A Board Resolution Closing Bank Account is a crucial corporate governance document required when an Australian company decides to close its banking facilities. This document is necessary to comply with both corporate governance requirements under the Corporations Act 2001 (Cth) and banking regulations. It is typically used when a company is restructuring its banking arrangements, closing redundant accounts, changing banking institutions, or during company wind-down procedures. The resolution must include specific details about the accounts, authorized persons, and closing instructions to ensure the bank can act on the board's decision. This document forms part of the company's official records and may be required by regulatory authorities or for audit purposes.
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1. Meeting Details: Date, time, location of the board meeting, and confirmation of quorum
2. Attendees: List of directors present and absent, plus any other attendees
3. Resolution Title: Clear identification that this is a resolution regarding bank account closure
4. Recitals: Background information explaining why the account is being closed
5. Resolution Statement: Formal statement of the board's decision to close the account(s)
6. Account Details: Specific details of the account(s) to be closed including account numbers and bank details
7. Authorization: Names and positions of persons authorized to execute the closure
8. Instructions: Specific instructions regarding the closure process and disposition of remaining funds
9. Certification: Statement certifying that the resolution was properly passed
10. Signature Block: Space for required signatures (typically Chairperson and/or Company Secretary)
1. Related Resolutions: References to any related board resolutions, used when the closure is part of a larger corporate action
2. Special Instructions: Any special requirements for the closure process, used when there are specific circumstances like term deposits or linked accounts
3. Regulatory Notifications: Requirements for notifying regulatory bodies, used when required by specific circumstances or account types
4. Transitional Arrangements: Details of any temporary arrangements needed, used when the closure needs to be coordinated with opening new accounts or transferring standing orders
1. Schedule A - Account Details: Comprehensive list of all accounts to be closed, including account numbers, types, and current balances
2. Schedule B - Authorized Signatories: List of all persons authorized to execute the closure, including their positions and specimen signatures
3. Schedule C - Supporting Documents: List of any required supporting documentation to be provided to the bank
Relevant legal definitions
Clauses
Meeting Details
Quorum Confirmation
Account Identification
Closure Authorization
Signatory Powers
Fund Transfer Instructions
Bank Communications
Document Execution
Corporate Authority
Regulatory Compliance
Implementation Timeline
Account Settlement
Supporting Documentation
Certification
Record Keeping
Quorum Confirmation
Account Identification
Closure Authorization
Signatory Powers
Fund Transfer Instructions
Bank Communications
Document Execution
Corporate Authority
Regulatory Compliance
Implementation Timeline
Account Settlement
Supporting Documentation
Certification
Record Keeping
Relevant Industries
Banking and Financial Services
Corporate Services
Professional Services
Retail and Commercial
Manufacturing
Technology
Healthcare
Education
Non-Profit
Mining and Resources
Construction
Agriculture
Transport and Logistics
Relevant Teams
Finance
Legal
Corporate Governance
Treasury
Compliance
Company Secretariat
Executive Leadership
Board of Directors
Accounts
Relevant Roles
Director
Company Secretary
Chief Executive Officer
Chief Financial Officer
Financial Controller
Treasury Manager
Corporate Governance Officer
Legal Counsel
Compliance Officer
Account Manager
Banking Relationship Manager
Board Chairman
Managing Director
Finance Manager
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