While opening the Current Accounts for Clubs,Societies or Associations etc.the customers need to submit ‘know your customer’ related official valid documents of the organisations and natural persons behind operations of such entities. In addition to KYC related documents, let us now examine, what are the other requirements for opening captioned accounts.
Accounts of Clubs, Societies, Associations, Educational institutions, co-operative Societies etc. are constituted and governed under the bye-laws of respective entity. Bye-laws are the local law made by an association, club or society, in terms of Act and Rules framed by the State. Every state in India has its own Co-operative Societies Act. The bye-laws framed by a registered association or society will have legal force effectually after verification and approval of the same by the Registrar of co-operative societies of the State. The following documents are generally called for the opening of bank accounts of Clubs, Societies (including co-operatives), Associations, and Educational institutions.
1. Certified true copy of the Rules, Regulations, Bye-laws (as the case may be Certified true copy of Certificate of Registration or incorporation in the case of registered bodies (originals will be verified and returned).
2. A certified true copy of the Resolution (certified by the Chairman of the meeting of the Governing Board or Managing committee or like body, at which it was passed), authorising opening of an account with the Bank and listing out the names of office-bearers authorised to operate the account in accordance with the Rules and Bye- laws of the body.
3. A copy of the balance sheet in the case of a co-operative society, if available.
4. In some States, the Co-operative societies can open the account with a bank other than a cooperative bank only with the permission from the Registrar of Co-operative societies. In such cases, a copy of such permission is to be enclosed.