What is a Directors’ Resolution for Bank Account Opening?
A Directors’ Resolution for Bank Account Opening is a resolution required to be passed by the directors of a company to open a company bank account.
There are two options when using a Directors’ Resolution for Bank Account Opening:
- if a meeting of the board of directors to pass this resolution is chosen, it is necessary to record the minutes of this meeting and therefore a Board Minutes for Bank Account Opening is required; or
- if the board resolution can be passed by way of a written resolution, a Board Resolution for Bank Account Opening may be used.
What should a resolution to open a corporate bank account include?
A resolution to open a corporate bank account should include the following:
- Corporation’s name
- Corporation’s address
- Name of the bank and its address
- Bank account number
- The date of resolution
- The certifying dates and signatures
- A Corporate seal
Key points included
- Details of the company;
- Details of the meeting (if using Board Minutes);
- Date of passing the resolution;
- Name of the bank where the account is being opened;
- Authorised individuals who may use and operate the bank account; and
- Whether joint signatories are required for any specific transactions.
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