Lesson-5 regarding Account Opening in a Bank

Question: What are the requirements for opening and operation of Solicitor Account?

Answer:

       I.     Certified copy of professional group formation.

     II.     Consent letter from clients.

   III.     Identity of Solicitors.

  IV.     Solicitors Resolution / Mandate regarding the operation of Account.

    V.     No overdraft should be allowed in Solicitors Account.

  VI.     No mixing with Personal Account.

VII.     Careful operation bankers has no right to ‘Set off’ on client Account.

Question: What are the requirements for opening and operation of Government & Local Government Account?

Answer:

       I.     Before opening of the Account any Government or semi Government or Local Body a certified copy of the STATUTE will be taken.

     II.     Or, certified copy of any other Law/Regulations by which the body is created and governed.

   III.     A letter of request to be taken for open Bank Account.

  IV.     Copy of Resolution is passed by the Local Authority authorising an officer to open Bank Account with Bank name & Branch.

    V.     Branch Manager specially satisfy himself as regards the provision about the dealing with the fund, opening operation of the Bank Account in the ‘Statute’.

  VI.     Name, style and nature of Account must be stated in the Statue or Resolution.

VII.     Account of Regimental Fund (Army Account) should be opened & operated as per Authority Letter from ‘The Controller or Military Account’.

VIII.     Operation of Account in contravention of ‘Statue’ will not be allowed.

  IX.     Cash Transaction should be done cautiously. Pre advice should be taken in case of cheque drawings.

    X.     In case of changing Officer or Office Bearer new Authorising Letter will be taken issued by competent authority.

  XI.     Monthly statement of Account & Quarterly Balance Confirmation to be served.

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