It is possible for a cooperative housing organisation to open multiple accounts with separate signing powers at the same bank branch. The societies keep several accounts, such as a general fund account, sinking fund account, or maintenance account, for different purposes.
Depending on the resolution approved at a meeting or by the society's governing body, each account may have a separate list of authorised signatures.
To process the request, the bank will need the appropriate paperwork, including the society's bylaws, a resolution approving the opening of accounts, and proof of signature for each account.
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Can cooperative housing society open different accounts in same branch with different signing authority?
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2024-09-05T10:42:47+00:00 2024-09-16T15:28:23+00:00Comment
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