Regulatory Alerts2019-01-01
Circular No. 263: Cooperative Societies and Unions Accounts
The Palestine Monetary Authority directs all banks operating in Palestine to facilitate the opening of temporary bank accounts for cooperative societies and unions under establishment, enabling founders to pay share values and registration fees mandated by Article 23 of Legislative Decree No. 20 of 2017. This directive addresses widespread bank refusals that were stalling the registration process and effectively nullifying the cooperative law. Temporary accounts will be converted to formal accounts once registration is completed and the Cooperative Work Authority provides an official letter designating authorized signatories.
Share