Palestine Monetary Authority

PALESTINE MONETARY AUTHORITY

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Circular No. (2019/263)
To all banks operating in Palestine
Date: Sunday, 10 November 2019

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Subject: Accounts of Cooperative Societies and Unions

Attached is a letter from His Excellency the Minister of Labor – Chairman of the Board of Directors of the Cooperative Work Authority, dated 28/10/2019, regarding the request to facilitate the process of opening temporary bank accounts for cooperative societies and unions under establishment, in order to complete the payment of issued share values and finalize the remaining registration procedures specified under Article (23) of Legislative Decree No. (20) of 2017 concerning Cooperative Societies.

Accordingly, the necessary measures are requested for implementation.

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Supervision and Inspection Department
Palestine Monetary Authority

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www.pma.ps

Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452 info@pma.ps | Fax: +970 2 2415310 | Tel: +970 2 2415251 Gaza - Palestine P.O. Box 4026 Fax: +970 8 2844487 | Tel: +970 8 2825713

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State of Palestine

Cooperative Work Authority

State of Palestine
C.W.A

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Ref: 2019/9/CWA
Date: 2019/10/24

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His Excellency Mr. Azzam Al-Shawa
Governor of the Palestine Monetary Authority

Greetings and regards,

Subject: Opening Bank Accounts for Cooperative Societies and Unions Under Establishment

The Cooperative Work Authority extends its warmest greetings, wishes you abundant health and well-being, and thanks you for your cooperation and commitment to encouraging and organizing cooperative work in Palestine, which benefits cooperative members and the local community. With reference to the Palestine Monetary Authority instructions issued on 3/1/2018 (No. 2018/1), which requested banks operating in Palestine to open accounts for cooperative societies and unions in accordance with Legislative Decree No. 20 of 2017 concerning Cooperative Societies issued by His Excellency the President of the State of Palestine, and following numerous complaints received by the Cooperative Work Authority from cooperative founders regarding the establishment process, and the refusal of many banks to allow them to complete the legal requirements for association registration under Article 23 of the said Decree—which requires submitting the registration request to the Authority along with a bank payment receipt for paid shares and the registration fee—we hope Your Excellency will instruct your competent departments to direct banks operating in Palestine to facilitate the process for cooperative founders and open temporary bank accounts for them in accordance with your established procedures. The account will be formalized after completing the association registration procedures and obtaining the registration certificate, in addition to a written letter from the Authority specifying the authorized signatories for the account.

If this account is not opened, any complete request to register a cooperative association will be stalled, and consequently, no cooperative association will be registered, which would effectively empty the law of its content.

Please accept the highest respect and appreciation.

Dr. Nasri Abu Ajeh
Minister of Labor
Chairman of the Board of Directors of the Cooperative Work Authority

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Issued: 154
Date: 28/10/2019

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Al-Bireh - Al-Balqa' (side of the Ministry of Women's Affairs, former Palestinian Central Bureau of Statistics building) 02-2422410, Fax: 02-2422370, P.O. Box: 350 www.cwaps.pma.ps | Email: info@cwaps.pma.ps

Address: Al-Balqa' - side of the Ministry of Women's Affairs, former Palestinian Central Bureau of Statistics building, 5th floor Tel: 02-2422370 | Fax: 02-2422410 Email: info@cwaps.pma.ps | Official Website: www.cwaps.pma.ps Email (Official Website): info@cwaps.pma.ps