Opening bank account for newly formed co-operative hsg. soc.

A Banking Account shall be opened by the society in the nearest State or District Central Co-op. Bank or its branch or in any scheduled co-op Bank. if account is to be opened in Nationalised Bank, then prior permission of registering authority shall be necessary and the account shall be operated upon and all acquittances and discharges shall be signed by the Secretary jointly with the Chairman or treasurer After an account is opened, it should be informed to that affect to the Registrar within 15 days. However, investment in long term should be made in the District Central Co-operative Bank only.