Once you have received your certificate of
registration from the ROS, you can open a bank account in the name of the
registered society.
To do this, you’ll need the registration number of the society
(It should look something like this : PPM-xxx-xx-xxxxxxxx); and a resolution signed by the
executive committee members.
It would be best to speak to a bank officer
in whichever bank you wish to open the account. Each bank may have a different
set of requirements and/or required documentation.
Once you have the documents with you, all
the signatories will need to visit the selected branch of the Bank, to open the
account and provide the specimen signatures to the Bank.
Proper process flows and SOP’s should be set
up to manage chops, chequebooks etc.
A sample resolution is set out
below. Again, it would be best to ask the bank for an approved sample which you
can follow. (The italic words appearing as "Notes" should not be included in the actual resolution.)
********************************************************************************
[NAME OF SOCIETY]
REGISTERED
SOCIETY NO: PPM-XXXXXXX
CIRCULAR
RESOLUTION
------------------------------------------------------------------------------------------------------------
OPENING
OF BANK ACCOUNT
RESOLVED:
THAT
a current account be opened with the [name of branch]
branch of [name of Bank]
(“Bank”) in the name of [Name of Society] and
that the said Bank be and is hereby empowered, whether the Society’s account is
in credit or not, to honour all cheques, bills of exchange and promissory notes
signed, drawn or made on behalf of the Society, provided they are signed in the
following manner:
AUTHORISED
SIGNATORIES:
1.
xxxx (President)
2.
xxxx (Secretary)
[Note:
the identification of the office-bearers authorised to sign cheques/operate the
bank account should be as per the provisions governing the handling of finances,
in the Constitution]
MODE
OF OPERATION:
To be signed by [all three of] the
authorized signatories. [Note: the
instruction should correspond with the provisions governing the handling of
finances, in the Constitution]
AND the Bank
shall act on any instructions and accept any receipts or other documents
related to the said account, transactions or affairs of the Society, if so
signed on behalf of the Society.
THAT a copy of
this resolution together with the specimen signatures of the authorized
signatories be furnished to the Bank and that this resolution shall remain in
force until notice in writing to the contrary is given to the Bank.
Dated this xx
day of xxx 201xx
EXECUTIVE COMMITTEE MEMBERS
------------------------------------ --------------------------------------
President Vice
President
------------------------------------ --------------------------------------
Secretary Treasurer
------------------------------------ --------------------------------------
Exco
Member Exco
Member
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