A Board Resolution To Open Bank Account is a crucial corporate governance document required when an Australian company needs to establish a banking relationship. This document is typically needed during company formation, when changing banks, opening additional accounts, or establishing new banking relationships for specific projects or subsidiaries. The resolution must comply with the Corporations Act 2001, Banking Act 1959, and relevant anti-money laundering legislation. It details the specific powers granted to authorized signatories, operating mandates, and banking services approved by the board. Banks rely on this resolution as evidence of proper corporate authorization and governance compliance before proceeding with account opening procedures.
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1. Company Details: Full legal name of the company, ACN/ABN, registered address, and date of the resolution
2. Meeting Details: Information about when and where the board meeting was held, and confirmation of quorum
3. Present Directors: List of directors present at the meeting and any apologies
4. Chairperson: Identification of the chairperson of the meeting
5. Resolution: The formal decision to open a bank account, including the name of the bank and type of account
6. Authorized Signatories: Names, positions, and signing authorities of individuals authorized to operate the account
7. Operating Instructions: Specific instructions regarding the operation of the account (e.g., number of signatories required)
8. Certification: Statement certifying that the resolution was passed in accordance with the company's constitution
9. Execution: Space for signature of the chairperson or company secretary confirming the resolution
1. Recitals: Background information explaining why the account is being opened - used when there's a specific project or purpose for the account
2. Internet Banking Authorization: Specific authorization for online banking services - included when the company wants to enable digital banking
3. Foreign Currency Services: Authorization for foreign currency accounts or international transactions - included when company needs international banking capabilities
4. Credit Facility: Authorization to apply for credit facilities - included when the company anticipates needing overdraft or credit facilities
5. Specific Bank Requirements: Any additional requirements specific to the chosen bank - included based on the selected financial institution's requirements
1. Schedule 1 - Authorized Signatories Details: Detailed information about authorized signatories including full names, residential addresses, and specimen signatures
2. Schedule 2 - Identification Documents: List of required identification documents for each authorized signatory
3. Schedule 3 - Bank Account Details: Specific details of the bank account(s) to be opened including account type, currency, and branch location
4. Appendix A - Extract of Company Constitution: Relevant sections of the company constitution regarding bank account operation and financial authorities
Relevant legal definitions
Account
Authorized Signatories
Bank
Board
Company
Company Constitution
Corporate Seal
Directors
Financial Institution
Meeting
Operating Mandate
Resolution
Signing Instructions
Specimen Signature
Banking Services
Internet Banking Facilities
Electronic Banking
Transaction Limits
Quorum
Secretary
Chairperson
Business Day
Signatories Matrix
Governing Law
Banking Facilities
Authorized Signatories
Bank
Board
Company
Company Constitution
Corporate Seal
Directors
Financial Institution
Meeting
Operating Mandate
Resolution
Signing Instructions
Specimen Signature
Banking Services
Internet Banking Facilities
Electronic Banking
Transaction Limits
Quorum
Secretary
Chairperson
Business Day
Signatories Matrix
Governing Law
Banking Facilities
Clauses
Company Identification
Meeting Details
Attendance
Quorum Confirmation
Banking Authorization
Account Operation
Signatory Powers
Transaction Limits
Banking Services
Electronic Banking
Specimen Signatures
Corporate Seal Usage
Certification
Document Execution
Bank Mandate
Regulatory Compliance
Directors' Authority
Secretary Authorization
Meeting Details
Attendance
Quorum Confirmation
Banking Authorization
Account Operation
Signatory Powers
Transaction Limits
Banking Services
Electronic Banking
Specimen Signatures
Corporate Seal Usage
Certification
Document Execution
Bank Mandate
Regulatory Compliance
Directors' Authority
Secretary Authorization
Relevant Industries
Financial Services
Banking
Corporate Services
Professional Services
Manufacturing
Retail
Technology
Healthcare
Education
Construction
Mining
Agriculture
Non-Profit
Real Estate
Transportation
Energy
Relevant Teams
Legal
Finance
Corporate Governance
Treasury
Compliance
Risk Management
Corporate Services
Board Secretariat
Executive Office
Relevant Roles
Chief Executive Officer
Managing Director
Company Secretary
Chief Financial Officer
Finance Director
Board Director
Non-Executive Director
Corporate Governance Officer
Financial Controller
Treasury Manager
Compliance Officer
Legal Counsel
Corporate Services Manager
Risk Manager
Accounts Manager
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