Corporate joint account
prasanta kumar parida
(Querist) 06 October 2011
This query is : Resolved
WHT AE THE PRECONDITIONS FOR OPENING OF A CORPORATE JOINT ACCOUNT & WHO CAN BE THE JOINT SIGNATORIES. A PARTICULAR FUND IN FOREIGN CURRENCY IS TRANSFERRED TO THE ACCOUNT OF AN INDIVIDUAL & WHILE PERMITTING TO RECIEVE THE SAID FUND, NOW MINISTRY OF HOME AFFAIRS HAS ASKED THAT INDIVIDUAL(MY CLIENT) TO OPEN A CORPORATE JOINT ACCOUNT FOR TRANSFER OF THE FUND TO THAT, JOINT ACCOUNT FOR THE SAKE OF THE SAFETY OF MY CLIENT. BUT HE HAS NO COMPANY IN HIS NAME, INCORPORATION OF A COMPANY WILL TAKE SUFFICIENT TIME. AT MY LEVEL I CAN LAWFULLY ASSIST MY CLIENT TO REGISTER AN AMENDMENT DEED OF AN ALREADY REGISTERED TRUST DEED, WHERE HE IS THE SETTLER CUM FOUNDING PRESIDENT, WHETHER MY ADVICE WOULD BE PROPER OR WHAT OTHER ADVICE CAN BE GIVEN TO MY CLIENT FOR UTILIZATION OF THAT FUND FOR PUBLIC PURPOSE LIKE OPENING UP OF AN OLDAGE HOMEOR ORPHANAGE ETC.
Guest
(Expert) 08 October 2011
You have not made clear whether the joint account is desired for a would be incorporated company or in the name of the existing trust?
However, if in the name of the trust, any three or four of the trustees and working executives can be declared as the authorised signatories to operate the account by passing a formal resolution by the board of trustees. But any two of them would sign the cheques at a time on behalf of the trust.
For company, a corporate joint account cannot be opened without due incorporation.
prasanta kumar parida
(Querist) 10 October 2011
THANKS SIR AFTER YOUR IRRITATING MESSAGE REGARDING SPAM MAIL, I HAVE CHANGED MY PASSWORD & I THINK U WILL NEVER BE IRRITATED FOR ME. BUT THANKS FOR YOUR EXPERT ANSWER REGARDING JOINT ACCOUNT. THERE IS A REGISTERED TRUST DEED & AS OTHER TRUSTEES EXCEPT THE SETTLER MANAGING WERE NOT INTEREST & SOME FUND IS NOW DONATED AND CLEARED BY HOME DEPT. TO ACCEPEPT THE SAME WITH A COMPLICATED CONDITION THAT A CORPORATE JOINT ACCOUNT IS TO BE OPENED FOR TRANSFER & WITHDRAWL OF THE SAID FUND, WILL IT BE A BETTER ADVICE TO REGISTER A DEED IN AMENDING THE EXISTING REGISTERED TRUST DEED IN DELETING THE NAMES OF NON-FUNCTIONAL TRUST MEMBERS & IN INCORPORATING NEW MEBER TRUSTEES IN THEIR PLACE AND THEN TO OPEN THE CORPORATE JOINT ACCOUNT FOR THE PURPOSE OF FURTHERENCE OF THE BASIC AIM & OBJECTIVES OF THE TRUST?
Guest
(Expert) 10 October 2011
There must be manager and other employees to discharge functions of the trust. Any two or three of them IN ADDITION to the active trustee can be named as joint operators of the account. Such operator's names are never permanent and operators of the account can be changed any time later also depending upon the circumstances.
Guest
(Expert) 10 October 2011
SKJ,
If you feel yourself as expert on this issue, and find anything wrong in my answer, why did not you pin point that mistake AND WHY DID NOT YOU COME WITH THE CORRECT ANSWER, IF YOU ARE SO EXPERT ON CORPORATE ISSUES?
Just point out which of my replies were false or misleading, while I can point out several of your replies on experts panel just misleading on your part, while you treat yourself as a legal expert. Simply your personal hatred towards me cannot do any good to you.
The fact is that, you not only change your identity frequently, but also change your false picture, ss you dare not come before the forum members with true identity with the fear that you would be identified easily as who is misleading the community. Contrarily, I always come with my true identity and photograph.
YOUR OWN FALSE IDENTITY AND FALSE PICTURE ARE THE PROOF OF YOUR OWN FLSEHOOD.
Guest
(Expert) 10 October 2011
SKJ,
You are the person who come with false identity, mislead the querists and still you claim to be a legal expert.
As I asked you to reply the question of the querist, why do you refrain to reply to the question of the advocate Prasanta Kumar Parida and prove my answer to be wrong, if you feel yourself as the really expert?
prasanta kumar parida
(Querist) 10 October 2011
TO THE HON'BLE EXPERT SARDASENA, WE ARE NOT ONLY MEMBERS OF THIS CLUB BUT ALSO THE LEARNED FRIENDS. SO IT IS USELESS AND UNNECESSARY TO REBUKE ANYBODY THROUGH THIS FORUM. MR. DHINGRA IS A LEARNED MAN & HE HAS A HEART TO SHARE HIS KNOWLEDGE FOR WHICH MY CLIENT WOULD HAVE TO SPEND A LOT. IF YOU HAVE ANY OTHER LEGAL POINTS OTHER THAN THE ADVICE OF MR. DHINGRA THEN PLZ SHARE THE SAME WITH ME, OTHERWISE I WILL BE HAPPY IF YOU WILL RESTRAIN YOURELF FROM REBUKING/SHOWING DISRESPECT TO A SENIOR LAWYER LIKE MR. DHINGRA
