Account Opening Brac Bank

							                 Opening and Operation of
Account:Joint/C,Partnership,Limited Company,Minor,Illiterate
  Person,Club Society,Trustees,Executors,Administrators,
                 Corporation Local Bodies




                                     Md.Massudul Haque
                                     BIBM
        Joint Account

A joint account is the bank account
conducted in the name of two or more
persons.
Considerations to Open Joint Account
    Signature of all need to obtain
    Either or Survivor instructions
    Instructions about the account
    Account can be stopped by any of them by written
    request.
    In case of insanity of any of them mandate is
    revoked.
    It does not extend to overdraft.
    In case of insanity or bankruptcy of one of them the
    banker should stop the account.
    In case of borrowings all the joint account holders
    must make a joint demand.
Minors Account
Opening of Minors Account

Bankers have to be conscious while opening
account in the name of the minor i.e. position
of minor in relation to bank is complex.
Due to Contract Act 1872 & Negotiable
Instrument Act1881
                  Minors Account

 In the name of the minor himself.
 In the joint names of the minor and his/her guardian.
 In the name of the guardian in the following manner.
         Natural guardian
         Legal guardian
        Testamentary guardian
Minor is 10 years and can sign uniformly.
Account must show credit balance.
Guardian is liable for all transactions.
Account of Illiterate Person
Account of Illiterate Person

Left thumb impressions of the account holder
is obtained on both account opening form and
specimen signature card.
Bankers must explain terms and conditions of
the account to the account holder.
Withdrawals are allowed when the client
personally visit the branch.
Sole Proprietorship Concern

Does not enjoy much legal status
This type of account treated as individual
Proprietor normally operates the account
May be operated by authorized person.
In case of death balance of the account
paid to the nominee or successor.
  Sole Proprietorship Account
    (Documents Required)

Valid trade license
Certificate from the chamber of commerce
Tax Identification Number(TIN)
Value Added Tax registration number
         Partnership Account

 A partnership is the creation of a contract
between persons. Partnership firm is an
association of two or more persons called
partners who under take a venture for mutual
benefit or to earn profit.Partnership is a
voluntary organization.
Considerations to Open Bank Account of
           Partnership Firm
 To open bank account in the name of the firm.
 Written request from all partners.
 Mandate,Instructions about operation of the account
 Registered partnership deed.
 Cheques in the name of the firm must not credited to the
 personal account of any partner.
 Deed of mortgage must be signed by all partners.
 Notice of retirement should be given to the banker
 Death of a partner may or may not close the firm account.
 Insolvency of a partner dissolve the firm
 Minor can be a partner with limited liability.
      Joint Stock Company
           Companies Act 1994

A joint stock company is an artificial person
with perpetual entity.A joint stock company
is an artificial entity created by law.It has
separate existence different from that of the
members who created it.This company is not
dissolved by death,bankruptcy,or lunacy,of
any of its members.
Requirements to Open Account of Joint
          Stock Company
   Certificate of incorporation
   MOA
   AOA
   Certificate of commencement of business
   Prospectus
   Balance sheet of the company
   Copy of resolution signed by the board of
   directors.
   Mandate from the company.
       Trust Account

Trust deed
Scrutiny of the rules
Resolution
List of trustees and mandate
Other procedure
No trustee can delegate his power
Not to mix with personal account
    Executors Account

Executor is a person appointed by
will to administer the estate of the
testator.
Issues of Executors Account

  Head office approval
  Will
  Codicil
  Probate
  Mode of operation
  Administrators Account

When an Executor is not named in
the will executor is dead,renounce or
incapable.
Issues of Administrators Account

   Letter of administration
   Interested person will apply
   HO approval
   Mode of operation
   Not to mix with personal account
   Other formalities
Govt,Local Bodies & Corporations


 Statue need to be taken
 Request letter
 Copy of resolution
 In case of change in official
 Club,Societies Account

Societies Act
Resolution
Registration certificate
Other formalities
Thank You All