Investment Management Services Agreement (Page 6 of 13) in pdf

8.1.2.2

hold and/or cause the funds collected within the Cash account or a sub-account of the

Cash account to be held for the beneficial ownership of the Client; or

8.2

Upon receipt of Proper Instructions, the Custodian shall:

8.2.1

remit and/or cause to be remitted to the Client or any other person or persons duly authorized by the

Client such cash in connection with the purchase of Securities or such other Client’s Assets specified

by the Client upon delivery of such Client’s Assets to or to the order of the Custodian and/or Nominee;

8.2.2

remit and/or cause such cash to be remitted to the Client;

8.3

remit and/or cause to be remitted to the relevant authorities such cash in connection with the payment of taxes

pursuant to clause 10.5.1 hereunder.

8.4

Perform and/or cause the performance of any combination of the above.

8.5

The Custodian shall be under no obligation to make and/or cause any payment to be made, unless, in the

reasonable opinion of the Custodian there are sufficient cleared funds for the purpose, standing to the credit of

the Cash account from which such payment is to be made, having regard to any other payments, which have

been or are to be debited from such account.

8.6

Where a Cash account is in debit as a result of payments made in accordance with or contemplated under this

Agreement, then subject to notification:-

8.6.1

the Client shall forthwith cause sufficient cleared funds to be placed in the relevant Cash account to

discharge the debit balance.

8.6.2

and pending such discharge, the Client shall, unless otherwise agreed, pay daily interest on the daily

closing overdrawn balances in the Cash account in Kenya Shillings:-

8.6.2.1 either at four percentage units (4%) above the Custodian’s prevailing Base Lending Rate.

(which margin shall be agreed by the Custodian and the Client)

8.6.2.2 at four percent (4%) above the 91-day Treasury Bill rate published by the Central Bank of

Kenya on the last Friday of the month preceding the date the Cash account is overdrawn and

on funds held in any other currency at such rate as the Custodian may, in its sole discretion,

determine from time to time within the limits permitted by law, calculated on the balance of

such account at the end of each day.

RECORDS

9.1

The Custodian shall:-

9.1.1

keep or cause to be kept such books, records and statements as may be necessary to give a complete

record of all:-

9.1.1.1

Client’s Assets held

9.1.1.2

transactions carried out by the Custodian and/or caused by the Custodian to be

carried out on behalf of the Client

9.1.2

permit the Client, their officer (s) and their duly authorized agent (s) or delegate (s) to inspect such

books, records and statements referred to in paragraph 9.1.1 at any time:-

9.1.2.1

with reasonable notice during normal business hours at the premises of the Custodian

(but excluding such books records and statements of the Custodian which relate

generally to its activities for itself or other clients).

9.1.2.2

In addition, the Client shall be entitled to examine, at the premises of the Custodian

the Securities held in the physical possession of the Custodian and to examine

records regarding the Securities held hereunder in the physical possession of some

other party.

10.

VOTING AND OTHER ACTION

10.1

The Custodian shall promptly deliver and/or cause to be delivered to the Client or to such persons as are

designated by the Client, copies of all notices, proxies, proxy soliciting materials received by it in relation

any of the Securities held in the Account, all public information, financial report and stockholder

IMS Agreement (Individual Investors)

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Investment Management Services Agreement Page 6

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