Separate Bank Account definition
Separate Bank Account means the separate bank account maintained by the promoter in a scheduled bank to deposit 70% / 100% amount collected from the allottees to cover the cost of construction and the land cost of the real estate project as defined under sub-clause (D) of clause (l) of sub-section (2) of Section 4 of the Act;
Separate Bank Account means a bank account used to deposit clients’ money opened in the name of the Nominee:.
Separate Bank Account. The Company agrees that the application monies received in respect of Hong Kong Public Offering Applications shall be credited to a separate bank account with the Nominee pursuant to the terms of the Receiving Bank Agreement.
Examples of Separate Bank Account in a sentence
Company will provide either a letter of credit or another form of guarantee acceptable, such as a Separate Bank Account into which said sum will be deposited for the benefit of Employee to secure payment of the initial $100,000, less all sums received by Employee in hand.
More Definitions of Separate Bank Account
Separate Bank Account means a checking or savings account that is maintained in a financial institution whose deposits are insured by the Federal Deposit Insurance Corporation.
Separate Bank Account means the separate bank account wherein seventy percent of the amounts realised for the project from the allottees received in “Collection Account”, shall be deposited in a separate account to be maintained in a scheduled bank. Deposited amount in this account shall solely be utilised to cover the cost of construction and the land Cost as prescribed in the Rule 5 of the Rules;
Separate Bank Account means a bank account into which funds are deposited and withdrawn.
Separate Bank Account means the separate account to be maintained by the promoter in a scheduled bank as per Section 4(2)(l)(D) of RERA Act, to cover cost of construction and land cost of the project.