Resolution To Open Bank Account for South Africa

Resolution To Open Bank Account Template for South Africa

A formal corporate resolution document compliant with South African banking and company law requirements, specifically designed to authorize and facilitate the opening of a bank account. The document outlines the company's formal decision to establish a banking relationship, designates authorized signatories, specifies banking powers, and includes necessary compliance elements required by South African banking regulations, the Companies Act, and FICA requirements. It serves as the official record of the company's authorization to open and operate a bank account, including details of authorized persons and their respective powers.

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What is a Resolution To Open Bank Account?

A Resolution to Open Bank Account is a fundamental corporate document required by South African banks and regulatory authorities when establishing new banking relationships for companies. This document is essential when a company needs to open a new bank account, change authorized signatories, or modify banking arrangements. It must comply with the South African Companies Act 71 of 2008, the Banks Act 94 of 1990, and FICA requirements. The resolution typically results from a properly constituted meeting of the board of directors or shareholders, depending on the company's constitutional documents. It includes crucial details such as the authorized signatories, their powers, specific banking services required, and any limitations or special instructions. This document forms part of the bank's due diligence process and serves as evidence of proper corporate authorization for banking activities.

What sections should be included in a Resolution To Open Bank Account?

1. Company Details: Legal name of company, registration number, and registered address

2. Meeting Details: Date, time, location of the meeting, and confirmation of quorum

3. Resolution Context: Statement that the meeting was properly convened and the purpose of the resolution

4. Bank Account Details: Specification of the bank, type of account to be opened, and branch details

5. Authorized Signatories: Names, ID numbers, and positions of persons authorized to operate the account

6. Signing Powers: Specification of signing arrangements (e.g., any two to sign jointly, individual limits)

7. Banking Services Authorization: Authorization for additional banking services like internet banking, cards, etc.

8. Certification: Certification by the chairperson or company secretary that the resolution was duly passed

What sections are optional to include in a Resolution To Open Bank Account?

1. Foreign Exchange Services: Required if the company needs authorization for forex transactions

2. Credit Facility Requirements: Include if the resolution should cover future credit facilities

3. Special Instructions: Any special operating instructions or restrictions for the account

4. Digital Banking Specifications: Detailed requirements for digital banking services if needed

5. Additional Bank Accounts: Authorization for opening multiple accounts or at different branches

What schedules should be included in a Resolution To Open Bank Account?

1. Schedule A - List of Authorized Signatories: Detailed list of authorized persons with their full names, ID numbers, positions, and specimen signatures

2. Schedule B - Signing Mandates: Detailed breakdown of transaction limits and signing combinations

3. Appendix 1 - Supporting Documents: List of required FICA documents and other supporting documentation to be submitted to the bank

4. Appendix 2 - Board Members Register: Current list of board members confirming their appointment and authority

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Cost

Free to use

Relevant legal definitions

Clauses

Relevant Industries

Financial Services

Retail

Manufacturing

Technology

Mining

Agriculture

Professional Services

Healthcare

Education

Construction

Tourism

Transportation

Real Estate

Non-Profit Organizations

Small and Medium Enterprises

Relevant Teams

Finance

Legal

Corporate Secretariat

Treasury

Accounts

Corporate Governance

Risk Management

Operations

Administration

Executive Management

Board of Directors

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Financial Director

Company Secretary

Finance Manager

Treasury Manager

Accounts Manager

Managing Director

Board Director

Financial Controller

Legal Counsel

Corporate Governance Officer

Risk Manager

Operations Director

Administrative Manager

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