(valid from 1st November, 2007)
(The german version is binding)
Note: Although for reasons of readability in the naming of persons in the corresponding passages the masculine form is chosen, this naturally always relates to members of both sexes. This also applies for the plural form.
1. Purpose and scope
The general business conditions set out here govern the business relationships between the customer and Bank Frick & Co. Limited (hereinafter referred to as «the Bank») provided that no separate agreements of a different nature have been concluded.
2. Power of disposition in general 
– death of the customer
The ruling concerning the right of disposal provided to the Bank in writing by the customer shall be binding until revoked in writing, regardless of any entries to the contrary in the Commercial Register or other publications. Special conditions apply to the right of disposal using electronic media (internet, e-mail, telefax, etc.)
Powers of attorney and powers of disposition are valid beyond the death of the customer, when they are not explicitly cancelled or it was not explicitly arranged otherwise. The Bank may restrict the use of powers of attorney in any form, which are valid beyond death, insofar as concerns over legal succession arise.
In the case of the death of the customer, the Bank may require documents from heirs or other persons which are necessary to ascertain rights of disclosure and powers of disposition as well as questions of ownership where applicable.
3. Signature and proof of identity
The Bank shall verify the identity and authenticity of signatures by comparing them with the specimens deposited with it. The Bank is entitled, but not required, to request further evidence of identity. Every disadvantage of damage arising from not recognising defective legitimation, failure to detect inadequate validity or identity and failure to detect forgeries shall be borne by the customer unless gross negligence on the part of the Bank can be proven.
4. Restricted capacity to act
The customer shall bear all damages arising from his own restricted capacity to act or that of third parties unless such deficiency is announced in an official Liechtenstein publication and, regarding third parties, has been communicated to the Bank in writing.
5. Communications from the Bank – date of delivery
Communications shall be deemed as duly and legally effected if they have been dispatched or held at his disposal in accordance with the most recent instructions received from the customer or, for the customer’s protection, in a manner deviating from such instructions. The date of dispatch shall be deemed as the date of the file copies or dispatch list in the possession of the Bank. Mail which the Bank has been instructed to hold shall be deemed as delivered on the dates which such mail bears. The Bank shall not bear any responsibility for the accidental dispatch of mail to be held for the customer. The customer shall also be responsible for all consequences and damages that may result from the Bank’s holding of communications addressed to the customer. Mail held by the Bank for its customers shall be stored by it for a period of 3 years and subsequently destroyed.
6. Errors of transmission / telephone calls / recording
All damages resulting from the use of the mails, telegrams, cables, telephone, telex, fax or other means of communication or other transmission carriers, especially arising from loss, delays, misunderstandings, mutilations or duplications, shall be borne by the customer unless gross negligence by the Bank can be proven. Moreover, the Bank shall not be liable for damages resulting from acts of nature, war, strikes or other cases of force majeure.
The Bank has the right to tape record telephone conversations and use these recordings as evidence.
7. Execution of orders / payment orders
In the event of erroneous, delayed or non-execution of payment transactions – in the case of payment orders, both during the issuing of the order by the customer and also when orders are received from a third party to credit a customer’s account at the Bank – the Bank shall be liable at most for interest covering the period involved unless, it has been expressly advised in writing of the danger of further damages in the particular case. The Bank can reverse (cancellation) erroneous transactions at any time.
If unusual or conspicuous amounts are received by the Bank for crediting, after clarifying the particular circumstances, the Bank is entitled to decide at its discretion whether to credit the amount to the customer’s account or retransfer the amount back to the sender. Upon request, the customer shall be informed immediately about the background of the transaction and the origin of the funds, as well as the purpose of the measures taken. The customer takes notice that the Bank is obliged to take these precautions due to the due diligence laws and regulations. The Bank is not in any way liable for disadvantages and losses which occur due to non-execution or a delay in the execution of transaction (receipts and outgoings).
The Bank is not obliged to execute orders for which no cover or credit line is available. If several separate orders have been issued by a customer, the total amount of which exceeds his disposable credit balance or the credit facilities extended to him, the Bank shall be entitled at its discretion to decide, possibly taking into consideration the date of the order and the time received, which orders shall be executed.
The customer takes notice that with transactions (e.g. SIC, EUROSIC, SWIFT) the name, address and account number of the customer have to be given, so that the transaction can be carried out. In this case Liechtenstein law is no longer applicable, meaning that the level of protection with regard to confidentiality and the protection of privacy can be lower.
8. Complaints by the customer: basis and time limits
Complaints by customers regarding the execution or non-execution of orders of any description, or objections to the statements of account or safe custody account periodically received by customers, as well as other communications, must be lodged immediately upon receipt of the advice concerning the transaction in question, but at the latest within the time period specified by the Bank. If an expected advice or communication from the Bank is not received by the customer in a timely manner, the complaint is to be submitted by the customer at the point in time at which the communication would have arrived by post in ordinary circumstances. The customer shall bear any damages which arise from any delays in the registration of the complaint.
