300.1.5.7 Homeowners’ Associations/Housing Societies Licensed by the Real Estate General Authority
No: GDBC-656810000067-1440H
Effective from Jan 01 2024 - Dec 31 2023 To view other versions open the versions tab on the right
Banks may open bank accounts for homeowners’ associations/housing societies upon obtaining the following:
1.
A letter from the real estate manager requesting the opening of the account, including the names of those authorized to manage and operate the account, certified by the chairman of the association/society.
2.
A copy of the articles of association of the association/society.
3.
A copy of the association/society registration certificate issued by the Real Estate General Authority.
4.
Copies of the IDs of persons authorized to manage and operate the account.
