Hey Sidd!
You're mistaken. The Escrow Agent must INDEPENDENTLY validate any
disposition of property from the E-Gold Bullion Reserve Special Purpose
Trust.
> The user agreement is not explicit in requiring the escrow agent's
> approval in "redemption" transactions, but is in the case of
> "bailment". So e-gold needs approval to "TAKE IN MORE GOLD" but not to
> "REDUCE THE RESERVE!"
The contract with Central Escrow LTD. partially reads as follows:
------------------------------------------------------------------
[...]
2. Responsibilities of Escrow Agent
[...]
d. To authorize disposition of property from one or more of the Custodians
with dual signature of the Escrow Agent and E-Gold LTD.
[...]
3. Receipt of Property for allocation to the accounts held by Custodians
does not require instructions from either e-gold or the Escrow Agent. Unless
otherwise agreed by e-gold and the Escrow Agent all acquisitions and
dispositions of Property shall be executed through Scotiabank or an approved
agent of Scotiabank. However, any disposition of the Property from the
accounts (e.g., delivery of all or any portion of the Property to any party)
requires explicit authorization by dual signature of the authorized
representatives of both e-gold and the Escrow Agent, and no disposition of
the Property may occur without such authorization. The Escrow Agent shall
consult with e-gold concerning any disposition instructions but shall
independently (1) determine the validity of the disposition and (2)
authorize the disposition.
[...]
---------------------------------------------------------------
Craig
---
You are currently subscribed to e-gold-list as: archive@jab.org
To unsubscribe send a blank email to [EMAIL PROTECTED]
