Bank resolution - agm or governing body of a society

Vijaya Bhaskar (Querist) 09 December 2022 This query is : Resolved
Dear learned Experts
Authorized Signatories Resolution

Society is registered under the Karnataka Societies Act 1960.
Now, in the AGM the new president and new treasurer are elected. Hence, the change of office bearers must be intimated to the bank. whether AGM should pass the resolution in the AGM for authorizing the new authorized signatory (president and treasurer) or the governing body should pass the resolution in its meeting mentioning the date of AGM is conducted.

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Quick Summary

This discussion addresses how to formally notify a bank about changes in authorised signatories (like a new president and treasurer) for a society registered under the Karnataka Societies Act 1960. The consensus suggests that the election of new office bearers during the Annual General Meeting (AGM) is usually sufficient for the bank, provided the AGM minutes reflect this change. It's advisable to consult the bank directly and check the society's bye-laws for specific requirements regarding bank account operations.

kavksatyanarayana (Expert) 09 December 2022
Any Governing/Executive Body member shall be elected from the General Body members. It shall be resolved in the AGM only.

Sudhir Kumar, Advocate (Expert) 11 December 2022
Prima-facie resolution of election is sufficient for bank signature change. Better consult bank

P. Venu (Expert) 16 December 2022
The bye-law itself would have made provision authorizing the operation of the Bank account. If so, it is sufficient that the bank is informed of the election supported by the minutes of the AGB.

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