IN CONSIDERATION of your issuing to me a Membership Card, I agree to comply with and observe the following terms and conditions with full responsibility of payment.

A Membership Card of the Institute of Securities Dealers Limited ("the Institute")  is the property of the Institute and is issued subject to the following terms and conditions:-

1. HK$500.00 is charged by the Institute as an administration fee for membership card on every new member of the Institute.
   
   
2. The Membership Card (hereinafter called "The Card")  issued to the Holder (hereinafter called "The Holder") will be honoured only when properly signed and presented by the Holder; and the Institute shall not be responsible if the card is not honoured for any reason whatsoever.
   
   
3. The card is not transferable and is subject to withdrawal in case of infringement of this or any other terms and conditions.  The original Holder remains entirely responsible for all charges incurred on any unlawfully transferred card by the unlawful holder thereof.  In the event of loss or theft of the card, the Holder must immediately notify the Institute in writing and until such notification is received by the Institute, the Holder will remain responsible for all charges through the use of such card.
   
   
4. All rights and privileges conferred upon the Holder by the card may be withdrawn by the Institute at any time at its absolute discretion and the Holder agrees to surrender the card upon request to the Institute.
   
   
5. Card Holder must forthwith notify the Institute in writing on any changes of employment and of home/office address and the Institute reserves the right to cancel the card who defaults in so doing without prior notice to that card Holder.
   
   
6. All sums debited to the Holder through the use of the card must be paid in cash unless credit sales are allowed by the Institute at its absolute discretion.  In case credit sales are allowed, all sums debited to the Holder through the use of the card must be paid upon presentation of a monthly or an earlier statement by the Institute to the Holder.  The settlement of the on account bills should be made at the address indicated in such statement.  If the Holder shall fail to pay such sums within such time as abovementioned the Holder shall be responsible for the full costs and expenses incurred by the Institute for the collection of such sums and the Holder hereby agrees to fully indemnify the Institute against all such costs and expenses, including full legal expenses.
   
   
7. The Holder of a supplementary Card is bound by and liable under these terms and conditions.
   
   
8. The Institute is entitled to alter and amend these terms and conditions as it thinks fit in its absolute discretion and without prior notice.