A Board Resolution To Change Bank Signatories is a crucial corporate governance document used when a company needs to modify who has authority to operate its bank accounts. This document is particularly important in the South African context, where it must comply with the Companies Act 71 of 2008, the Banks Act 94 of 1990, and FICA requirements. It's typically required when new directors or officers join the company, existing signatories leave, or when the company wants to modify its banking mandate structure. The resolution must be properly executed according to South African law and the company's Memorandum of Incorporation, typically requiring approval at a properly constituted board meeting. Banks in South Africa require this formal resolution along with supporting documentation before they will implement any changes to account signing authorities.
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1. Title and Date: Formal title of the resolution and date of the meeting
2. Company Details: Full registered name of the company, registration number, and registered address
3. Meeting Details: Confirmation of proper meeting convening, quorum present, and compliance with company's MOI
4. Current Authority Status: Statement of existing banking mandate and current authorized signatories
5. Resolution Statement: Clear statement that the board has resolved to change the signing mandate
6. New Signing Mandate: Detailed description of new signing arrangements, including any transaction limits and signing combinations
7. Bank Account Details: Specific bank account numbers and branches affected by the change
8. Authorization: Authority given to specific officers to execute all necessary documents
9. Certification: Certificate by the chairperson or company secretary confirming the resolution's validity
1. Removal of Previous Signatories: Specific section for formally removing previous signatories - include when there are existing signatories being completely removed
2. Digital Banking Access: Section dealing with online banking access and authorities - include when changing digital banking permissions
3. Special Instructions: Any special banking instructions or restrictions - include when there are specific operational requirements
4. Effective Date: Specific section about when changes take effect - include when implementation date differs from resolution date
1. Schedule A: List of New Signatories: Details of new authorized signatories including full names, ID numbers, positions, and specimen signatures
2. Schedule B: Signing Matrix: Matrix showing different transaction types and required signatory combinations
3. Schedule C: Bank Account Details: Comprehensive list of all affected bank accounts and branches
4. Appendix 1: Supporting Documents: List of required supporting documents (ID copies, proof of address, etc.) for new signatories
Relevant legal definitions
Clauses
Meeting Constitution
Quorum Confirmation
Previous Mandate Revocation
Appointment of Signatories
Signing Authority Levels
Transaction Limits
Banking Powers
Electronic Banking Access
Implementation Authority
Document Execution
Bank Instructions
Specimen Signatures
Supporting Documentation
Certification
Effective Date
Quorum Confirmation
Previous Mandate Revocation
Appointment of Signatories
Signing Authority Levels
Transaction Limits
Banking Powers
Electronic Banking Access
Implementation Authority
Document Execution
Bank Instructions
Specimen Signatures
Supporting Documentation
Certification
Effective Date
Relevant Industries
Financial Services
Banking
Retail
Manufacturing
Technology
Healthcare
Mining
Agriculture
Construction
Professional Services
Non-Profit Organizations
Education
Real Estate
Transportation
Energy
Relevant Teams
Finance
Legal
Corporate Secretariat
Treasury
Corporate Governance
Executive Office
Administration
Risk Management
Compliance
Board Services
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Finance Director
Company Secretary
Financial Manager
Treasury Manager
Board Director
Managing Director
Executive Director
Financial Controller
Accounts Manager
Corporate Governance Officer
Legal Counsel
Board Chairman
Non-Executive Director
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