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ACCOUNT OF CUSTOMERS 5D (Partnership
two or more persons can formed a…
ACCOUNT OF CUSTOMERS 5D
GROUP MEMBERS (LIST NAME OF EACH MEMBER)
Arina Fatinah binti Abdul Gaffur (2015792775)
Nurul Ain Aisyah binti Rosli (2015154665)
Nurul Fadhilah binti Kasim (2015731601)
Nurul Alia Sabriena binti Muhamad (2015180849)
Procedure before open an account
:fire: age of majority
:fire: sound mind
:fire: not be disqualified by law
:fire: signature
:fire: provide detail such as address and ic number
Personal Account
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Condition
:no_entry: age of majority
:no_entry: must not be bankrupt or insane
:no_entry: no need introducer for saving account
:no_entry: minimum deposit (cimb - RM 20 )
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Joint Account
- an account whether savings of current account which is conducted by two or more persons normally between family members
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Rule of Survivorship
:question: if one of the joint account holder become bankrupt, the bank should take the following actions
:question: stop any withdrawals by the surviving parties
:question: any withdrawals should be made with the consent of the Official Assignee and the solvent parties.
Joint & several liabilities
:question: joint liability means each of the defendants is responsible for paying the damages in a liability lawsuit, up to the total amount.
:question: several liability means that each defendants is responsible for paying their own share of the damages.
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Partnership
- two or more persons can formed a Partnership but not more than 20 members
Legal considerations in respect of Partnership
:pencil2: authority of any partner to stop or countermand payment of cheque
:pencil2: collection cheque
:pencil2: bankruptcy of any partner
:pencil2: bankruptcy of the Partnership
:pencil2: death of partner
Several ways that a Partnership may be dissolved
:pencil2: by agreement
:pencil2: by operation of law
:pencil2: by death or bankruptcy
:pencil2: by a court order
Conditions
:pencil2: all partnership must not be bankrupt or insane
:pencil2: business must be registered with SSM
:pencil2: must provide an introducer before opening a current account
:pencil2: to pay minimum RM 1000 to as initial deposit
Document to be submitted
:pencil2: photocopy of ic of all partners
:pencil2: photocopy of Business Registration Certificate issued by SSM
:pencil2: photocopy of Partnership Deed
:pencil2: signature
:pencil2: mandate form
:pencil2: rubber stamp
Societies, Club and an Association
Document to be submitted
:star: list and photocopy of all current board members ic
:star: photocopy of Certificate issued by Register of Society
:star: the Rule or Constitutions to ascertain the power of the society and the power of the committee
:star: a resolution of the members of the society
:star: a resolutions of a committee members appointing some committee members to sign on behalf of the society
:star: signature
:star: mandate
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Trustee
Document to be submitted
:<3: photocopy of Trustee's ic
:<3: photocopy of Trustee Deed
:<3: signature
:<3: mandate
Professional Account
- Personal members such as Doctor, Lawyer, Architect or Accountant are not required to register their business with SSM
Document to be submitted
:red_flag: photocopy of ic
:red_flag: photocopy of the Certificate issued by respective association
:red_flag: signature
Company's Account
Document to be submitted to bank:
:<3: photocopy of a directors' identity card
:<3: a certificate of incorporation issued by ROC or SSM
:<3: mandate
:<3: specimen signature of appointed directors
:<3: rubber stamp
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Classes of companies
:check: a company limited by shares
:check: a company limited by guaranteed
:check: a company limited by shares and guaranteed
:check: unlimited companies
Ultra Vires Borrowing
:warning: borrowing against objectives
:warning: borrowing more than the amount allowed
Purpose:
:red_flag: to protect investors in the company
:red_flag: to protect creditors such as banks
How to rectify
:fountain_pen: directors of the company can call for an EGM to amend the objectives
:fountain_pen: rectify the excess borrowing by issuing new resolution
Rules of Turquand
- person contracting with a company and dealing in good faith may assume that acts within its constitution empowers have been Properly and Duty perform, and are not bound to inquire to ask whether acts of internal management have been regular.
power of attorney
🎷 2 types
- special power attorney
General power of attorney
🎷 can be revoked by
- expiry of the period
- upon completion of the purpose for which the power is given
- customer expressly revoked the power
- death, mental incapacity or bankruptcy of the customer
- mental incapacity of attorney
Determination of company's Mandate
- 3 factors :
:question: Resolution of BOD
:question: Appointment of Receiver
:question: Liquidation of company
Past sem question:
March 2014
- Question 1(b)
- Question 4 (a)
- Question 6 (a)
- Question 6 (b)
September 2014
- Question 4 (a)
- Question 5 (c)
September 2015
- Question 5 (b)
- Question 6 (b)
March 2015
- Question 3 (c)
- Question 4 (a)
March 2016
- Question 1 (a)
- Question 4 (b)
Question 6 (b)
October 2016
March 2017
- Question 4 (b)
- Question 5 (a)
January 2018
- Question 4 (b)
- Question 5 (a)