AND CONDITIONS OF BUSINESS
1.1 Larona Trust Reg. will provide the services requested by
the client on the following Terms and Conditions.
1.2 It is clearly understood that, whilst Larona Trust
Reg. will endeavour to provide correct information on all its
services, it is under no obligation to render such services
unless it agrees with the client to do so. Larona Trust Reg.
strongly recommends that in addition to the advice given by
Larona Trust Reg. independent advice is sought by the client
from appropriately qualified persons.
2.1 Larona Trust Reg. will, unless agreed otherwise in writing,
carry out all instructions given by or with the authority of
the client or any one client if there are two or more clients,
and each client hereby appoints each of the other clients as
his attorney-in-fact for the purpose of giving such
instruction. If the person authorised in writing to give
instructions ("the Client Contact person") is other
than the client, the client hereby appoints the Client Contact
Person as attorney-in-fact for the purpose of giving such
instruction. Larona Trust Reg. will carry out all instructions
given by or with the authority of the Client Contact
Person. This power of attorney between clients or between the
client and Client Contact Person shall remain in full force
and effect until Larona Trust Reg. receives written notice to
the contrary from any one of the clients.
2.2 Larona Trust Reg. will not be required to carry out
instruction which it considers may be illegal or contrary to
2.3 In the event that Larona Trust Reg. acts upon instruction
given by any one client and later receives conflicting
instructions from another of the clients, Larona Trust Reg.
shall not be bound to recognise or act upon any further
instructions until it is furnished with unequivocal
instruction signed by all clients.
2.4 Larona Trust Reg. is authorised, but not required, to take
any action which it deems necessary whenever it is impractical
or impossible to obtain instructions from the client or Client
Contact Person in due time or whenever action is stated to be
required by law or by rulings or practice or appropriate
authorities, local or foreign, in which instance, Larona Trust
Reg. shall not be required to determine whether such actions
were required or necessary according to the correct
interpretation of such law, rulings, or practice to contest or
otherwise oppose such actions.
2.5 Larona Trust Reg. shall not be liable in any way for
acting or not acting in accordance with opinions, advice,
instructions, requests, certificate, powers or attorney, or
other instructions believed by it to be genuine.
2.6 Unless and until Larona Trust Reg. receives written notice
to the contrary, Larona Trust Reg. is authorised to rely upon
and act in accordance with any notice, demand, instruction or
other communication which may be, or purport to be, given by
telephone, telex or facsimile transmission by the client or
Client Contact Person.
3.1 Larona Trust Reg. will give due consideration to the
wishes of the Settlor (expressed in writing to the Trustee),
it being understood that any such letter of wishes is not
legally enforceable nor binding on the Trustee.
3.2 In the event that Larona Trust Reg. is requested to make
specific investments or to appoint an Investment Advisor,
Larona Trust Reg. shall be fully indemnified in respect of its
decisions to act upon such request and shall not incur any
liability in following such request or the recommendations of
such Investment Advisor.
3.3 In the event that Larona Trust Reg. is requested to vest
custody and control of trust assets in a third party, Larona
Trust Reg. shall be fully indemnified in respect of its
decision to act upon such request and shall not incur any
liability in following such request.
3.4 Larona Trust Reg. may decline to accept, retain or
purchase partly paid shares in companies with unlimited
liability or other property which Larona Trust Reg. considers
to be onerous and may decline to open margin, commodity,
derivative or similar accounts.
4.1 In consideration of Larona Trust Reg. agreeing to provide
Trust Reg., its directors, officers, employees and agents
shall be entitled to a full and complete indemnity which
shall be enforceable against the trust funds in Larona
Trust Reg.'s hands or assets under its control in respect
of all actions, proceeding, claims, costs and expenses
whatsoever made against or incurred by it arising out of
or in connection with the administration by Larona Trust
Reg. of any trust, company or business, and shall have a
lien on all such funds and assets until the amount of such
costs and expenses in any current actions or claims has
been determined, and
- The client
agrees to indemnify Larona Trust Reg., its directors,
officers, employees and agents against all actions,
proceedings, claims, costs and expenses whatsoever made by
any company or person in respect of its services including
any acts or omissions in the carrying out of any
instructions which it believes to have been genuinely
given by the client, however received, either by
facsimile, orally, or written notwithstanding that such
instructions may later prove not to have been given by the
clients or with his authority.
indemnities shall apply, inter-alia, in respect of all acts or
omissions except those attributable to the dishonesty or gross
negligence of Larona Trust Reg. or its employees.
4.3 Larona Trust Reg. shall be entitled to take legal advice
and, when so advised, to bring or defend or authorise the
bringing or defence of any actions, proceedings or claims
without express consent. The costs and expenses of any such
advice and of any legal action shall be borne by the client.
