A Board Resolution Closing Bank Account is a crucial corporate document required when a company in Hong Kong decides to terminate its banking relationship or close specific accounts. This document is necessary to comply with Hong Kong's Companies Ordinance and banking regulations, providing formal evidence of the board's decision and protecting both the company and the bank. The resolution is typically required when companies are restructuring their banking arrangements, closing dormant accounts, winding down operations, or changing banking service providers. It must include specific details about the accounts, authorized personnel, and instructions for remaining funds. The document ensures proper corporate governance and creates a clear audit trail for the decision-making process.
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1. Title and Date: Formal title of the resolution and date of the board meeting
2. Attendance and Quorum: List of directors present and confirmation of meeting quorum requirements
3. Background: Brief context explaining the reason for closing the bank account(s)
4. Details of Account(s): Specific identification of the bank account(s) to be closed, including account numbers and bank details
5. Resolution: The formal decision to close the account(s), typically starting with 'RESOLVED THAT...'
6. Authorization: Names and positions of individuals authorized to execute the account closure and handle related matters
7. Instructions for Funds: Clear directions regarding the disposition of remaining funds
8. Certification: Statement certifying that the resolution was properly passed, typically signed by the Company Secretary or Chairman
1. Recitals: Additional background information, used when complex circumstances need to be documented
2. Related Account Actions: Instructions regarding linked accounts or services, needed when closing multiple related accounts
3. Special Instructions: Any specific requirements for handling outstanding checks, automatic payments, or other banking arrangements
4. Regulatory Declarations: Additional declarations required for high-value accounts or special circumstances
5. Digital Banking Access: Instructions for handling online banking access and digital services, if applicable
1. Schedule 1 - Account Details: Detailed list of all accounts to be closed, including account numbers, types, and current signatories
2. Schedule 2 - Authorized Signatories: Details of individuals authorized to execute the closure, including specimen signatures if required
3. Appendix A - Bank Requirements: Specific forms or documents required by the bank for account closure
4. Appendix B - Supporting Documents: Copies of relevant corporate documents such as register of directors or certificate of incorporation that may be required by the bank
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Corporate Services
Professional Services
Retail
Manufacturing
Technology
Real Estate
Healthcare
Education
Non-Profit Organizations
Trading and Distribution
Construction
Hospitality
Relevant Teams
Finance
Legal
Corporate Secretarial
Treasury
Compliance
Corporate Governance
Executive Office
Administration
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Company Secretary
Finance Director
Managing Director
Board Director
Financial Controller
Treasury Manager
Account Manager
Corporate Governance Officer
Compliance Officer
Legal Counsel
Banking Relationship Manager
Finance Manager
Corporate Secretary
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