Corporate Banking Resolution for Hong Kong

Corporate Banking Resolution Template for Hong Kong

A Corporate Banking Resolution is a formal document required under Hong Kong law that evidences a company's authorization to establish and maintain banking relationships. The document, governed by Hong Kong's Banking Ordinance and Companies Ordinance, serves as official confirmation of the board of directors' approval for banking arrangements, specifying authorized signatories, their powers, transaction limits, and approved banking services. It includes detailed provisions for account operation, electronic banking services, and other banking facilities, while ensuring compliance with Hong Kong regulatory requirements and corporate governance standards.

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What is a Corporate Banking Resolution?

A Corporate Banking Resolution is a crucial document required when a company in Hong Kong wishes to establish or modify its banking relationships. It serves as the formal authorization from the company's board of directors to engage with banking institutions and conduct banking activities. The resolution is typically required at the time of opening corporate bank accounts, changing authorized signatories, or modifying banking arrangements. It must comply with Hong Kong's Banking Ordinance, Companies Ordinance, and related regulations, while also meeting specific requirements of the relevant banking institution. The document details the extent of banking authority granted, including who can operate accounts, transaction limits, approved banking services, and methods of giving instructions to the bank. It forms part of the broader banking documentation suite and serves as a key reference point for both the company and the bank in their ongoing relationship.

What sections should be included in a Corporate Banking Resolution?

1. Company Information and Meeting Details: Identification of the company, date and location of board meeting, and confirmation of quorum

2. Resolution Declaration: Statement that the following resolutions were duly passed at the meeting

3. Bank Appointment: Resolution to establish relationship with the specified bank and appointment of the bank as the company's banker

4. Account Authorization: Authority to open and maintain various types of accounts with the bank

5. Authorized Persons: Designation of authorized persons who may operate the accounts and their respective powers

6. Signing Requirements: Specification of signing arrangements and transaction limits for different types of banking transactions

7. Banking Instructions: Methods by which instructions may be given to the bank and their validity

8. Company's Obligations: Company's undertakings regarding the banking relationship and indemnification of the bank

9. Certification: Certificate of validity of the resolution and compliance with company's articles

10. Execution: Signature requirements and execution details for the resolution

What sections are optional to include in a Corporate Banking Resolution?

1. Electronic Banking Services: Authorization for use of electronic banking platforms and designation of users - include when company requires online banking services

2. Investment Services: Authority to engage in investment activities and securities trading - include when company requires investment services

3. Foreign Exchange Services: Authorization for foreign exchange transactions and related services - include for companies engaging in international business

4. Trade Finance Facilities: Authority to use trade finance facilities like letters of credit - include for companies involved in import/export

5. Credit Facilities: Authorization to obtain various types of credit facilities - include when company requires borrowing powers

6. Specific Bank Products: Authorization for specific bank products or services - include based on company's banking needs

7. Facsimile/Email Instructions: Special arrangements for accepting instructions via fax or email - include if company requires these channels

What schedules should be included in a Corporate Banking Resolution?

1. Schedule 1 - Authorized Persons List: Detailed list of authorized persons with their specimen signatures and specific powers

2. Schedule 2 - Signing Matrix: Matrix showing transaction types, limits, and required number/combination of signatories

3. Schedule 3 - Account List: List of all accounts to be opened/maintained with the bank

4. Schedule 4 - Electronic Banking Users: List of authorized users for electronic banking services and their access rights

5. Appendix A - Certification Documents: Copies of relevant company documents (e.g., Certificate of Incorporation, Articles of Association)

6. Appendix B - Board Meeting Minutes Extract: Certified extract of board meeting minutes approving 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

Hong Kong

Publisher

Genie AI

Document Type

Board Resolution

Cost

Free to use
Relevant legal definitions
Clauses
Relevant Industries

Banking and Financial Services

Manufacturing

Trading

Technology

Real Estate

Retail

Import/Export

Professional Services

Healthcare

Construction

Logistics

Hospitality

Education

Energy

Telecommunications

Relevant Teams

Finance

Legal

Compliance

Treasury

Corporate Secretarial

Accounting

Risk Management

Executive Office

Operations

Administrative

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Finance Director

Company Secretary

Financial Controller

Treasury Manager

Accounting Manager

Corporate Banking Manager

Legal Counsel

Compliance Officer

Board Director

Managing Director

Executive Director

Finance Manager

Accounts Supervisor

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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