General Conditions

General Conditions
This is a free translation of the French original version
These General Conditions govern the relationship
between the Banque Cantonale de Genève, hereinafter
called "the Bank", and its clients.
Article 1 - Right of disposal
Irrespective of any different registration in the Commercial
Register or any other official publication, only those signatures
notified to the Bank in writing are valid until written notice of
cancellation is given. Special agreements relating to the
identification of the client by means of a code, password or any
other technical means form an exception to this rule.
Article 2 - Complaints by the client
Any complaint relating to the execution or non-execution of
orders, or any objection to an account or deposit statement
must be lodged in writing immediately after receipt of the
relevant statement, but not later than one month from the date
of its issue or the date from which the information is available
to the client by technical means supplied by the Bank. The
same applies if a client does not receive an expected
statement or other communication within the normal period of
time. In this case, the client should contact the Bank in order to
obtain any information which the client considers to be useful
for him/her. The client is liable for any loss or damage caused
by a late complaint. To be valid, all complaints must be
presented in writing to the Bank and received by the Bank
within the time limit set out in this Article.
Article 3 -
Communications from the Bank
Communications from the Bank are deemed to have been
made when they have been sent to the last address given by
the client. The Bank will, in particular, not be liable for the
consequences of incomplete, imprecise or obsolete
information provided by the client. Correspondence which the
Bank is to hold at the client’s request is deemed notified as of
the date it bears.
Article 4 - Authentication of signatures and
identification. Undetected fraud.
The client is liable for any loss or damage resulting from faulty
identification or from undetected fraud except in case of gross
negligence on the part of the Bank. This provision applies
particularly to payment orders and cheques.
Article 5 -
Legal incapacity and guardianship
When contracting with the Bank, the client certifies that he is
not subject to an act of guardianship and that his legal capacity
is not subject to any restriction.
The client is liable for any loss or damage resulting from an
infringement of a restriction to his/her or a third party’s legal
capacity and particularly to that of one of his representatives,
unless such a restriction concerning the client has been
published in the Official Gazette of the Republic and Canton of
Geneva (Feuille d’Avis Officielle de la République et canton de
Genève) after the commencement date of the receipt of the
Bank’s services or, in the case of the third party, after receipt
of written notification to the Bank.
Article 6 - Recording of telephone conversations
The client is informed and accepts that telephone
conversations to or from the Bank may be recorded in order to
clarify any misunderstandings, promote rapid execution of
orders, assure security of transactions and avoid disputes. The
Bank guarantees to the client that such recordings will be
treated in confidence and that they will be regularly destroyed
except in the event of a dispute or legal action.
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Article 7 - Transmission errors
The client is liable for losses or damages resulting from the
use of the postal service, telephone, telex, fax, electronic
message systems (emails) and all other means of transmission or
of a delivery service except in the case of gross negligence on the
part of the Bank. The client therefore particularly assumes the risks
of the message being lost, intercepted or delayed resulting
therefrom.
Article 8 - Faulty execution of an order
In the case of damages due to the non-execution or the faulty
execution of an order (except stock exchange orders which are
subject to special provisions), the Bank is only liable for possible
lost interest unless the Bank was warned in writing of the risk of
more extensive losses or damages.
Article 9 - Right of lien and compensation
For all its claims, irrespective of their nature, maturity or the
currencies in which they are denominated, the Bank is the
beneficiary of a right of lien on all the assets, in whatever form, held
in its custody at the Bank or elsewhere for the account of the client.
As a creditor, the Bank is also the beneficiary of a right of
compensation for its claims. The Bank also has a right of lien and
compensation in respect of loans and credits granted, whether
unsecured or against specific guarantees. A right of lien is also held
on registered securities.
In the event of default by the client, the Bank is authorised to
enforce these liens by mutual agreement or to act through legal
proceedings.
Article 10 - Current accounts
The Bank credits and debits taxes, interest, commissions and fees
whether agreed or customary, quarterly, semi-annually or annually
at its option.
In the absence of a written complaint received by the Bank within
one month of issue, statements of account issued by the Bank are
deemed to have been approved, even if the confirmation to be
signed by the customer has not been received by the Bank. The
express or tacit approval of the statement of account includes the
approval of alI items, as welI as of possible reservations on the part
of the Bank which are contained in this statement.
If the customer has given several different orders, the total amount
of which exceeds the credit balance available or the credit granted
to him/her, the Bank is entitled to decide at its discretion and
without consideration to their dates or to the time of reception,
which of the orders to execute in whole or in part.
The Bank is authorised to reverse any credit entry to an account
which has been made erroneously or fraudulently. Similarly, a client
who discovers a credit to which he is not due on one of the services
rendered by the Bank must inform the Bank without delay.
Article 11 - Assets in foreign currencies
The corresponding value of the assets of the client denominated in
a foreign currency is invested in the name of the Bank but on the
client’s behalf and at his risk with correspondents which the Bank
considers trustworthy in the relevant monetary area or outside. In
particular, the client bears the risk resulting from legal or
administrative restrictions, taxes and charges collected in the
relevant country as well as risks associated with the transfer of
funds.
If the client only has accounts in foreign currencies, the amount is
credited at the Bank’s choice, in one of those currencies.
The client may dispose of his assets in foreign currencies by way of
sale, of transfer order, by drawing or purchasing cheques, by a
withdrawal of cash or by any other means agreed by the Bank.
Article 12 - Credits and debits of amounts in foreign currency
All credit and debit transactions of amounts in foreign currency are
executed in Swiss Francs unless the client has an account in the
corresponding currency or has given instructions to the contrary in
good time.
