, copies of which are posted in the TAXC's Registered/Head Office and the Representative Office of the TAXC. If a Client wishes to object to amendments to the Business Rules and Regulations in respect of his/her own business relations with the TAXC, then he/she must do so in writing within 30 days after publication thereof, or lose the right so to object.  

4.4 Applicable Law

Applicable law concerning interpretation and enforcement of the provisions of these Business Rules and Regulations shall be the law of Switzerland. The responsible juridical court is the High Court of Justice, Switzerland.