Constituents’ Accounts

Constituents’ Accounts

 

  1. Account: Account may be defined as a contract between two or more entities.

Entities may be personal or Impersonal. In an account, there are some terms and

conditions given by one side and the other side accepts those for strengthening

relations between them so that they can reach in a goal to achieve their purposes.

In a Bank, account may be defined as a contract between account holder and bank

with some specified terms and conditions given by the bank and acceptable to the

account holder.

 

  1. Types of Accounts:

  Basically account is divided into 2 (two) types. One is Personal Account and another one is Impersonal Account Personal Account is again divided into 2 (two) Parts. They are Real Account and Nominal Account. In our discussion, the Real Accounts will be taken to consider for illustration.

 

  1. Competency to open an Account:

Any Bangladeshi citizen, age attained 18 years, mentally sound, not a lunatic person and not adjudicated by the court as financially insolvent is competent to open an account This is the provision und the section No.11 of Law of Contract.

 

  1. Different Types of Account:

 

  1. i) Individual Accounts: An individual competent person may open an account

with a bank if the bank is satisfied with contractual character of the person. The

individual has furnish the following information with necessary papers and

documents.

1).Name

2). Fathers Name

3). Mother’s Name

4). Husband! Wife’s Name

5). Nationality

6). Date of Birth .

7). Sex

8) Occupation (with designation)

9). National ID card with No.

10).Photo co1y of Passport with Issue date (if any)

11) Employer’s ID Card (if any)

12). Chairman Certificate for identification

13). TIN (if any)

  1. Driving license (if any)
  2. Present Address

16). Residential Address

17). Permanent Address

18). Professional Address

19). Communication: (a) Telephone-Office (b) Telephone- Resident (c) cell

Phone  (d). E-mail (e) FAX etc.

20). PP size photographs dully attested by an Introducer

21 ). Transaction Profile

22).KYC

23). Risk Grading assessment

24). Letter of acceptance of terms and conditions as provided in the Prevention of

Money Laundering Act

25).Selection of Nominee.

26). Photocopy of valid Trade License if the applicant is businessman.

27). Letter of Authority/Mandate issued by account holder, if third party is authorized to operate the account by the account hokier () along with the photograph of the Mandate holder duly attested by the Account holder.

28). Power of Attorney, if the same is executed in favor of an Agent/Manager for

operation of the account

 

ii). Joint Account: More than one person or two persons may open an Account in

a bank in their Joint Names. At that case, the formalities of individual Account

must be observed. Furthermore, the following instruction regarding operation of

the account must be furnished.

a). Account will be operated by all the survivors Jointly

b).By any of the joint account holders singly

c). By either or survivor singly

d).By either singly

  1. e) By any two or more account holders jointly

 

These instructions, as far as possible, shall have to be obtained in clear language

and terms of the parties concerned preferably under the authentications by the

signatures of all joint account holders,

 

In the event of any of the joint account holders becoming bankrupt, insolvent,

lunatic etc. all operations in the joint account shall be stopped until fresh

Instructions are given by the remaining solvent account-holders jointly, signed by

them and the official assignee for the incapable account holder.

In the event of death of any party to a Joint Account the survivor or survivors

Shall be requested to close the old account and open a new account in the name of

the surviving account holder(s).

 

No investment shall be allowed in a Joint Account, unless it s operated jointly

by all the parties to the account, and charge documents  are to be signed by all of

the parties.

 

iii). Proprietorship Firm’s Account:

  1. a) Specimen Signature Card (F-3) duty signed by the account older(s)/operators(s) in front of authorized officials of the bank.
  2. b) Copy of upto date Trade License duly attested.
  3. c) Fibti’s Seal mentioning the status of the operators to be affixed
  4. d) Mandate/Letter of Authority, issued by account ‘holder, in case third party is

authorized to Operate the account by the Account holder(s)

  1. e) Copy of duly attested Power of Attorney in case the account is opened by the

Manager/Agent under Power of Attorney executed In favor.

f).Vat Registration Certificate (if any)

  1. g) Registration of the firm with the Registrar of Firm Administration
  2. iv) Partnership Accounts:

 

  1. a) Specimen Signature Card (F-3) duly signed by the account holder(s)/

operators(s) in front of authorized officials of the bank.

  1. b) Registered Partnership deed, duly attested copy should be obtained.
  2. c) Mandate/Letter of Authority, issued by account holder, in case third party is

authorized to operate the account by the Account holder(s).

