A Corporate Resolution To Open Bank Account is a crucial document required when an Australian company needs to establish a new banking relationship or modify existing banking arrangements. This formal resolution, required under Australian corporate law and banking regulations, demonstrates that the company's board has properly authorized the opening of bank accounts and designated specific individuals to operate them. The document is typically required by banks as part of their due diligence process and must comply with the Corporations Act 2001 (Cth), Banking Act 1959 (Cth), and anti-money laundering legislation. It includes details about the company, the specific banking powers granted, and the individuals authorized to act on behalf of the company in banking matters. This resolution protects both the company and the bank by clearly documenting the scope of authority granted for banking operations.
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1. Company Information: Legal name of the company, ACN/ABN, registered address, and date of the resolution
2. Meeting Details: Type of meeting (board/shareholder), date, time, location, and confirmation of quorum
3. Certification of Resolution: Statement certifying that the resolution was properly passed in accordance with the company constitution
4. Bank Account Details: Name of the bank, branch, and type of account(s) to be opened
5. Authorized Signatories: Names, positions, and signing authorities of individuals authorized to operate the account
6. Banking Powers: Specific powers granted regarding account operation, including transaction limits and requirements for dual signatures if applicable
7. Execution: Signature block for company secretary/director confirming the resolution
1. Online Banking Authorization: Additional authorization for internet banking services, used when the company wants to enable online banking
2. Foreign Currency Accounts: Special provisions for foreign currency accounts, included when international banking is required
3. Borrowing Powers: Authorization for overdraft facilities or credit arrangements, included when credit facilities are needed
4. Special Instructions: Any specific operating instructions or restrictions, included when there are special requirements for account operation
1. Schedule A - Authorized Signatories Details: Detailed information about each authorized signatory including full name, address, position, and specimen signature
2. Schedule B - Account Operating Rules: Detailed rules for account operation including transaction limits, signing combinations, and special conditions
3. Appendix 1 - Copy of Meeting Minutes: Extract or copy of the relevant board meeting minutes where the resolution was passed
4. Appendix 2 - Identification Documents: Copies of required identification documents for authorized signatories as per AML/CTF requirements
Relevant legal definitions
Account
Authorized Signatory
Bank
Banking Documents
Banking Facilities
Board
Board Meeting
Company
Company Constitution
Company Secretary
Corporate Seal
Director
Electronic Banking Services
Financial Institution
Financial Year
Meeting
Officer
Operating Instructions
Resolution
Secretary
Signing Authority
Special Resolution
Transaction Limit
Valid Quorum
Authorized Signatory
Bank
Banking Documents
Banking Facilities
Board
Board Meeting
Company
Company Constitution
Company Secretary
Corporate Seal
Director
Electronic Banking Services
Financial Institution
Financial Year
Meeting
Officer
Operating Instructions
Resolution
Secretary
Signing Authority
Special Resolution
Transaction Limit
Valid Quorum
Clauses
Relevant Industries
Banking and Financial Services
Corporate
Small Business
Retail
Manufacturing
Technology
Healthcare
Professional Services
Construction
Mining
Agriculture
Education
Non-Profit
Real Estate
Hospitality
Relevant Teams
Legal
Finance
Treasury
Corporate Governance
Compliance
Board of Directors
Executive Leadership
Accounts
Company Secretariat
Risk Management
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Company Secretary
Finance Director
Managing Director
Board Director
Financial Controller
Treasury Manager
Accounts Manager
Finance Manager
Corporate Governance Officer
Compliance Officer
Legal Counsel
Board Chairman
Executive Director
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