Board Resolution For Reactivation Of Bank Account for Canada

Board Resolution For Reactivation Of Bank Account Template for Canada

A formal corporate document issued under Canadian corporate law that records the decision of a company's Board of Directors to reactivate a dormant or inactive bank account. The resolution provides the necessary authorization for bank account reactivation, specifies authorized signatories, and includes detailed instructions for the banking institution. It complies with requirements under the Canada Business Corporations Act or applicable provincial corporate legislation, as well as relevant banking regulations and anti-money laundering requirements.

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What is a Board Resolution For Reactivation Of Bank Account?

A Board Resolution For Reactivation Of Bank Account is a crucial corporate governance document used when a company needs to restore access to a previously inactive or dormant bank account in Canada. This document becomes necessary when bank accounts have been frozen due to inactivity, administrative issues, or corporate restructuring. The resolution must comply with Canadian federal or provincial corporate laws, banking regulations, and anti-money laundering legislation. It typically includes details about the account, authorized signatories, specific banking instructions, and certification of the board's decision. This document is particularly important for maintaining proper corporate records and ensuring smooth banking operations after periods of account dormancy.

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

1. Header: Company name, registration number, and date of the resolution

2. Title: Clear identification as a Board Resolution for Bank Account Reactivation

3. Preamble: Statement confirming this is a resolution of the Board of Directors and meeting details

4. Attendees: List of directors present at the meeting and confirmation of quorum

5. Background: Brief explanation of why the account became inactive and the reason for reactivation

6. Bank Account Details: Specific details of the account to be reactivated including account number and bank branch

7. Resolution Statement: Formal resolution statement approving the reactivation of the account

8. Authorization: Names and details of persons authorized to execute documents and interact with the bank

9. Certification: Statement certifying that the resolution was duly passed and is in accordance with the company's articles and bylaws

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

1. Special Instructions: Any specific operational instructions for the reactivated account, used when there are particular requirements for account operation

2. Additional Banking Services: Authorization for additional services to be activated with the account, included when additional banking services are required

3. Document Requirements: List of supporting documents to be submitted to the bank, included when specific documentation needs to be referenced

4. Previous Resolution Reference: Reference to any previous relevant board resolutions, included when there's a history of relevant board decisions

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

1. Schedule A - Authorized Signatories: Detailed list of authorized signatories with their specimen signatures and signing authorities

2. Schedule B - Supporting Documents: List of documents submitted to support the reactivation request

3. Appendix 1 - Bank Forms: Completed bank-specific forms required for reactivation

4. Appendix 2 - Identity Verification: Copies of identification documents for authorized signatories

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

Banking & Financial Services

Corporate Services

Legal Services

Professional Services

Non-Profit Organizations

Manufacturing

Retail

Technology

Healthcare

Education

Real Estate

Construction

Transportation & Logistics

Energy & Resources

Relevant Teams

Legal

Finance

Corporate Governance

Treasury

Administration

Compliance

Risk Management

Corporate Secretariat

Executive Leadership

Relevant Roles

Corporate Secretary

Chief Financial Officer

Finance Director

Legal Counsel

Compliance Officer

Board Director

Chief Executive Officer

Financial Controller

Treasury Manager

Corporate Governance Officer

Banking Relationship Manager

Risk Manager

Company Director

Administrative Officer

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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