An Authorization Letter To Withdraw Money From Cooperative is a crucial document used in Malaysian cooperative societies when a member needs to delegate the authority to withdraw funds to another person. This document becomes necessary in situations where the account holder cannot personally perform the withdrawal, such as during illness, travel, or other circumstances preventing physical presence. The letter must comply with Malaysian legislation, including the Co-operative Societies Act 1993, Co-operative Societies Rules 2010, and anti-money laundering regulations. It specifies the identities of both the account holder and authorized person, details of the cooperative society, the amount to be withdrawn, and the duration of the authorization. Supporting documents such as identification papers and membership proof must typically accompany this authorization letter to ensure security and regulatory compliance.
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1. Date and Place: Current date and location where the letter is being executed
2. Account Holder Details: Full name, identification number, membership number, and contact details of the cooperative member authorizing the withdrawal
3. Authorized Person Details: Full name, identification number, and contact details of the person being authorized to make the withdrawal
4. Cooperative Details: Name and address of the cooperative society from which the money is to be withdrawn
5. Authorization Statement: Clear statement of authorization, specifying the exact nature of powers being granted regarding the withdrawal
6. Transaction Details: Specific details about the withdrawal including amount (in numbers and words) and account number
7. Duration of Authority: Validity period of the authorization letter
8. Signatures: Space for signatures of the account holder, authorized person, and witnesses
1. Reason for Authorization: Used when the cooperative requires justification for the authorization, such as medical emergency, travel, or inability to be present in person
2. Limitations of Authority: Include when the authorization needs to specify restrictions or conditions on the withdrawal
3. Medical Declaration: Required when the authorization is due to medical reasons or incapacity
4. Previous Authorization Revocation: Include when this authorization supersedes any previous authorization letters
5. Language Declaration: Used in cases where the letter needs to confirm that all parties understand the content in their preferred language
1. Copy of Account Holder's Identity Document: Certified copy of account holder's identification document (e.g., MyKad)
2. Copy of Authorized Person's Identity Document: Certified copy of authorized person's identification document
3. Proof of Cooperative Membership: Copy of cooperative membership card or latest statement
4. Medical Certificate: If authorization is due to medical reasons, attach relevant medical documentation
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Cooperative Banking
Credit Unions
Agriculture Cooperatives
Housing Cooperatives
Consumer Cooperatives
Worker Cooperatives
Social Services
Education
Healthcare
Relevant Teams
Legal
Compliance
Operations
Member Services
Financial Services
Risk Management
Document Processing
Branch Operations
Customer Support
Administrative Services
Relevant Roles
Cooperative Manager
Financial Officer
Compliance Officer
Legal Counsel
Member Services Representative
Account Manager
Branch Manager
Operations Manager
Document Control Officer
Risk Management Officer
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