Opening of Bank Account and Investment of Funds

(a) The Society shall open and maintain one or more bank accounts in a State Co-operative Bank, District Central Co-operative Bank, or in any other banking institution or mode permitted by the State Government, in accordance with the provisions of Section 70 and Section 154B-17 of the Maharashtra Co-operative Societies Act, 1960.

(b) The bank account of the Society shall be operated jointly by the Secretary together with the Chairman or the Treasurer, or by such other Office Bearer as may be authorised by the Managing Committee. All receipts, payments, withdrawals, cheques, electronic transactions, acknowledgements and discharges on behalf of the Society shall be jointly signed, authenticated or authorised by the persons so authorised.

(c) The Managing Committee shall ensure that all financial transactions, accounting, maintenance of books of accounts and audit of the Society are carried out strictly in accordance with the provisions of the Act, the Rules and these Bye-laws and in terms of Rule 106C-13(2)(a).

(d) The Society may invest or deposit its funds in accordance with the provisions of Section 70 and Section 154B-17 of the Act and in accordance with the directions or guidelines issued by the competent authority from time to time.

(e) The Managing Committee shall be responsible for ensuring safe custody of the funds of the Society and for ensuring that the funds are utilised and invested only for the purposes authorised under the Act, the Rules and these Bye-laws.