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Memorandum Account

Memorandum Account Template for Australia

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Key Requirements PROMPT example:

Memorandum Account

"I need a Memorandum Account agreement for an Australian corporate client operating multiple business divisions, with specific requirements for separate interest calculations and consolidated monthly reporting, to be implemented by March 2025."

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Document background
The Memorandum Account agreement is essential for establishing specialized account relationships in the Australian financial services sector. This document is typically used when parties require a sophisticated banking arrangement that goes beyond standard deposit accounts, often involving complex interest calculations, specific reporting requirements, or unique operational procedures. The agreement ensures compliance with Australian regulatory requirements, including the Corporations Act 2001, Banking Act 1959, and relevant ASIC regulations. It is particularly valuable for corporate clients, financial institutions, and organizations requiring detailed transaction tracking, separate interest calculations, or specialized account management services. The Memorandum Account structure allows for greater flexibility in account operation while maintaining strict compliance with Australian banking and financial services regulations.
Suggested Sections

1. Parties: Identification of the financial institution and the account holder

2. Background: Context of the agreement and purpose of the memorandum account

3. Definitions: Key terms used throughout the agreement

4. Account Establishment: Terms and conditions for opening and maintaining the memorandum account

5. Operation of Account: Rules and procedures for operating the account, including deposits, withdrawals, and transactions

6. Interest and Fees: Details of interest calculations, fees, and charges applicable to the account

7. Statements and Reporting: Frequency and format of account statements and reporting requirements

8. Security and Access: Security measures, access protocols, and authentication requirements

9. Rights and Obligations: Detailed responsibilities of both parties

10. Term and Termination: Duration of the agreement and conditions for termination

11. Dispute Resolution: Procedures for handling disputes between parties

12. General Provisions: Standard legal clauses including governing law, notices, and amendments

Optional Sections

1. Credit Facility: Terms of any associated credit facility or overdraft arrangements

2. Multiple Account Holders: Additional terms for accounts with multiple holders or signatories

3. Electronic Banking Services: Specific provisions for electronic banking access and services

4. Foreign Currency: Terms for handling foreign currency transactions if applicable

5. Special Purpose Conditions: Additional conditions for specific account purposes or customer categories

6. Third Party Access: Terms governing access by authorized third parties or agents

7. Set-off Rights: Terms allowing the institution to set off debts against account balances

Suggested Schedules

1. Schedule 1 - Fee Schedule: Detailed breakdown of all applicable fees and charges

2. Schedule 2 - Interest Rate Schedule: Current interest rates and calculation methods

3. Schedule 3 - Authorized Signatories: List of authorized signatories and their signing authorities

4. Schedule 4 - Operating Instructions: Detailed operational procedures and requirements

5. Schedule 5 - Electronic Banking Terms: Specific terms and conditions for electronic banking services

6. Appendix A - Account Opening Forms: Standard forms required for account opening

7. Appendix B - Privacy Statement: Detailed privacy policy and data handling procedures

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions



































Clauses




























Relevant Industries

Banking

Financial Services

Corporate Services

Investment Management

Wealth Management

Professional Services

Trust Services

Insurance

Asset Management

Treasury Services

Relevant Teams

Legal

Compliance

Treasury

Finance

Operations

Risk Management

Corporate Banking

Commercial Banking

Client Services

Account Management

Relevant Roles

Relationship Manager

Account Manager

Treasury Manager

Financial Controller

Chief Financial Officer

Compliance Officer

Legal Counsel

Banking Operations Manager

Risk Manager

Corporate Banking Officer

Trust Administrator

Financial Services Manager

Operations Director

Commercial Banking Manager

Industries









Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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