  1. d) Copy of duly attested Power of Attorney in case the account is opened by the

Manager/Agent under Power of Attorney executed in his favor:

  1. e) Resolution of the Partners to open account with the Bank indicating the mode of

account and its operation

  1. f) Certified copy of the regulation with the Registrar of Firm Administration to be

obtained.

 

  1. v) Private Limited Company Account:

 

  1. a) Specimen Signature Card (F-3) duly signed by the operator(s) of the account in front of the Authorized Officials of the Bank.
  2. b) Copy of Certificate of Incorporation duly attested.
  3. c) Copies of Memorandum and Articles of Association duly certified by the Registrar of Joint Stock Companies with up to date amendments and list of the Directors.
  4. d) Certified copy of resolution of the Board of Directors authorizing opening of the

Account and operation of the same duly vetted by the bank official.

  1. e) Particular/Identification of the Directors of the Company and their Authorized

Signatures.

  1. f) Common seal of the company mentioning status Of the operator(s) should.be affixed where necessary.
  2. g) RJSC form XII and schedule x duly certified by RJSC to be obtained.

 

 

  1. vi) Public limited Company Account:

 

  1. a) Specimen Signature Card (F.3) duly signed by the operator(s) of the account in front of the Authorized Officials of the Bank.
  2. b) Copy of Certificate of Incorporation duly attested.
  3. c) Copies of Memorandum and Articles of Association duly certified by the Registrar of Joint Stock Companies with up to date amendments and list of the Directors.
  4. d) In case of public limited company, Certificate of Commencement of Business from the Registrar of Joint Stock Company.

 

  1. e) Certified copy of resolution of the Board of Directors authorizing opening of the

Account and operation of the same duly vetted by the bank official.

  1. f) Particular/Identification of the Directors of the Company. and their Authorized

Signatures.

  1. g) Common seal of the company mentioning status of the operator(s) should be affixed where necessary.
  2. h) RJSC form XII and schedule x duly certified by RJSC to be obtained.

 

  1. i) In case of Foreign Company working in Bangladesh, the Registration document to be verified from the issuing authority.

 

vii) Account of Club! Society! Association:

 

  1. a) Specimen Signature Card (F-3) duly signed by the authorized operator(s) of the

account in front of the authorized officials of the bank.

 

  1. b) Attested copies of Bye-laws/Rules/Constitution/Charter.
  2. c) Resolution of the Executive Committee/Managing Committee authorizing opening of Bank Account and operation of the same (duly attested by the authorized official of the Bank.
  3. d) List of Members of the Executive Committee/Managing Committee duly certified by the Chairman/Secretary.
  4. e) Seal of the organization mentioning official status of the office bearer authorized to operate the account should be affixed where necessary.

 

viii).In case of Non Govt. School, College/ University/ Madrasha /Maktabi Mosque Account:

 

a). Certified copy of Registration Certificate

b). Copy of Resolution of Managing Committee! Governing Body authorizing opening and operation of account with the Bank duly certified by President/

Secretary of the Management Committee

c). List of Members of Managing Committee/ Governing body duly certified by a

Gazetted Officer

  1. ix) In case of Sector Corporations Account:

a). Certified copy of the relevant Presidential Order! Act of Parliamentestab1ihing the Corporation or charter of statute

  1. b) Resolution of Board of Directors I Competent Authority to open account with the Bank
  2. c) Certified list of Board of Directors (if any)

 

  1. x) In case of Local Authorities/ City Corporation etc. Account:

 

  1. a) Certified copy of the Statute Body/Any other law by which the body is created and governed.
  2. b) Resolution of Municipal Committee! Managing Body (if any) to open account with the bank duly certified by Chairman/ Mayor! Competent
  3. c) List of Members of such Committe1 Body duly certified by Chairman/Mayor /

Competent   authority.

 

xi). In case of Co-Operative Committee/ Limited Society:

 

  1. a) Copy of Bye-Laws duly Attested by Co-operative Officer
  2. b) List of the Office Bearers
  3. c) Resolution to open an account with thó sank indicating its nature and operations.
  4. d) Duly certified Copy of the Certificate with the Government.

 

Xii) In case of Trustee Board Account:

  1. a) Certified Copy of Deed of Trust
  2. b) Full particulars of the members of the Trustee Board
  3. c) Resolution to open an account with the Bank indicating its mode and Operation.

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