A bank account shall be maintained for handling the affairs of the Exchange.

1. OPENING THE BANK ACCOUNT

1.1 Selection of the Bank

The General Manager should recommend a bank which would serve as the account for the Exchange. The selection should consider the financial strength of the bank, its convenience to the Exchange office, and the facilities to handle all types of transactions. The institution being considered as the Exchange bank should be submitted to the Board of Directors for final approval.

1.2 Obtain Proper Documents

Obtain the necessary forms to open the account, such as bank resolutions, encoding information, signature cards, etc.

1.3 Check Signers

1.31 Authorization or Removal of Check Signers

The Board of Directors has the responsibility to authorize or rescind the authorization of check signers. Authorization of check signers is made through a letter of authority directed to the bank, signed by the Chairman of the Board of Directors.

1.32 Manual Signers

Manual signatures should include two or more employees of the Central Processor.

1.33 Facsimile Signature Plate

Facsimile signature should be that of the General Manager.

1.4 Purchase of Bank Checks

The General Manager will obtain from the bank the transit and bank number to encode the checks. The checks are to be purchased by the Exchange.

1.5 Bank Statements

Establish with the bank that the bank statements are to be submitted to the Central Processor monthly.

1.6 Minimum Bank Balance

Sufficient money is to be maintained in the bank account and/or money market investments to cover all outstanding checks, accrued expenses and an amount to support servicing. Bank service charges (if any) should be properly expensed.

1.7 Bank Reconciliation

Bank reconciliation are to be prepared monthly with copies available to the General Manager and the Board of Directors for review if required.