Type of deed for a society

saju sathyadevan (Querist) 02 August 2014 This query is : Resolved
Dear Sir,

I am a member of a "group" of 80 members.We collect a fix amount monthly and we distribute the profit from interest etc. as dividend among members after two years. We have opened an account in a bank in the name of "SNG welfare society" to deposit the money. It is not registered under the society registration act. Now the banks are insisting for a Deed. Sir, which type of deed are they asking for. I had gone through some of the formats of Deeds especially the trust deed. But it is between the settlor and the trustees. But in our case there is no settler. So what type of deed shall I make. Please advice me.

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Devajyoti Barman (Expert) 02 August 2014
Forma a society or a trust.

Rajendra K Goyal (Expert) 02 August 2014
Get it registered as a society. The activity fall under credit and thrift society and the RBI guidelines / various guidelines in the matter has to be followed.