The Partnership Resolution For Opening Bank Account is a crucial document required by Australian financial institutions when partnerships seek to establish banking relationships. It's typically needed when forming a new partnership, changing banking arrangements, or updating authorized signatories. The resolution must comply with various Australian regulations, including the Partnership Act, Banking Act, and Anti-Money Laundering legislation. It contains essential details about the partnership's banking requirements, authorized persons, operational limits, and specific banking instructions. This document serves as the primary reference point for both the partnership and the bank regarding account operation authorities and limitations.
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1. Title and Date: Formal title of the resolution and date of the partners' meeting
2. Partners Present: List of partners present at the meeting and confirmation of quorum
3. Background: Brief context about the partnership and the need for opening a bank account
4. Resolutions: The formal decisions made by the partnership, including authorization to open account(s)
5. Bank Account Details: Specification of the type of account(s) to be opened and the designated bank
6. Authorized Signatories: Names and details of partners/persons authorized to operate the account
7. Signing Requirements: Rules for operating the account (e.g., single/joint signatures required)
8. Banking Instructions: Specific instructions regarding account operation and transaction limits
9. Certification: Declaration of the resolution's validity and certification by appropriate partners
1. Online Banking Authorization: Specific authorization for internet banking services and digital operations
2. Additional Services: Authorization for additional banking services like merchant facilities or foreign exchange
3. Emergency Provisions: Procedures for emergency changes to authorized signatories or operating rules
4. Borrowing Powers: Authorization for overdraft facilities or other lending products
5. Special Instructions: Any unique requirements for account operation specific to the partnership
1. Schedule A - Authorized Signatories Details: Detailed information about each authorized signatory including full name, position, and specimen signature
2. Schedule B - Account Operating Rules: Detailed matrix of transaction limits and required authorization combinations
3. Schedule C - Partner Information: Complete list of all current partners and their ownership percentages
4. Appendix 1 - Required Documentation: List of supporting documents to be provided to the bank
5. Appendix 2 - Partnership Structure: Organization chart showing partnership structure and key positions
Relevant legal definitions
Account
Authorized Signatory
Banking Services
Bank
Business Day
Digital Banking Services
Electronic Instructions
Financial Institution
Financial Year
Partnership
Partners
Partnership Agreement
Resolution
Specimen Signature
Operating Instructions
Transaction Limit
Authorized Person
Banking Mandate
Online Banking Facilities
Signing Authority
Security Devices
Token
Partnership Property
Quorum
Majority Vote
Meeting
Principal Place of Business
Corporate Internet Banking
Joint Authority
Several Authority
Authorized Signatory
Banking Services
Bank
Business Day
Digital Banking Services
Electronic Instructions
Financial Institution
Financial Year
Partnership
Partners
Partnership Agreement
Resolution
Specimen Signature
Operating Instructions
Transaction Limit
Authorized Person
Banking Mandate
Online Banking Facilities
Signing Authority
Security Devices
Token
Partnership Property
Quorum
Majority Vote
Meeting
Principal Place of Business
Corporate Internet Banking
Joint Authority
Several Authority
Clauses
Authorization
Account Operation
Signatory Powers
Banking Facilities
Transaction Limits
Online Banking
Security Measures
Communication
Certification
Amendment
Partnership Confirmation
Bank Instructions
Account Access
Specimen Signatures
Attestation
Compliance
Notice Requirements
Partner Approval
Documentation
Verification
Account Operation
Signatory Powers
Banking Facilities
Transaction Limits
Online Banking
Security Measures
Communication
Certification
Amendment
Partnership Confirmation
Bank Instructions
Account Access
Specimen Signatures
Attestation
Compliance
Notice Requirements
Partner Approval
Documentation
Verification
Relevant Industries
Professional Services
Retail
Construction
Healthcare
Real Estate
Agriculture
Technology
Hospitality
Manufacturing
Consulting
Legal Services
Accounting Services
Creative Industries
Relevant Teams
Finance
Legal
Compliance
Operations
Administration
Treasury
Risk Management
Corporate Governance
Partnership Management
Relevant Roles
Managing Partner
Partner
Financial Controller
Chief Financial Officer
Finance Manager
Company Secretary
Business Manager
Operations Manager
Account Manager
Treasury Manager
Partnership Administrator
Compliance Officer
Risk Manager
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