A Board Resolution To Withdraw Money From Bank is a crucial corporate governance document required by South African banks when processing significant withdrawals from corporate accounts. This resolution demonstrates that the withdrawal has been properly authorized through appropriate channels within the company's governance structure. The document is mandated by the Companies Act 71 of 2008 and must comply with both corporate governance requirements and banking regulations. It typically includes essential information such as the company's details, specific amount to be withdrawn, authorized signatories, bank account information, and the purpose of the withdrawal. This type of resolution is particularly important for maintaining proper financial controls and ensuring transparency in corporate financial transactions. The document serves as protection for both the company and the bank, creating a clear audit trail for significant financial movements.
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1. Company Details: Full legal name of the company, registration number, and registered address
2. Meeting Details: Date, time, location of the board meeting, and confirmation of quorum
3. Directors Present: List of directors who attended the meeting and those who sent apologies
4. Resolution Context: Brief background explaining the purpose of the withdrawal and its business justification
5. Bank Account Details: Specific details of the bank account including account number, branch, and bank name
6. Resolution Amount: Specific amount to be withdrawn, both in numbers and words
7. Authorized Signatories: Names and details of persons authorized to execute the withdrawal
8. Authorization Powers: Specific powers granted to the authorized persons regarding the withdrawal
9. Certification: Declaration of the resolution's validity, usually signed by the Company Secretary or Chairman
1. Special Instructions: Used when specific withdrawal conditions or special banking instructions need to be included
2. Transaction Timeline: Include when the withdrawal needs to be executed within a specific timeframe
3. Purpose Declaration: Required when the bank or regulations require explicit declaration of funds usage
4. Multiple Signatory Requirements: Include when specifying joint signature requirements or hierarchical approval processes
5. Digital Banking Authorization: Include when authorizing online or digital banking channels for the withdrawal
1. Schedule A - Signature Specimens: Specimen signatures of all authorized signatories
2. Schedule B - Supporting Documents: List of required supporting documents such as ID copies of signatories
3. Schedule C - Bank Forms: Any specific bank forms that need to be attached to the resolution
4. Appendix 1 - Board Meeting Minutes Extract: Extract from the board meeting minutes confirming the resolution
5. Appendix 2 - Company Authentication: Company documents proving the authority of the board (e.g., Company Registration Certificate)
Relevant legal definitions
Clauses
Meeting Constitution
Quorum Confirmation
Company Identification
Banking Details
Resolution Authority
Withdrawal Authorization
Amount Specification
Purpose Declaration
Signatory Authorization
Bank Mandate
Execution Authority
Authentication
Certification
Document Requirements
Compliance Declaration
Legal Authority
Implementation Powers
Record Keeping
Banking Instructions
Effective Date
Quorum Confirmation
Company Identification
Banking Details
Resolution Authority
Withdrawal Authorization
Amount Specification
Purpose Declaration
Signatory Authorization
Bank Mandate
Execution Authority
Authentication
Certification
Document Requirements
Compliance Declaration
Legal Authority
Implementation Powers
Record Keeping
Banking Instructions
Effective Date
Relevant Industries
Banking and Financial Services
Corporate Services
Legal Services
Manufacturing
Retail
Technology
Healthcare
Education
Non-Profit Organizations
Construction
Mining
Agriculture
Transportation
Real Estate
Professional Services
Relevant Teams
Finance
Legal
Corporate Secretariat
Treasury
Compliance
Corporate Governance
Executive Office
Administration
Risk Management
Banking Operations
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Company Secretary
Financial Director
Board Chairman
Board Director
Financial Manager
Account Manager
Corporate Governance Officer
Treasury Manager
Financial Controller
Bank Relationship Manager
Compliance Officer
Legal Counsel
Managing Director
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