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Setting up a Committe

Posted: 01 Mar 2019 13:06
by sirena
Hi we are a small complex of 11 units, we have a chairperson, secretary, treasurer. What so we need to create a bank account do the signatures need yellow slips?
thank you

Re: Setting up a Committe

Posted: 01 Mar 2019 23:14
by Nigel Howarth
Hello serena and welcome to the property forum.

The banks issued a circular last year regarding bank accounts for Management Committees. I was given a copy by the former co-op bank. It translates as follows:

"We inform you that it is possible to create an account in the name of the Management Committee of an apartment block provided that the following documents are obtained:

1. Document/paper from the Land Registry which confirms who the owners of the apartments are.

2. Minutes of the General Meeting of the owners of the apartments appointing the Management Committee.

3. Minutes of the Management Committee meeting concerning the opening of a bank account and appointment of individuals who are to manage the account.

4. In cases where the resident of a given apartment is someone other than the owner, a rental agreement.

5. ID, utility bill and proof of salary for those on the Management Committee."

I expect the other banks sent out similar circulars.