Legal Question in Banking Law in India
Can co-operative housing society open a bank account with a bank other than State Co-operative bank? If yes, under what circumstances?
Also pl advise, can a Co-operative housing society invest its surplus funds in a public sector bank?
Asked on 1/12/12, 10:59 pm
2 Answers from Attorneys
Aniruddha Pawse
Aniruddha.P.Pawse Advocates
In Maharashtra according to Article 114 of the Bye-laws of the Co-operative Housing Society a banking account shall be opened in the nearest State or District Central Co-op Bank or its Branches. So a cooperative society cannot open a account with a Bank other than mentioned in the Bye-laws.
Answered on 1/14/12, 2:52 am
Sanjay Kalra
Sanjay Kalra & Associates
Yes to both questions .
Answered on 1/16/12, 3:35 am
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