Section 71: Bank accounts
consolidated text (as at 2018, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
71. Bank accounts
(1) Subject to such directives as may be issued by the Registrar, a
society shall maintain at least one bank account—
(a) into which all monies received by it shall be paid; and
(b) out of which all payments required to be made by it shall be
paid.
C49 – 37 [Issue 9]
Co-Operatives Act
(2) The rules of a society shall state the amount that may be kept by it in
the form of petty cash.
(3) The Registrar may, where, in his opinion, such measures are
necessary to prevent loss or misuse of funds—
(a) certify to a bank the persons who are authorised to sign cheques
or other documents on behalf of a society;
(b) freeze the account of a society in a bank; or
(c) give to any bank instructions regarding the operation of the
account of a society.