*Abbreviated name as registered with the Bank: MADFIT MMA
This signed authority & mandate refers to our contract dated (the agreement)
I/We hereby authorise you to issue and deliver payment instructions to your banker for collection against my/our above- mentioned bank (or any other bank or branch to which I/we may transfer my/our account) on conditions that the sum of such payment instructions will never exceed my/our obligations as agreed to in the agreement and commencing on the above mentioned date and continuing until this authority & mandate is terminated by me/us by giving the said two months notice in writing. In the event that the payment day falls on a Sunday, or recognised South African public holiday the payment will automatically be the preceding ordinary business day.
Payment instructions due in December may be debited against my account on the 29th or 30th December. I/We understand that the withdrawals hereby authorized will be processed through a computerized system provided by the South African Banks and I also understand that the details of each withdrawal will be printed on my bank statement. Each transaction will contain a number, which must be included in the said payment instruction and if provided to you should enable you to identify the agreement. A payment reference is added to this form before the issuing of any payment instruction.
Mandate
I/We acknowledge that all payment instructions issued by you shall be treated by my/our above mentioned bank as if the instructions have been issue by me/us personally
Cancellation
I/We agree that although this authority and mandate may be called by me/us, such cancellation will not cancel the agreement. I/We shall not be entitled to any refund of amounts which you have withdrawn while this authority was in force, if such amounts were legally owing to you.
Assignment
I/We acknowledge that this authority may be ceded or assigned to a third party if the agreement is also ceded or assigned to that third party, but in the absence of such assignment, this authority and mandate cannot be assigned to any third party.