Resolution To Open Bank Account For Association for South Africa

Resolution To Open Bank Account For Association Template for South Africa

A formal resolution document used in South Africa to authorize the opening of a bank account for an association. This document serves as official proof of the association's decision to establish a banking relationship and specifies the authorized persons who may operate the account. It complies with South African banking regulations, particularly the Banks Act and FICA requirements, and includes essential details such as the type of account, signing authorities, and specific banking requirements. The resolution must be passed at a properly constituted meeting of the association's governing body and typically requires certification by designated office bearers.

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What is a Resolution To Open Bank Account For Association?

A Resolution to Open Bank Account for Association is a crucial governance document required by South African financial institutions when establishing banking relationships with associations. This document is necessary whenever an association needs to open a new bank account or modify existing banking arrangements. It must comply with South African banking regulations, including the Banks Act 94 of 1990 and the Financial Intelligence Centre Act (FICA). The resolution provides proof of proper authorization, details of the approved banking arrangement, and specifies who may operate the account. It typically results from a formal meeting of the association's governing body and must be certified by appropriate office bearers. This document is particularly important for demonstrating proper governance and ensuring that the association's financial affairs are managed in accordance with its constitution and applicable laws.

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

1. Title and Date: Formal title of the resolution and date of the meeting

2. Association Details: Full legal name and registration details of the association

3. Meeting Details: Confirmation that the meeting was properly constituted and quorate according to the association's constitution

4. Resolution Statement: Clear statement that the resolution was passed to open a bank account

5. Bank Details: Name and branch of the chosen bank where the account will be opened

6. Account Parameters: Type of account to be opened and basic operating parameters

7. Authorized Signatories: Names and details of persons authorized to operate the account

8. Signing Requirements: Rules for signing transactions (e.g., single or joint signatures required)

9. Certification: Certification by the chairperson or secretary that the resolution is true and correct

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

1. Internet Banking Authorization: Include when online banking services are required

2. Debit Card Authorization: Include when debit cards are to be issued to specific individuals

3. Credit Facility: Include if the association requires an overdraft or credit facility

4. Additional Banking Services: Include when specific additional services like merchant facilities are required

5. Special Instructions: Include when there are specific operational requirements or restrictions

6. Constitutional Extract: Include when the association's constitution has specific requirements for bank accounts

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

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

2. Schedule B - Required Documents: List of supporting documents to be submitted to the bank (e.g., constitution, registration certificates, ID documents)

3. Schedule C - Specific Banking Requirements: Detailed specifications for special banking arrangements or services if required

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

Account
Association
Authorized Signatories
Bank
Banking Day
Board
Committee
Constitution
Electronic Banking Services
Financial Year
Governing Body
Meeting
Members
Office Bearers
Resolution
Signing Authority
Special Resolution
Transaction Limit
Valid Resolution

Clauses

Meeting Constitution
Association Authority
Bank Account Authorization
Account Type Specification
Authorized Signatories
Signing Mandates
Transaction Limits
Electronic Banking Services
Account Operation
Banking Instructions
Supporting Documentation
Certification
Compliance Requirements
Amendment Authority
Implementation Authority

Relevant Industries

Non-Profit Organizations

Sports and Recreation

Religious Organizations

Educational Institutions

Professional Associations

Trade Associations

Community Organizations

Cultural Organizations

Social Welfare

Environmental Organizations

Industry Bodies

Healthcare Associations

Relevant Teams

Finance

Administration

Executive

Governance

Operations

Compliance

Legal

Treasury

Relevant Roles

Association Chairperson

Association Secretary

Association Treasurer

Board Member

Committee Member

Executive Director

Financial Manager

Administrative Officer

Compliance Officer

Bank Relationship Manager

Operations Manager

Finance Director

General Manager

Program Coordinator

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