1. The Society may open and maintain one or more bank accounts for the purpose of operating, or providing any service under, the System.
2. Every participant shall open and maintain such accounts with approved banks as the Council may prescribe.
3. Without prejudice to the generality of the Council’s powers under [Consolidated Requirements Part 2 > General Operational Matters > Central Accounting > Insurance Services > Conditions and requirements], the Council may as a condition of participation, or continued participation, in the System require participants to establish irrevocable direct debit arrangements and/or direct credit arrangements in favour of the Society or such other persons as the Council may specify.