Partnership Resolution For Opening Bank Account for Nigeria

Partnership Resolution For Opening Bank Account Template for Nigeria

A formal resolution document used in Nigeria that records the partnership's collective decision to open a bank account and designates authorized individuals to operate it. The document complies with Nigerian banking regulations, including the Banks and Other Financial Institutions Act (BOFIA) 2020 and Central Bank of Nigeria (CBN) guidelines. It contains essential details such as partnership information, authorized signatories, operating mandates, and specific banking requirements. The resolution serves as a legal record of the partnership's decision and provides the bank with necessary authorization and operational instructions.

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What is a Partnership Resolution For Opening Bank Account?

A Partnership Resolution For Opening Bank Account is a crucial document required by Nigerian banks when partnerships seek to establish banking relationships. This formal resolution is mandated under Nigerian banking regulations and must comply with the Banks and Other Financial Institutions Act (BOFIA) 2020 and Central Bank of Nigeria (CBN) guidelines. The document is essential when a partnership needs to open a new bank account, modify existing banking arrangements, or update authorized signatories. It serves multiple purposes: it demonstrates the partners' collective agreement, provides clear operating instructions to the bank, designates authorized signatories, and establishes transaction limits and signing authorities. The resolution must be properly executed in accordance with the partnership agreement and Nigerian partnership laws to be legally valid.

What sections should be included in a Partnership Resolution For Opening Bank Account?

1. Title and Date: Clearly states this is a Partnership Resolution with the date of the meeting/resolution

2. Partnership Details: Full legal name of partnership, registration number (if any), principal place of business, and nature of business

3. Meeting Details: Information about when and where the meeting was held, and who was present

4. Recitals: Background information explaining the need for opening a bank account and confirming the partners' agreement to do so

5. Bank Account Details: Specifies the bank name, branch, and type of account to be opened

6. Authorized Signatories: Names and details of partners/individuals authorized to operate the account, including their signing powers and limitations

7. Operating Instructions: Specific instructions regarding account operation, such as signing combinations and transaction limits

8. Documentation Authority: Authorization to specific partners to execute all necessary documents related to account opening

9. Certification: Statement certifying that the resolution was passed in accordance with partnership agreement and applicable laws

10. Attestation: Space for partners to sign and attest to the resolution

What sections are optional to include in a Partnership Resolution For Opening Bank Account?

1. Special Instructions: Additional specific instructions for account operation, needed when there are unique requirements or restrictions

2. Online Banking Authorization: Specific provisions for internet banking access and authorities, required when partnership wants online banking facilities

3. Additional Services: Authorization for additional banking services like credit cards, overdraft facilities, etc., included when such services are required

4. Foreign Exchange Dealings: Special provisions for foreign currency accounts or international transactions, needed for partnerships engaging in international business

What schedules should be included in a Partnership Resolution For Opening Bank Account?

1. Schedule A - List of Authorized Signatories: Detailed list of authorized signatories with their specimen signatures, identification details, and contact information

2. Schedule B - Signing Matrix: Detailed matrix showing different transaction limits and required signing combinations

3. Appendix 1 - Partnership Registration Documents: Copies of partnership registration certificate, business name registration, and other relevant registration documents

4. Appendix 2 - Partner Identification Documents: Copies of identification documents of all partners and 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

Nigeria

Publisher

Genie AI

Document Type

Board Resolution

Cost

Free to use
Relevant legal definitions
Relevant Industries

Professional Services

Retail

Manufacturing

Agriculture

Technology

Construction

Real Estate

Healthcare

Education

Transportation

Energy

Mining

Financial Services

Hospitality

Import/Export

Relevant Teams

Legal

Finance

Operations

Administration

Compliance

Treasury

Risk Management

Corporate Secretariat

Banking Operations

Partner Relations

Relevant Roles

Managing Partner

Financial Controller

Account Manager

Business Development Manager

Operations Manager

Chief Financial Officer

Company Secretary

Legal Counsel

Compliance Officer

Administrative Manager

Treasury Manager

Finance Director

Partnership Administrator

Risk Manager

Banking Relationship Manager

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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