The Resolution of Society for Opening Bank Account is a crucial document required by Indian banks when registered societies wish to open bank accounts. This resolution is mandated under the Societies Registration Act and banking regulations in India, serving as formal evidence of the society's decision to establish banking relationships. The document is typically created following a properly convened meeting of the society's governing body, where the decision to open a bank account is formally approved. It contains essential information such as the society's details, authorized signatories, their powers, and specific banking arrangements. This resolution is particularly important as it protects both the bank and the society by clearly documenting the authority granted for operating the account and helps ensure compliance with regulatory requirements.
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1. Meeting Details: Date, time, venue of the meeting, and names of members present
2. Society Information: Full legal name of society, registration number, registered address
3. Quorum Confirmation: Statement confirming that required quorum was present as per society rules
4. Resolution Statement: Main resolution text authorizing bank account opening
5. Bank Details: Name and branch of the bank where account is to be opened
6. Authorized Signatories: Names, designations, and operating instructions for authorized signatories
7. Documentation Authority: Authorization to execute and submit required documents to bank
8. Certification: Certification by Chairman/Secretary that resolution was duly passed
1. Special Instructions: Include when specific operational instructions for bank account are needed
2. Internet Banking Authorization: Add when society requires internet banking facilities
3. Specific Bank Services: Include when additional banking services like overdraft facilities are required
4. Purpose Declaration: Add when specific purpose for account opening needs to be declared
5. Previous Resolution Supersession: Include when this resolution supersedes any previous banking resolutions
1. List of Authorized Signatories: Detailed list with specimen signatures and photos of authorized persons
2. Society Registration Certificate: Copy of society registration certificate to be attached
3. Society Bylaws Extract: Relevant extracts from society bylaws regarding financial powers
4. KYC Documents: List and copies of required KYC documents for society and signatories
Relevant legal definitions
Clauses
Relevant Industries
Non-Profit Organizations
Educational Institutions
Religious Organizations
Sports and Recreation
Cultural Organizations
Housing Societies
Professional Associations
Charitable Trusts
Social Welfare Organizations
Research Institutions
Relevant Teams
Legal
Compliance
Finance
Administration
Corporate Secretarial
Banking Operations
Documentation
Risk Management
Relevant Roles
Society President
Society Secretary
Society Treasurer
Bank Branch Manager
Compliance Officer
Legal Counsel
Financial Controller
Administrative Officer
Society Committee Member
Account Manager
Banking Relationship Manager
Documentation Officer
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