Statements of account and safe custody statements shall be regarded as correct and all items contained in such statements and any reservations noted by the Bank in credit advices in respect of amounts not yet collected as approved, insofar as the customer does not raise any objections within one month. This also applies to correspondence which is held at the Bank.
When the customer has agreed upon special reports and layouts with the Bank, the official account and safe custody statements apply to requirements of the customer, unless explicitly agreed otherwise.
9. Transport, insurance
The Bank shall attend to the dispatch of securities and other valuables for the account and at the risk of the customer. Unless otherwise agreed, the Bank shall arrange transport insurance at the expense of the customer insofar as this is customary and possible under the Bank’s own insurance coverage.
10. Plurality of account holders
An account can be opened jointly by several persons (joint account). The right of disposal in such cases shall be subject to special arrangements; in the absence of such arrangements, the account holders shall have individual power of disposal. All the account holders shall be jointly liable for any claim of the Bank against one of them.
11. Right to offset
The Bank shall be entitled at any time to offset against each other the balances of all of the customer’s accounts, at any of its offices, regardless of their designation or the currency in which they are denominated, or to press for payment of any individual debt, notwithstanding any periods of notice already in effect.
12. Right of lien
The Bank has a right of lien on all assets and income thereon which it holds for the customer at one of its offices or in its name with one of its correspondents, including credits granted against special collateral, even if such are not due. This also applies to loans which have been secured against special collateral. Should the customer fail to satisfy the claims of the Bank, the latter has the right, at its discretion, to realise any objects subject to the said liens. The account holder waives his right to pledge current account balances to third parties as security.
13. Foreign currency accounts
The customer’s credit balances in foreign currency shall be deposited with correspondents in that currency in the name of the Bank but for the account and at the risk of the customer, within or outside the currency area concerned.
Measures or restrictions affecting the assets of the Bank in the country of the currency concerned or the country of deposit shall also correspondingly apply to the customer’s credit balances in the said currency. The customer may dispose of credit balances in foreign currency by sale, remittance orders, the drawing of cheques or cash; any other means of disposal are subject to approval by the Bank.
Funds received in foreign currency shall be credited in Swiss francs, unless the customer has issued contrary instructions or holds an account in the appropriate foreign currency (reference currency) or holds an account in a third currency, i.e. no account in Swiss francs or in the reference currency designated expressly in the payment order. If the customer holds accounts only in third currencies, the Bank may credit the amounts concerned in one of these currencies.
14. Bills of exchange, cheques and similar instruments
The Bank is only obliged to cash bills of exchange and cheques drawn on itself or domiciled at itself if sufficient funds are available on the due date. In the event that bills of exchange, cheques and other instruments presented to the Bank for collection or discounting have not been paid or should the Bank be unable to dispose freely of the proceeds thereof, the Bank shall be entitled to reverse credited amounts, whereby the Bank retains all claims relating to such instruments until a debit balance has been eliminated.
The Bank charges fees for cheques, bills of exchange or similar payment instructions which have been presented for collection or for credit.
15. Interest rates, commissions
Interest rates and commissions are net for the Bank. Taxes, fees and expenses shall be charged to the customer. Unless it has waived its right in writing, the Bank reserves the right to adjust its interest and commission rates in line with market conditions with immediate effect. The customer shall be informed thereof in an appropriate manner.
In the case of overdrawn accounts, the customer shall be charged debit interest, which shall be shown on the account statement. The customer is personally responsible for obtaining information regarding the rate of debit interest at the point in time which the account goes overdrawn and for information regarding its application thereafter.
16. Special payments / allocations
In cases where the customer is advised by an independent asset manager or has been mediated to the Bank by such an advisor, the Bank is authorized to pay allocations to these asset managers or intermediaries. The basis for the calculation of such allocations can be the commissions, fees and other charges which have been deducted by the Bank, or the invested assets. These fees shall be regularly discounted for the administration and consultancy which the asset manager or intermediary requests from the customer. The Bank pays these allocations out of its special income from asset managers or intermediaries; payments or discounts to the customer are not envisaged. The customer waives the right to be informed about details for such allocations by the Bank. The customer explicitly declares his/her acceptance of the payment of such allocations to the asset manager, advisor, intermediary or other brokers. The reporting of such payments to the customer is not the Bank’s responsibility; it is the sole responsibility of the recipient of those payments. However, the Bank shall at the customer’s request provide details regarding the basic principles and main features of the agreements which have been entered into with such third parties, insofar as they affect the customer. The customer waives the right to request more detailed information. In particular, the Bank is not obliged to prepare detailed compilation and calculations with regard to payments which are effectively made.
