A Resolution to Change Bank Signatories is a crucial corporate document required when a company needs to modify the authorized signatories on its bank accounts in the UAE. This document becomes necessary during various business situations, such as when existing signatories leave the company, new directors or officers join, or the company wants to revise its signing authority structure. The resolution must comply with UAE Central Bank regulations, the UAE Commercial Companies Law, and specific requirements of the company's bank(s). It typically includes comprehensive details about new signatories, their powers, transaction limits, and any specific signing combinations required for different transaction types. This document is essential for maintaining proper corporate governance and ensuring smooth banking operations while meeting all regulatory requirements in the UAE jurisdiction.
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1. Company Information: Legal name of the company, registration number, registered address, and date of the resolution
2. Meeting Details: Details of when and where the resolution was passed, and who was present
3. Current Signatory Arrangement: Statement of existing authorized signatories and their signing powers
4. Resolution Statement: The formal resolution text removing existing signatories and/or appointing new ones
5. New Signatory Arrangement: Details of new authorized signatories, their positions, and signing powers/limits
6. Signing Matrix: Clear specification of transaction limits and required combinations of signatories
7. Authentication: Signatures of authorized board members/directors confirming the resolution
1. Shareholder Approval: Required for companies where shareholder approval is mandatory for banking changes
2. Parent Company Authorization: For subsidiaries requiring parent company approval for signatory changes
3. Joint Venture Partner Approval: Required for joint venture companies where partner approval is needed
4. Special Instructions: Any specific requirements or instructions for implementation by the bank
5. Digital Banking Access: Authorization for online banking access and limits for new signatories
1. Schedule 1 - Identification Documents: Copies of Emirates ID, passports, and visas of new signatories
2. Schedule 2 - Corporate Documents: Updated trade license, memorandum/articles of association, and board resolution
3. Schedule 3 - Specimen Signatures: Specimen signatures of all new authorized signatories
4. Schedule 4 - Bank Forms: Completed bank-specific forms for signatory changes
5. Appendix A - Signing Authority Matrix: Detailed matrix showing transaction types, limits, and required signatory combinations
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Retail
Manufacturing
Technology
Healthcare
Real Estate
Construction
Professional Services
Education
Hospitality
Energy
Transportation
Trading
E-commerce
Media and Entertainment
Relevant Teams
Legal
Finance
Treasury
Corporate Governance
Compliance
Board of Directors
Executive Management
Operations
Company Secretariat
Administrative
Relevant Roles
Chief Executive Officer
Managing Director
Finance Director
Chief Financial Officer
Company Secretary
Board Director
Treasury Manager
Financial Controller
General Manager
Operations Director
Legal Counsel
Compliance Officer
Account Manager
Finance Manager
Corporate Governance Officer
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