4.4 The termination of its services shall not relieve the
client of its obligations under these and any other
5.1 Where there are two or more persons or entities entering
into a client relationship with Larona Trust Reg. hereunder,
their agreements and undertaking herein shall operate as their
joint and several obligations.
6.1 The client is deemed to be aware of the Liechtenstein Due
Diligence legislation and undertakes to provide such
additional information as may be required by Larona Trust Reg.
to verify hid identity, his acting bona fide and / or
details of the nature of transactions and / or source of funds.
6.2 Although Larona Trust Reg.'s relationship with its clients
is protected by professional privilege the resulting
confidentiality can not claim absolute validity. Larona Trust
Reg. is obliged to give evidence and information to the
Liechtenstein authorities inasmuch as legal stipulations
provide for such an obligation.
FEES AND EXPENSES
7.1 In consideration of Larona Trust Reg. performing its
services the client shall pay, and accordingly authorise
Larona Trust Reg. to collect, all fees in accordance with the
written fee agreement or, if no agreement, in accordance with
Larona Trust Reg.'s Standard Fee Schedule and Terms and
Conditions from time to time in effect. The client shall also
reimburse Larona Trust Reg. for any and all expenses and taxes
incurred by it in the carrying out of its services.
7.2 The fees, expenses and other charges of Larona Trust Reg.
in accordance with Clause 7.1 shall be a first charge on the
assets of the trust, company or business and, furthermore
Larona Trust Reg. shall have the right of set-off against the
balances or other assets of all accounts of the client or held
on behalf of the client.
CLIENT ACCOUNT TRANSACTIONS
8.1 All client funds held in Larona Trust Reg. client account
will be entitled to interest at the rate paid by the bank with
whom such accounts are maintained, in accordance with their
published scales, subject only to the deduction of a fiduciary
fee equivalent to 0.2% per annum and bank charges.
ASSIGNMENT OF INTERESTS IN THOSE CASES NOT INVOLVING THE
ESTABLISHMENT OF A TRUST
9.1 Where Larona Trust Reg. provides management services for a
company not owned by a trust of which Larona Trust Reg. is a
trustee, the client undertakes not to transfer, pledge or
otherwise hypothecate its ownership interest of the shares of
the company without the prior knowledge and written consent of
Larona Trust Reg. Furthermore, in instances where bearer
shares are issued, these will be held by Larona Trust Reg. in
trust for the client.
10.1 All clients undertake to ensure that any trust, company,
business or other entity operates correctly and legally and
furthermore complies with any reporting or other requirements,
including securities laws and other legislation.
10.2 All clients undertake to procure that any and / or all
government duties, franchise or other taxes are paid
expeditiously to Larona Trust Reg. and, where appropriate,
bona fide accountancy information is supplied. If late payment
is made, it is agreed that the client will pay, or procure the
payment, to Larona Trust Reg. of any late filing fees,
penalties, costs or other liabilities that may have been
incurred as a result of such late payment.
11.1 Its services may be terminated by Larona Trust Reg. at
any time and by the client on 30 days written notice to Larona
Trust Reg., provided that termination by the client shall not
be effective until the client has discharged, or caused to be
discharged all obligations to Larona Trust Reg., including
obligations for which Larona Trust Reg. could be made liable.
CORRESPONDENCE AND MAIL
12.1 All correspondence in relation to, addressed to or
received for the client will be forwarded to such address as
the client shall instruct in writing from time to time. If
required to "Hold all Mail", Larona Trust Reg. is
hereby indemnified against loss for or arising from
non-delivery of such mail.
13.1 All items held in safekeeping by Larona Trust Reg. are at
the risk of the client although Larona Trust Reg. will use its
best endeavours to ensure that items are held in a secure
facility. The client hereby indemnifies Larona Trust Reg.
against loss for or arising from non-delivery of any
14.1 In the event that any provision of these Terms and
Conditions of Business or any part thereof is invalid, illegal
or unenforceable, the validity, legality, and enforceability
of the remaining provisions shall not in any way be affected
or impaired thereby.
14.2 In these Terms and Conditions of Business, where the
context so permit, the masculine shall include the feminine
and vice-versa, the neuter shall include the masculine and
vice-versa, and the singular shall include the plural and
14.3 These Terms and Conditions of Business, which shall be
deemed to come into full force and effect and be applicable to
all clients from the date of issue, constitute the entire
agreement between Larona Trust Reg. and the client with
respect to the subject matter hereof and supersede all
previous expectations, understanding, communications,
representations, agreements and Terms and Conditions of
Business, whether oral or written between Larona Trust Reg.
and the client with respect to the subject matter hereof.
15.1 These Terms and Conditions of Business shall be governed
by the laws of the Principality of Liechtenstein and the
courts thereof shall be the exclusive forum for the
interpretation and adjudication of any actions or claims