Board Resolution For Bank Account Signatory for Canada

Board Resolution For Bank Account Signatory Template for Canada

A formal corporate document prepared under Canadian federal or provincial law that records the board of directors' resolution authorizing specific individuals to act as signatories on the corporation's bank accounts. The document specifies the extent of signing authority, any conditions or limitations, and typically includes details of the authorized individuals and affected bank accounts. It serves as official evidence for financial institutions of the board's approval of banking arrangements and meets requirements under Canadian banking regulations and corporate governance laws.

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What is a Board Resolution For Bank Account Signatory?

A Board Resolution For Bank Account Signatory is a crucial governance document required when establishing or modifying banking relationships in Canada. It is typically needed when opening new bank accounts, changing authorized signatories, updating signing authorities, or modifying banking arrangements. The resolution must comply with both federal and provincial corporate laws, depending on the corporation's jurisdiction of incorporation, and must meet the specific requirements of Canadian financial institutions. The document formally delegates the board's authority to specific individuals for banking operations, protecting both the corporation and the bank by clearly documenting the approved signing arrangements and any associated conditions or limitations.

What sections should be included in a Board Resolution For Bank Account Signatory?

1. Title and Date: Formal title of the resolution and date of the board meeting

2. Company Details: Full legal name of the corporation, registration number, and registered address

3. Meeting Details: Confirmation of proper notice, quorum, and meeting validity

4. Recitals: Background information explaining the need for the resolution and confirming board authority

5. Bank Account Details: Specification of the bank name, branch, and account numbers affected by the resolution

6. Resolution Statement: The formal 'BE IT RESOLVED' statement outlining the board's decision

7. Authorized Signatories: Names, titles, and positions of individuals authorized to sign

8. Signing Authority Rules: Specific rules for signing (e.g., any two to sign, specific combinations)

9. Certification: Secretary/Chairman's certification of the resolution's validity

10. Signatures: Space for required signatures of directors/officers

What sections are optional to include in a Board Resolution For Bank Account Signatory?

1. Previous Resolutions: Statement revoking or amending previous signing authorities, used when changing existing arrangements

2. Digital Banking Authorization: Specific provisions for online banking access and authorities, used when digital banking services are required

3. Special Instructions: Any special requirements or limitations on signing authority, used for complex signing arrangements

4. Corporate Seal: Space and authorization for affixing corporate seal, used when required by corporate bylaws or bank

5. Effective Date: Specific date when the new signing authorities take effect, used when implementation date differs from resolution date

What schedules should be included in a Board Resolution For Bank Account Signatory?

1. Schedule A - Account Listing: Detailed list of all bank accounts covered by the resolution, including account numbers and types

2. Schedule B - Authorized Persons Details: Detailed information about authorized signatories including specimen signatures and contact information

3. Schedule C - Signing Authority Matrix: Matrix showing different transaction types and required signature combinations

4. Appendix 1 - ID Requirements: List of identification documents required by the bank for each signatory

5. Appendix 2 - Bank Forms: Any specific bank forms that need to be attached to the resolution

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Canada

Publisher

Genie AI

Document Type

Board Resolution

Cost

Free to use
Relevant Industries

Financial Services

Banking

Corporate Services

Manufacturing

Retail

Technology

Healthcare

Real Estate

Construction

Professional Services

Non-Profit

Education

Energy

Transportation

Agriculture

Mining

Telecommunications

Relevant Teams

Board of Directors

Executive Leadership

Finance

Legal

Corporate Governance

Treasury

Accounting

Corporate Secretariat

Risk Management

Compliance

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Corporate Secretary

Board Director

President

Vice President

Treasurer

Financial Controller

Managing Director

Executive Director

Finance Manager

Company Secretary

Board Chairman

Chief Operating Officer

Director of Finance

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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