This is from the Perth Mint Agreement. Customers agreed to the following. Just because someone can not obtain the metal does not mean Perth Mint is in violation.
2.4 Unallocated Precious Metal shall be stored by Gold Corporation on the following terms:
perthmint.com/img/Certificat…
2.4 Unallocated Precious Metal shall be stored by Gold Corporation on the following terms:
perthmint.com/img/Certificat…
(a) the Client shall own, as an owner in common with other Unallocated Precious Metal (PM)Clients, an
undivided interest in Gold Corporation’s pool of PM Metal maintained in unsegregated storage on a fungible basis without specific identification of the Client’s Unallocated PM;
undivided interest in Gold Corporation’s pool of PM Metal maintained in unsegregated storage on a fungible basis without specific identification of the Client’s Unallocated PM;
(b) Gold Corporation may use all or part of the Client’s Unallocated PM solely to fund the
PM needs of Gold Corporations’ operations. Gold Corporation shall not short sell Client
Unallocated Precious Metal nor lend Client Unallocated Precious Metal to third parties where
control
PM needs of Gold Corporations’ operations. Gold Corporation shall not short sell Client
Unallocated Precious Metal nor lend Client Unallocated Precious Metal to third parties where
control
is not exercised by Gold Corporation;
(c) the Client shall not be entitled to payment of any benefit arising from Gold Corporation’s use of
the Client’s Unallocated Precious Metal; and
(c) the Client shall not be entitled to payment of any benefit arising from Gold Corporation’s use of
the Client’s Unallocated Precious Metal; and
(d) any use of the Client’s Unallocated PM by Gold Corporation shall be without prejudice
to the Client’s right subject to this agreement at any time to instruct Gold Corporation to sell or
take Delivery of the Unallocated PM in a physical form in accordance with this
agreement.
to the Client’s right subject to this agreement at any time to instruct Gold Corporation to sell or
take Delivery of the Unallocated PM in a physical form in accordance with this
agreement.
2.5 Change in Type of Precious Metal
(a) The Client may switch between Unallocated Precious Metal, Allocated Precious Metal or Pool
Allocated Precious Metal (“Switch”) at any time by written instruction to Gold Corporation, subject
to availability of the nominated Precious Metal.
(a) The Client may switch between Unallocated Precious Metal, Allocated Precious Metal or Pool
Allocated Precious Metal (“Switch”) at any time by written instruction to Gold Corporation, subject
to availability of the nominated Precious Metal.
4.4 Client Warranty
The Client represents and warrants to Gold Corporation that the Client is the beneficial owner of, and has unencumbered title to, any Allocated PM, Pool Allocated Precious Metal or Unallocated Precious Metal purchased from and stored by Gold Corporation.
The Client represents and warrants to Gold Corporation that the Client is the beneficial owner of, and has unencumbered title to, any Allocated PM, Pool Allocated Precious Metal or Unallocated Precious Metal purchased from and stored by Gold Corporation.
(not in the agreement) The legal ownership is separate from the beneficial ownership and the legal owner or owners will not necessarily be the same as the beneficial owner or owners. ca.practicallaw.thomsonreuters.com/3-202-2697?tra…
12 Amendment
Gold Corporation reserves the right to change the terms and conditions of this agreement and the Product Information Document upon 30 days prior letter or email notice to the Client.
Gold Corporation reserves the right to change the terms and conditions of this agreement and the Product Information Document upon 30 days prior letter or email notice to the Client.
12 Amendment (cont'd)
Continued use of Gold Corporation’s services by the Client after receipt of such notice shall constitute acceptance of the new terms and conditions.
Continued use of Gold Corporation’s services by the Client after receipt of such notice shall constitute acceptance of the new terms and conditions.
Force Majeure
14.1 Definition
Under this agreement, Force Majeure means any act, event or cause that is beyond the reasonable control
of Gold Corporation, including but not limited to: an act of God, act of any Governmental Agency, accident
of navigation,
14.1 Definition
Under this agreement, Force Majeure means any act, event or cause that is beyond the reasonable control
of Gold Corporation, including but not limited to: an act of God, act of any Governmental Agency, accident
of navigation,
war (whether declared or not), sabotage, riot, insurrection, civil commotion, national
emergency (whether in fact or law), martial law, fire, lightning, flood, earthquake, landslide, storm or other
severe weather conditions, explosion, power shortage, strikes, lock‐outs or other
emergency (whether in fact or law), martial law, fire, lightning, flood, earthquake, landslide, storm or other
severe weather conditions, explosion, power shortage, strikes, lock‐outs or other
industrial disturbance
(whether or not involving employees of the party concerned), uncontrollable delays in transportation,
inability to obtain any necessary equipment, facilities or qualified employees, epidemic, quarantine,
radiation or radioactive contamination or
(whether or not involving employees of the party concerned), uncontrollable delays in transportation,
inability to obtain any necessary equipment, facilities or qualified employees, epidemic, quarantine,
radiation or radioactive contamination or
the effect of any applicable law, orders, rules or regulations.
Perth Mint has great latitude to perform, as well as, define/control their terms. Many... many programs are designed legally for the benefit of the sponsor and not the customer.
Perth Mint has great latitude to perform, as well as, define/control their terms. Many... many programs are designed legally for the benefit of the sponsor and not the customer.
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