10.—(1) A member who wishes to deposit the minimum sum with an approved bank shall first open an account with that bank.
(2) If the Board is satisfied that the member has opened an account with an approved bank, the Board shall transfer the minimum sum to his account in that bank.
(3) Moneys standing to the credit of the account of the member in the approved bank shall bear interest at such rate as may be determined from time to time by the bank.
(4) No member shall be entitled to deposit the minimum sum in more than one account with any approved bank or banks at any one time.