A Board Resolution For Reactivation Of Bank Account is a crucial corporate governance document used when a company needs to restore access to a bank account that has become dormant, suspended, or inactive. In the South African context, this document must align with the Companies Act 71 of 2008, the Banks Act 94 of 1990, and FICA requirements. It is typically required when an account has been inactive for an extended period, when there have been significant changes in company leadership, or when additional verification is required by the bank. The resolution must include specific details about the company, the account, and authorized individuals, and is usually accompanied by supporting documentation to satisfy regulatory requirements. This document serves as the formal authorization from the company's board of directors to the bank to reinstate full functionality of the account.
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1. Title and Date: Formal title of the resolution and date of the board meeting
2. Company Details: Full legal name of company, registration number, and registered address
3. Meeting Details: Confirmation of proper convening of meeting, quorum present, and compliance with company's MOI
4. Attendees: List of directors present and absent, chair of the meeting
5. Background: Brief explanation of why the account needs reactivation and its current status
6. Account Details: Specific details of the bank account to be reactivated including account number and branch
7. Resolution Statement: The formal resolution of the board to reactivate the account
8. Authorization: Names and details of persons authorized to execute necessary documents
9. Certification: Statement certifying the resolution as true and accurate, signed by chairman/company secretary
1. Additional Banking Instructions: Used when specific operational instructions need to be included for the reactivated account
2. Signatories Update: Include when changes to account signatories are required as part of reactivation
3. Compliance Declaration: Used when bank requires specific confirmation of FICA compliance or other regulatory requirements
4. Special Conditions: Include when there are specific conditions or restrictions to be applied to the reactivated account
5. Previous Resolution Reference: Used when referencing or superseding previous board resolutions related to the account
1. Extract of Company Register: Certified copy of company registration documents
2. Director ID Verification: Copies of directors' identification documents as required by FICA
3. Previous Account Documents: Relevant historical account documentation referenced in the resolution
4. Proof of Address: Recent company proof of address as required by bank regulations
5. Signatory Specimen Signatures: Specimen signatures of authorized signatories if being updated
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Corporate
Manufacturing
Retail
Technology
Healthcare
Mining
Agriculture
Construction
Professional Services
Non-Profit Organizations
Education
Real Estate
Transportation and Logistics
Energy and Utilities
Relevant Teams
Legal
Finance
Compliance
Corporate Governance
Treasury
Risk Management
Executive Office
Company Secretariat
Banking Operations
Corporate Administration
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Company Secretary
Financial Director
Managing Director
Board Chairman
Non-Executive Director
Financial Manager
Compliance Officer
Legal Counsel
Treasury Manager
Finance Controller
Corporate Governance Officer
Risk Manager
Banking Relationship Manager
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