Short Answer

Yes, appointing or changing bank signatories typically requires a committee resolution.

Detailed Explanation

Rule 133 of the Gujarat Cooperative Societies Rules, 1965 states that the committee of a cooperative society shall appoint one or more members to sign on behalf of the society. This means that any appointment or change in bank signatories must be done through a committee resolution. In practice, this ensures that such important financial decisions are made collectively by the committee members, safeguarding the interests of the society.

Furthermore, Section 73 of the Gujarat Cooperative Societies Act, 1961 empowers the committee to manage the affairs of the society, including financial matters. Therefore, appointing or changing bank signatories falls under the purview of the committee's responsibilities. This process helps in maintaining transparency and accountability in the society's financial transactions.

In real-world scenarios, when a cooperative society needs to appoint a new bank signatory or replace an existing one, the committee convenes a meeting, discusses the matter, and passes a resolution authorizing the appointment or change. The resolution is then communicated to the bank to update the signatory details. This step-by-step process ensures that the society's funds are accessed and managed only by authorized individuals.

Practical Examples

• XYZ Cooperative Society decides to appoint a new treasurer as a bank signatory. The committee holds a meeting, passes a resolution, and informs the bank to update the signatory details as per Rule 133 of the Gujarat Cooperative Societies Rules, 1965.

• ABC Housing Society needs to change its bank signatory due to a committee member resigning. The committee convenes a special meeting, passes a resolution, and notifies the bank about the change in accordance with Section 73 of the Gujarat Cooperative Societies Act, 1961.

References

• Rule 133 of the Gujarat Cooperative Societies Rules, 1965: Official PDF

• Section 73 of the Gujarat Cooperative Societies Act, 1961: Official PDF