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Procedure for Accepting Deposit from Members

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  1. Hold Board Meeting
  2. Hold a General Meeting
  3. Hold Board Meeting
  4. Appoint Banker
  5. Obtain Credit Rating
  6. Appoint Deposit Trustee
  7. Take Deposit Insurance
  8. File a copy with Registrar of Companies
  9. Issue circular to members
  10. Upload circular on company’s website
  11. Collect application form and money
  12. Issue of Deposit Receipt
  13. Create charge on assets
  14. Make entries in Register of Deposits
  15. File Return of Deposits
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