Commentary

43 Practice or intention

BANKING vol 4(1)
BANKING vol 4(1) | Commentary

43 Practice or intention

BANKING vol 4(1) | Commentary

43 Practice or intention

Some wording merely indicates a representation as to past practice or present intention, eg:

  1. 43.1

        ‘it has always been our policy to ensure that our subsidiaries meet their financial obligations when due’ This wording does not create a legal obligation.

  2. 43.2

        ‘in view of the parent company’s standing it has always looked upon its subsidiaries’ obligations as its own obligations’ This wording imposes no legal obligation on the parent company.

  3. 43.3

        A representation (for it is not an undertaking) that ‘it is the present and future business policy of the parent company to provide its subsidiaries

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