The Resolution For Opening Bank Account Of Society is a crucial document required by Nigerian banking regulations when registered societies seek to establish banking relationships. This document is typically needed when a society is first established, when changing banking arrangements, or when updating authorized signatories. The resolution must include specific details about the society, the chosen banking institution, authorized persons, and operational parameters for the account. It serves as evidence of proper authorization and compliance with Nigerian banking regulations, including the Banks and Other Financial Institutions Act (BOFIA) 2020 and Central Bank of Nigeria (CBN) guidelines. The document protects both the society and the bank by clearly establishing the framework for the banking relationship and defining the scope of authority granted to designated individuals.
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1. Title and Date: Specifies that this is a resolution of the society's governing body, including the date of the meeting
2. Society Details: Full legal name and registration details of the society
3. Meeting Details: Information about the meeting where the resolution was passed, including quorum confirmation
4. Resolution to Open Account: The main resolution stating the decision to open a bank account, including the chosen bank and type of account
5. Authorized Signatories: Names and details of persons authorized to operate the account
6. Signing Instructions: Specific instructions regarding signing arrangements (e.g., single/joint signatures required)
7. Banking Operations: Authorization for specific banking activities and transactions
8. Certification: Certification by the society's secretary or appropriate officer that the resolution was duly passed
1. Online Banking Authorization: Additional authorization for internet banking services, used when the society requires online banking access
2. Foreign Currency Dealings: Authorization for foreign currency accounts and transactions, included when the society needs to handle international transactions
3. Credit Facility Authorization: Authorization to apply for credit facilities, included when the society anticipates requiring banking facilities
4. Branch Specification: Specific branch details, included when the society wants to specify a particular branch for account opening
1. Schedule A - Authorized Signatories Details: Detailed information about authorized signatories including full names, positions, contact details, and specimen signatures
2. Schedule B - Required Documentation: List of documents to be submitted to the bank including society registration certificate, governing rules, identification documents of signatories
3. Schedule C - Specific Banking Services: Detailed list of banking services authorized by the society (e.g., specific transaction limits, authorized payment methods)
Relevant legal definitions
Society
Governing Body
Bank
Account
Authorized Signatories
Resolution
Banking Day
Designated Branch
Electronic Banking Services
Meeting
Quorum
Officers
Seal
Specimen Signature
Transaction Limits
Operating Instructions
Banking Facilities
Society Rules
Certification
Constituted Authority
Financial Year
Membership Register
Official Communications
Corporate Documents
Designated Account
Governing Body
Bank
Account
Authorized Signatories
Resolution
Banking Day
Designated Branch
Electronic Banking Services
Meeting
Quorum
Officers
Seal
Specimen Signature
Transaction Limits
Operating Instructions
Banking Facilities
Society Rules
Certification
Constituted Authority
Financial Year
Membership Register
Official Communications
Corporate Documents
Designated Account
Clauses
Authorization
Account Operation
Signatory Powers
Banking Services
Electronic Banking
Transaction Limits
Documentation Requirements
Certification
Compliance
Communication
Amendment Authority
Account Access
Signature Requirements
Bank Charges
Resolution Validity
Statement Delivery
Officer Authentication
Account Restrictions
Governing Law
Society Confirmation
Account Operation
Signatory Powers
Banking Services
Electronic Banking
Transaction Limits
Documentation Requirements
Certification
Compliance
Communication
Amendment Authority
Account Access
Signature Requirements
Bank Charges
Resolution Validity
Statement Delivery
Officer Authentication
Account Restrictions
Governing Law
Society Confirmation
Relevant Industries
Non-Profit Organizations
Religious Organizations
Educational Institutions
Professional Associations
Trade Associations
Cultural Organizations
Sports Associations
Charitable Organizations
Community Development Organizations
Social Clubs
Banking and Financial Services
Legal Services
Relevant Teams
Legal
Compliance
Finance
Administration
Operations
Risk Management
Corporate Services
Account Management
Document Processing
Customer Service
Relevant Roles
Society President
Society Secretary
Society Treasurer
Board Member
Executive Committee Member
Bank Branch Manager
Account Relationship Manager
Compliance Officer
Legal Counsel
Administrative Officer
Financial Controller
Society Chairman
Operations Manager
Risk Manager
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