The customer takes notice and accepts that the Bank may receive payments in the form of inventory payments or remittances on custody fees, exchange and trust office commissions, brokerage and other charges as well as acquisition commissions (e.g. from emission and redemption commissions) from third parties (including group companies) in connection with the acquisition/distribution of collective investments, certificates, notes, etc. (hereafter named «products»; including such which are administered and/or issued by a group company). The size of such payments varies according to the product and the issuer of the producer. Inventory payments are usually based upon the volume of the stake in the company which is held by a product or a product group. Their size is usually equivalent to a proportion in percent of the administration fees which are charged to the respective product periodically during the time it is deposited. In addition, sales provisions from share issuers also in the form of discount on the emission price (percentage discount) can be made in the form of one-off payments whose size corresponds to a proportion in percent of the issue price. Acquisition provisions are one-off payments. Their size is equivalent to a proportion in percent of the relevant emission or redemption price. The customer may request further details regarding payments made to third parties, and the agreements governing them, by the Bank at any time, before or after the signing of this contract or before or after the commencement of the administrative activity. The right to further information before the singing of the contract or before commencement of the administrative activity is limited to a 12 month period before the request. The customer explicitly waives the right to information beyond that defined above. When the customer does not request further information before singing this contract or before the commencement of the administrative activity from the company or signs this agreement after receiving further information beforehand, he/she explicitly waives his/her right to claim for return of in the sense of §1009 and §1009a of the General Civil Code.
17. Dormant accounts
The Bank takes appropriate measures to avoid accounts becoming dormant. The customer can also take steps to avoid such a set of circumstances. The customer may contact the Bank regarding questions amount dormancy.
The business relationship shall be continued, whereby the Bank shall deduct fees and expenses (including, in particular, those incurred in searching for authorized persons) directly from the assets or accounts of the customer concerned. In cases where dormant accounts show a negative balance, the Bank reserves the right to cancel such business relationships at any time and without prior notice.
18. Cancellation / 
Annulment of the business relationship
The Bank is authorized to cancel business relationships at any time at its own discretion and without giving reasons, in particular credits which have been issued and credit authorisations and to demand that the balances be settled without notice. When the customer is in arrears, or has suffered significant losses in relation to the services and agreements with the Bank, if bills of exchange received from the customer have gone into protestation, if forced sales of collaterals have been executed against him/her or other events which affect his/her financial integrity take place, the Bank is authorized – independent of existing periods of notice or fix dates – to end the business relationship immediately.
19. Public holidays
The official periods of notice, due dates and the public holidays which apply in Liechtenstein are to be taken into consideration by the customer in all business transactions with the Bank. Saturdays have the same legal status as public holidays.
20. Authoritative language
German is the authoritative language.
In the case of foreign language texts, the German text shall be taken as a binding aid to interpretation. The Bank can request that texts in foreign languages are translated at the customer’s expense.
21. Place of performance
The Bank’s place of business where accounts or safe custody accounts are maintained shall serve as the place of performance for mutual obligations.
22. Organisation and Outsourcing
The Bank guarantees an adequate organisation of its processes. Insofar as business areas have been outsourced or rely upon external support, the Bank shall make every effort to maintain the customer’s privacy (customer secrecy) and to protect customer-related data within the framework of the law.
23. Safeguarding clause
Should one or more clauses contained within these General Business Conditions become or be deemed invalid, or should the General Business Conditions be found to possess a loophole, this shall not affect the validity of the remaining clauses in any way. In such cases, the invalid clause(s) or the loophole(s) which have been found are to be replaced or framed in such a way as to represent the same standards which are representative of the sector
24. Applicable law
All legal relationships between the customer and the Bank are governed by the laws of the Principality of Liechtenstein.
25. Court of jurisdiction
The place of jurisdiction shall be Vaduz. The customer accepts the same jurisdiction for all proceedings at law. However, legal action may be taken against the customer at his place of residence or before any other competent court or authority.
26. Exception of special clauses
In the case of special types of business, the regulations specially issued by the Bank are valid alongside these General Business Conditions. In addition, local practices apply in the case of stock exchange dealing, for documentary business the uniform regulations and customs for documentary business issued by the International Chamber of Commerce and for collection and bill-broking the general regulations issued by the Swiss Bankers Association.
27. Changes or amendments 
to the General Business Conditions
The Bank is authorized to change the clauses contained in these General Business Conditions at any time. The customer shall be informed in writing or in a form which the Bank sees appropriate and are considered to be accepted when the customer does not submit an objection in writing within one month.
28. Validity
These General Business Conditions come into effect on 1st November, 2007. They replace the previous regulations.
Declaration of consent*
I hereby declare my acceptance of the General Business Conditions of Bank Frick & Co. Limited. In particular, I confirm that I have read, understood and accepted the commercially important regulations in articles 7, 12, 15 and 16.
