The Clients irrevocably agree that, if the Entity is a limited liability company and the OCRA Officers are members or officers of that company, or the Entity is a Partnership and the OCRA Officers are members of that partnership, or the Entity is a trust and the OCRA Officers are trustees or protectors of that trust, OCRA may, without being obliged to give notice to the Clients or the Clients’ Appointees, take such steps as they shall in their absolute discretion consider appropriate which shall without prejudice to the generality of the foregoing include having the Entity struck off, dissolved or liquidated; or resigning all or any of the OCRA Officers; or transferring all or any of the shares, capital or assets or liabilities of the Entity into the name of the Clients; or appointing the Clients as a director, officer, manager, trustee or protector of the Entity; or take such other action as they shall in their absolute discretion consider appropriate or as it may be advised.
In relation to fiduciary services, please note that a bank account held in the name of your company or as trustee of your trust is not a client bank account. It is mandated to the company or the trustee of the trust and the company or trustee is the legal owner of the money held in that account. As the money in these accounts is not classed as client money the details relating to pooling of money in client bank accounts (as detailed below) do not apply.
General client bank account: a general client bank account holds money for several clients. The money may be held at one bank or the money may be in multiple bank accounts spread across several banks.
In the event of a default of a bank where we have a general client bank account, client monies held in all our general client bank accounts will be pooled (even if money is held in more than one general client bank account and the accounts are held in more than one bank). In this situation, each client (for whom money is held in the general client bank account) will lose an equal proportion of their money, whether or not the bank your client money is held with is in default. This loss will be adjusted by any compensation arrangements in place.