SECTION 274

Proceeds of the subscription of shares issued in cash shall be deposited by individuals who receive them on behalf of the cooperative being formed at a bank in a special account opened in the name of the cooperative or any other duly authorized institution by the legislation of the State Party where the registered office of the cooperative being formed is located. Funds shall be deposited within a period of eight days from the date of receipt thereof. The depositor shall provide the bank or any other duly authorized institution with a list comprising the identity of the subscribers and stating, for each of them, the amount of their deposits. The depositary shall, until the funds are withdrawn, provide the list referred to in the foregoing paragraph, to any subscriber who, after showing proof of his subscription, so requests. The applicant may examine the list and obtain, at his expense, the delivery of a copy thereof. The depositary shall deliver to the applicant a certificate of deposit attesting the deposit of funds. Sub-section 3: Drafting the articles of association and rules of procedures