A Board Resolution Closing Bank Account is a crucial corporate governance document required when a company in South Africa decides to terminate its banking relationships or close specific accounts. This document is necessary to comply with both the Companies Act 71 of 2008 and banking regulations, providing formal evidence of the board's decision and authorization. It's typically used during company restructuring, account consolidation, change of banking service providers, or when closing dormant accounts. The resolution must include specific details such as account numbers, bank details, authorized signatories, and closure instructions. It serves as the bank's authority to proceed with the account closure and protects both the company and the bank by ensuring proper corporate governance procedures are followed. The document must be drafted in accordance with South African legal requirements and should be accompanied by necessary supporting documentation.
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1. Header: Company name, registration number, and formal identification of the document as a board resolution
2. Date and Venue: Date, time, and location of the board meeting where the resolution was passed
3. Attendance: List of directors present, confirmation of quorum, and any apologies
4. Background: Brief context explaining the reason for closing the bank account
5. Resolution Details: Specific details of the account(s) to be closed including account numbers, branch details, and account types
6. Board Resolution: The formal resolution text stating the board's decision to close the account(s)
7. Authorization: Designation of authorized persons to execute the closure process and handle related documentation
8. Signature Block: Space for Chairperson's signature and date of signing
1. Transfer Instructions: Include when remaining funds need to be transferred to another account before closure
2. Outstanding Transactions: Include when there are pending transactions or standing orders that need to be addressed
3. Multiple Account Provisions: Include when resolution covers multiple account closures
4. Special Conditions: Include when there are specific requirements or conditions for the closure process
5. Digital Banking Termination: Include when online banking services need to be terminated
6. Company Seal: Include when company constitution requires use of company seal on board resolutions
1. Account Details Schedule: Detailed list of all accounts to be closed with full banking details
2. Director Attendance Register: Official record of directors present at the meeting
3. Authorized Signatory List: List of persons authorized to execute the closure with specimen signatures
4. Supporting Documents: Copies of relevant documents such as ID documents of authorized signatories or previous board resolutions referenced
Relevant legal definitions
Clauses
Meeting Details
Quorum Confirmation
Authority
Account Identification
Closure Instructions
Fund Transfer
Authorization of Actions
Execution Powers
Bank Instructions
Document Certification
Implementation Timeline
Record Keeping
Authorized Signatories
Compliance Confirmation
Supporting Documentation
Notice Requirements
Quorum Confirmation
Authority
Account Identification
Closure Instructions
Fund Transfer
Authorization of Actions
Execution Powers
Bank Instructions
Document Certification
Implementation Timeline
Record Keeping
Authorized Signatories
Compliance Confirmation
Supporting Documentation
Notice Requirements
Relevant Industries
Financial Services
Banking
Corporate
Retail
Manufacturing
Technology
Healthcare
Mining
Agriculture
Non-Profit
Education
Real Estate
Construction
Professional Services
Transport and Logistics
Relevant Teams
Board of Directors
Finance
Legal
Corporate Secretariat
Treasury
Compliance
Corporate Governance
Risk Management
Executive Management
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Company Secretary
Finance Director
Managing Director
Board Chairman
Executive Director
Non-Executive Director
Financial Manager
Treasury Manager
Corporate Governance Officer
Legal Counsel
Compliance Officer
Finance Controller
Account Manager
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