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Banking Resolution

Banking Resolution Template for Ireland

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Key Requirements PROMPT example:

Banking Resolution

"I need a Banking Resolution for our Irish technology startup to establish a new relationship with Bank of Ireland, authorizing four senior executives as signatories with different authorization levels, to be effective from March 1, 2025."

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Document background
A Banking Resolution is a crucial corporate governance document required whenever a company needs to establish or modify its banking relationships in Ireland. This document is typically enacted following a formal board meeting and must comply with both Irish corporate law and banking regulations. The resolution details the company's authorized representatives for banking matters, specific transaction limits, approved banking services, and any special instructions or restrictions. It serves as the foundational document that banks rely upon to process transactions and provide services to the company. The resolution must be updated when there are changes in authorized personnel, signing authorities, or banking services required. Under Irish law, the Banking Resolution must align with the company's constitutional documents and be properly executed in accordance with the Companies Act 2014 and relevant Central Bank of Ireland regulations.
Suggested Sections

1. Meeting Details: Information about the board meeting including date, time, location, and attendees

2. Company Details: Full legal name, registration number, and registered address of the company

3. Recitals: Background information establishing the purpose of the resolution and relationship with the bank

4. Bank Account Authorization: Resolution to establish/maintain banking relationship and open/maintain accounts with the specified bank

5. Authorized Signatories: Designation of individuals authorized to operate the accounts, including their names, positions, and signing authorities

6. Signing Powers and Limits: Specific monetary limits and signing combinations required for different types of transactions

7. Banking Services Authorization: Authorization for basic banking services including deposits, withdrawals, transfers, and check signing

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

Optional Sections

1. Online Banking Services: Authorization for digital banking services, including online banking platforms and digital signatures

2. Foreign Exchange Services: Authorization for foreign exchange transactions and international banking services

3. Borrowing Powers: Authorization for loans, overdrafts, and other credit facilities

4. Investment Services: Authorization for investment accounts and securities trading

5. Bank Card Services: Authorization for corporate credit/debit cards and their usage policies

6. Special Instructions: Any specific instructions or restrictions on account operation

Suggested Schedules

1. Schedule 1 - Authorized Signatories List: Detailed list of authorized signatories with specimen signatures and specific powers

2. Schedule 2 - Transaction Limits Matrix: Matrix showing transaction limits and required signing combinations for different transaction types

3. Schedule 3 - Bank Account Details: List of all bank accounts covered by the resolution including account numbers and types

4. Schedule 4 - Required Bank Forms: Bank-specific forms and mandates required to implement the resolution

5. Appendix A - Board Meeting Minutes Extract: Certified extract of board meeting minutes where the resolution was passed

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Relevant Industries

Banking and Financial Services

Corporate

Retail

Manufacturing

Technology

Healthcare

Real Estate

Construction

Professional Services

Non-Profit

Education

Hospitality

Transportation and Logistics

Energy and Utilities

Agriculture

Relevant Teams

Finance

Legal

Corporate Governance

Treasury

Compliance

Risk Management

Operations

Board of Directors

Company Secretariat

Senior Management

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Finance Director

Company Secretary

Treasury Manager

Financial Controller

Managing Director

Board Director

Senior Finance Manager

Accounts Manager

Corporate Governance Officer

Legal Counsel

Risk Manager

Compliance Officer

Operations Director

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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