Date: _____________________
REMOTE INSTRUCTIONS
(EMAIL TRANSMISSION) AGREEMENT
This Remote Instructions (Email Transmission) Agreement (“Agreement”) is
made between Prospera Credit Union (“PCU”) of #500 – 32071 South Fraser Way, Abbotsford,
B.C. V2T 1W3 and ____________________________________________________________
of __________________________________________________________________________
(the “Deposit Agent”).
BACKGROUND FACTS:
A. The Credit Union is duly incorporated under the laws of British Columbia and part of its
business consists of providing term deposit investments, including Registered
Retirement Savings Plans “RRSP”, Registered Retirement Income Funds “RRIF”, Tax
Free Savings Accounts “TFSA”, and other Term Deposit investments “Term Deposits” to
personal and business members.
B. The Deposit Agent may, from time to time, submit personal or business member
applications or business trust account applications, RRSP, RRIF or TFSA applications or
Term Deposit applications.
C. The parties wish to provide a means whereby the Deposit Agent can provide instructions
to PCU by means of electronic transmission (“Email Transmission”);
In consideration of the mutual covenants and agreements set out in this Agreement,
PCU and the Deposit Agent agree as follows:
DEFINITIONS:
1.
The following words and terms will have the following definitions:
(a)
(b)
(c)
(d)
“Purchases” shall mean purchases of one or more Term Deposits with PCU;
“Redemption” shall mean the redemption or withdrawal of one or more Term
Deposits with PCU;
“Transfer” shall mean an account-to-account transfer of funds within the Deposit
Agent’s account number ______________________ with PCU (“Deposit Agent’s
Account”);
“Depositor” shall mean the Deposit Agent’s client whose funds are deposited with
PCU.
AUTHORIZATION:
2.
The Deposit Agent hereby authorizes and directs PCU to accept and process Email
Transmission instructions for the following transactions:
(a)
(b)
(c)
Purchases, including the transfer of funds from the Deposit Agent’s Account;
Redemptions, including the payment of funds to the Deposit Agent In Trust or
into a trust account of the Deposit Agent; and
Transfers.
ENSURING INSTRUCTIONS ARE IN PROPER ORDER:
3.
The Deposit Agent shall be solely responsible for insuring that all instructions given to
PCU by Email Transmission are full, complete and accurate.
PAYMENT OF REDEMPTION PROCEEDS:
4.
The proceeds of Redemption shall be payable by PCU by way of cheque to the Deposit
Agent In Trust.
RETAINING ORIGINAL INSTRUCTIONS:
5.
The Deposit Agent shall retain the original instruction documents and make copies
available to PCU upon request, at no cost to PCU. Unless specifically requested by PCU, the
Deposit Agent need not send the original documents to PCU.
EMAIL TRANSMISSION:
6.
All Email Transmissions to PCU shall identify the name of the contact person for the
Deposit Agent, as well as the Deposit Agent’s telephone number, fax number and the email
address of the contact person.
PCU’S EMAIL ADDRESS:
7.
The following email address shall be used by the Deposit Agent to ensure proper receipt
of the Email Transmission by PCU:
[email protected]
PCU may from time to time give the Deposit Agent notice of a change of its email address.
The Deposit Agent shall be solely liable for any instructions to PCU which have not been
processed as a result of the following:
(a)
(b)
the use by the Deposit Agent of an incorrect email address for PCU; or
any other failure of the Email Transmission.
DEEMED AUTHORITY:
8.
By sending an Email Transmission to PCU for any Purchases, Redemptions or
Transfers, the Deposit Agent shall be deemed to have the authority of the Depositor to forward
such instructions, and PCU shall not be required to make any further inquiries to confirm such
authority or instructions.
RELIANCE BY PCU:
9.
PCU shall be entitled to rely on the following information which will be provided by the
Deposit Agent by way of Email Transmission:
(a)
(b)
(c)
The Depositor’s name and all relevant particulars;
The amount any Purchases;
The term of any Term Deposits being purchased.
AUTHORIZED PERSONS:
10.
The Deposit Agent shall be responsible for establishing appropriate procedures and for
ensuring that only authorized persons make Email Transmissions to PCU, and PCU may rely on
any Email Transmissions as having been authorized by the Deposit Agent, without further
inquiry.
SETTLEMENT DATE:
11.
Instructions for Purchases submitted by Email Transmission to PCU before 5:00 p.m.
Vancouver time will be processed using that business day’s date provided the purchase amount
has been deposited to PCU’s bank account. Instructions for Transfers submitted by Email
Transmission to PCU before 5:00 p.m. Vancouver time will be processed using that business
day’s date. Instructions for Redemptions submitted by Email Transmission and received by PCU
before noon on a business day will be processed on that business day and forwarded to the
Deposit Agent via ICS Courier. Requests received after the aforesaid deadlines will be dated
on the next business day.
INDEMNIFICATION:
12.
The Deposit Agent agrees to indemnify and save harmless PCU against all liability, loss,
harm, damage, costs and expenses that result from any claim or demand from a Depositor
arising from the use of Email Transmissions pursuant to this Agreement. The indemnification
provided hereby shall survive the termination of this Agreement.
ORIGINAL DOCUMENT:
13.
The Deposit Agent agrees that in the case of a Depositor’s death, PCU will require an
original death certificate in order to act on a Redemption.
TERMINATION OF AGREEMENT:
14.
15.
Either party may terminate this Agreement at any time upon giving written notice of
such termination to the other.
BENEFIT AND BINDING NATURE OF THIS AGREEMENT:
15.
This Agreement will enure to the benefit of and be binding upon each of PCU and the
Deposit Agent and their respective successors and permitted assigns.
SIGNED, SEALED AND DELIVERED, as of the date first above written.
___________________________________
DEPOSIT AGENT, PER:
______________________________
SIGNATURE OF SIGNING OFFICER
___________________________________
NAME OF AUTHUORIZED SIGNING OFFICER
(PRINT NAME)
___________________________________
TITLE
PROSPERA CREDIT UNION
PER:
___________________________________
Michael Kerdachi
Vice President, Treasury
______________________________
Jayne Taylor
Vice President, Centralized Administration