A Board Resolution For Removal Of Authorised Signatory In Bank Account is a crucial corporate document required when a company needs to revoke the banking authority previously granted to an individual. This document is particularly important in the Indian corporate environment, where it serves as the primary instrument for communicating board decisions to banking institutions. It becomes necessary when an authorized signatory leaves the organization, changes roles, or when the company decides to modify its banking arrangements. The resolution must comply with the Companies Act, 2013, banking regulations, and the company's Articles of Association. It typically includes details of the board meeting, specific bank account information, details of the signatory being removed, and instructions for implementing the change. Banks in India require this resolution as formal proof of the board's decision before processing any changes to signatory arrangements.
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1. Company Details: Legal name of the company, CIN (Corporate Identity Number), registered office address
2. Meeting Details: Date, time, venue of the board meeting, and statement of proper convening
3. Directors Present: List of directors who attended the meeting and confirmation of quorum
4. Chairperson: Name of the person chairing the meeting
5. Resolution Context: Brief explanation of why the authorized signatory is being removed
6. Main Resolution: The formal resolution text removing the specified person as authorized signatory, including their full name and designation
7. Bank Account Details: Specific bank account numbers and bank branch details affected by this change
8. Implementation Instructions: Specific instructions for communicating the change to the bank and required documentation
9. Certification: Declaration of the resolution's authenticity, typically signed by the Company Secretary or Director
1. Existing Signatory Matrix: Include when there are multiple signatories and specific signing powers that need to be referenced
2. Transitional Arrangements: Include when temporary arrangements are needed during the transition period
3. Multiple Bank Accounts: Include when the removal applies to multiple bank accounts across different banks
4. Digital Banking Access: Include when the signatory also has online banking access that needs to be revoked
5. Regulatory Compliance Statement: Include when the removal is connected to regulatory requirements or compliance matters
1. Annexure A - Bank Account Details: Comprehensive list of all affected bank accounts if multiple accounts are involved
2. Annexure B - Existing Board Resolution: Copy of the original resolution appointing the signatory being removed
3. Annexure C - Identity Proof: Copy of the ID proof of the signatory being removed for bank's reference
4. Annexure D - Specimen Signatures: Updated specimen signatures of remaining authorized signatories if required by bank
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Corporate Services
Manufacturing
Information Technology
Retail
Healthcare
Education
Real Estate
Infrastructure
Professional Services
Hospitality
Trading
E-commerce
Non-Profit Organizations
Government Enterprises
Relevant Teams
Legal
Finance
Corporate Secretarial
Treasury
Compliance
Corporate Governance
Accounts
Banking Operations
Board Secretariat
Risk Management
Relevant Roles
Company Director
Managing Director
Chief Executive Officer
Chief Financial Officer
Company Secretary
Finance Manager
Treasury Manager
Accounts Manager
Legal Counsel
Compliance Officer
Board Chairman
Executive Director
General Manager
Financial Controller
Corporate Secretary
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