Banque Cantonale de Genève
Document in 1 copy - 1/2
Copy for the client
General Conditions
This is a free translation of the French original version
Article 13 - Adjustment of interest, fees, charges and
conditions
The Bank reserves the right to adjust interest rates,
commissions and all other conditions and fees associated with
its services at any time and with immediate effect, particularly if
the situation in the money market changes.
The Bank will inform its clients by one or more of the following
means: circulars, the availability of brochures on its premises,
notices in its branches, publication on its Internet site
(www.bcge.ch) or in any other manner which the Bank judges
to be appropriate.
Article 14 - Bills of exchange, cheques and other similar
instruments
The Bank is entitled to debit unpaid bills of exchange, cheques
and other instruments which had been discounted or credited.
Nevertheless, until the settlement of any debit balance, the
Bank retains, against every party liable on the instrument,
claims for payment of the full amount of the bills of exchange,
cheques and of alI other instruments as welI as accessory
claims whether advances under the law on negotiable
instruments, cheques or other claims. The client also accepts
all liability which can result from recourse by a third party in the
context of collection against such documents, even if recourse
is exercised at a later date.
Article 15 - Termination of business relations
The Bank reserves the right to cancel in whole or in part any
business relationships with the client with immediate effect, in
particular to cancel credits which have been promised or used,
in which case any advance made by the Bank will be due for
immediate repayment. Exceptions to the above are
agreements made in writing to the contrary.
Article 16 - Public holidays
In aIl relations with the Bank, public holidays are holidays
which are recognised as such in Geneva. Saturday is
considered as an officially recognised holiday.
Article 17 - Dormant accounts
In order to avoid accounts becoming dormant, any change in
the client’s domicile, including the client’s domicile for tax
purposes, his/her address and/or mailing instructions should
be immediately communicated to the Bank by the client in
writing.
The client authorises the Bank to take any necessary steps to
find him/her or his beneficiaries as soon as it realises that the
communications it sends do not reach him/her.
The Bank preserves the client’s rights when the accounts
become dormant. It is authorised to diverge from the
contractual provisions in the client’s presumed interest and at
the client’s expense and risk.
The Bank invoices to the client the costs arising from the
Bank’s investigations undertaken with the purpose of
maintaining or restoring contact with the client or by the
particular treatment and the supervision of dormant accounts.
Article 18 - Information relating to the client
During the course of its activities, the Bank will strictly comply
with its duty of confidentiality (banking secrecy) in the relations
it maintains with the client. Nevertheless, the Bank is released
from banking secrecy to the extent that it is necessary to
comply with relevant Swiss or foreign regulations and in
particular with respect to securities or shares traded on foreign
stock exchanges or financial market-places or with respect to
refinancing with the Central Mortgage Bond Institution of the
Swiss cantonal banks.
The Bank is authorised to collect and
including sensitive information, relating
purposes and which it judges to be
particularly for the purpose of
creditworthiness.
process any information,
to the client for its own
useful for its activities,
assessing the client’s
Article 19 - Outsourcing and collaboration
The Bank can outsource to qualified third-parties, all or part of its
activities (for instance: IT processing, payment handling, securities
transactions, management, investment consultancy, etc.) and can
communicate all relevant data to the assignee to this effect, within
the limits set by regulations in force. Subject to any binding
legislation, such third parties are exclusively liable for losses caused
by their errors. The bank also draws the customer’s attention to the
fact that it operates using SWIFT (Society for Worldwide Interbank
Financial Telecommunication) mainly in conducting payment and
securities transactions. In accordance with legal requirements, the
processing of both cross-border and Swiss payment or securities
transactions involves communicating, to the banks concerned as
well as the operators of Swiss and foreign systems, details
regarding the instructing party, in particular, name, address, account
(IBAN number) or deposit number, effective beneficiary, etc. The
data transmitted and recorded abroad fall outside the scope of
Swiss legislation and foreign authorities can have access to it in
accordance with the legal provisions in force in the country in which
the data are recorded.
As part of its business relationships and banking secrecy, the Bank
may be induced to invest in and/or collaborate with third parties and
to agree payments, commissions, income or other benefits in its
favour or for its account. The client accepts that these benefits form
part of bank’s remuneration and recognises that these practices
involve contractual freedom and the Bank’s commercial secrecy.
Article 20 - Special provisions
In addition to the present General Conditions, some special
conditions established by the Bank govern certain areas.
The Bank also observes banking and commercial practices; stock
market trading is subject to the rules and practices of the relevant
market; documentary credits are subject to the rules and practices
of the International Chamber of Commerce.
The above is subject to any special agreement between the client
and the Bank.
Article 21 - Amendment of the General Conditions
The Bank retains at alI times the right to amend the General
Conditions and any special conditions.
Such amendments are notified to clients by one or more of the
following means: circulars, the availability of such information on its
premises, notices in its branches, publication on its Internet site
(www.bcge.ch) or in any other manner which the Bank judges to be
appropriate. Unless objections are received in writing by the Bank
within one month, any changes are considered to be approved.
Article 22 - Applicable law and place of jurisdiction
All legal relations between the client and the Bank are subject
to Swiss Law.
The place of performance of all obligations, the place of
jurisdiction for clients domiciled abroad and the sole place of
jurisdiction for any proceedings of any nature whatsoever is
Geneva.
However, the Bank reserves the right to take legal action at the
domicile of the client or before any other competent court.
Article 23 - Prevailing text
In the event of differences of interpretation of the two texts, the
French version of the General Conditions in effect and available to
the client shall prevail.
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(Ed. 2010)
Banque Cantonale de Genève
Document in 1 copy - 2/2
Copy for the client