Deposits and Share - Building Society
Shares may make of subscription shares and paid up shares. Interest on shares might be credited to ensure specific control to the accounts instead of to be paid the following should be covered through the system:
- There should be specific custody of unused deposit and share pass book, receipt forms and share certificates;
- There have to be specific instructions to the staff as to the creating of entries in the pass books and the issue of receipts;
- Withdrawal notice and terms and specimen signatures;
- Authorization of withdrawals through the ledger department or against the pass books;
- Records of marriages, deaths, powers of transmission and attorney of deposits and shares;
- The comparison of the balance exposed in the pass book along with that shown in the ledger.