We have started a Staff Recreation Club for employees. The funding for this is done by employees and the employer jointly. I wish to know the following:
1. Is registration of the club required? If yes, should it be registered as a Society? If yes, does it come under the Societies Registration Act?
2. We need to open a bank account for this â what documentation will be required? We are planning to nominate three committee members who are authorised to manage the account and the signatures or authorization of any two among these 3 people will be required to operate the account â is that fine?
3. This is a non-profit club and meant only for the existing employees of company. Are any other registrations or formalities required?
4. If this is to be registered under the societies act, is only the bye-laws sufficient? Do we also need memorandum and articles of association ?
5. Will this registration and annual audit of accounts etc. be expensive. Approx. how much expense will it involve annually? From India, Bengaluru