The bank may open a joint account, including a deposit account or any other account, between two or more persons with equal shares among them, unless otherwise agreed and recorded with the bank, subject to the following provisions: 1. A joint account shall be opened by all its owners or by one person holding a power of attorney from the owners of the joint account duly authenticated by an official competent authority. Withdrawals from such account shall be conducted according to the agreement of the account owners 2. Where the balance of a joint account's co-owner is seized, the said seizure shall apply to the Distrainee's share of the account balance as of the day on which the bank is served with the seizure notice. In such a case, the bank shall suspend withdrawals from the joint account as equivalent to the share seized. The co-owners of the joint account or their representatives shall be informed of the seizure within a period not exceeding (5) five business days from the day of imposing the seizure. 3. When the bank carries out an offset between various accounts of a co-owner of a joint account, it may include such joint account in the offset only with the written consent of the other co-owners. 4. Upon the death or lack of capacity of a joint account's co-owner, the other co-owners shall notify the bank of the same not later than (10) ten days from the date of death or lack of capacity. The bank shall, from the date of being so notified, suspend the withdrawal from the joint account within the limits of such person's share of the account balance on the date of his death or lack of capacity. No withdrawal may be made from the shares of the deceased or the person lacking the capacity until a successor is appointed.
Interpretation and application must be checked against the official text and current version.