I. A corporate resolution from the board of directors
II. A copy of the corporation’s trust indenture
III. A copy of the corporation’s charter or by-laws
IV. An agreement that the stock of the corporation will not be traded by the broker-dealer as a market-maker.
a) I, II
b) I, III
c) II, IV
d) I, II, III, IV
correct answer is b.
Whenever a corporation opens an account with a broker-dealer, a resolution by the board of directors, appointing specific individuals who have trading authority must accompany the application. In addition, if the company wishes to open a margin account, the company must also provide a copy of its charter or by-laws as evidence that the company is legally permitted to trade on margin.
The correct answer is b. I, II and III are correct since all parties are required to notify the Administrator.
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