A Board Resolution To Withdraw Money From Bank is a crucial corporate governance document required by Nigerian law when a company needs to authorize specific individuals to withdraw funds from its bank accounts. This document is essential under the Companies and Allied Matters Act (CAMA) 2020 and must comply with the Banks and Other Financial Institutions Act (BOFIA) 2020. It is typically used when companies need to make significant withdrawals, change authorized signatories, or establish new withdrawal protocols. The resolution must be passed at a properly constituted board meeting and include specific details about the withdrawal authority, including authorized persons, amount limits, and any special conditions. Banks in Nigeria require this resolution as part of their compliance and due diligence procedures, particularly for corporate accounts.
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1. Company Information Header: Full legal name of the company, registration number, and registered address
2. Meeting Details: Date, time, location of the board meeting, and confirmation of quorum
3. Directors Present: List of directors who attended the meeting and those who sent apologies
4. Resolution Context: Brief background explaining the purpose of the withdrawal and its business context
5. Bank Account Details: Specific bank account information including account number and branch details
6. Resolution Statement: The formal resolution stating the amount to be withdrawn and purpose
7. Authorized Signatories: Names and details of persons authorized to execute the withdrawal
8. Authorization Limits: Specific amount authorized for withdrawal and any applicable limits
9. Certification: Statement certifying that the resolution was properly passed by the board
10. Signatures: Space for required signatures of authorized board members
1. Special Instructions: Used when specific withdrawal conditions or special banking instructions apply
2. Multiple Account Details: Required when the resolution covers withdrawals from multiple accounts
3. Signatory Matrix: Needed when different signatories have different authorization levels or combinations
4. Digital Banking Authorization: Include when authorizing online banking access for withdrawals
5. Duration of Authority: When the authorization is time-limited or needs periodic renewal
1. Appendix A - Identity Documents: Copies of identification documents for authorized signatories
2. Appendix B - Specimen Signatures: Specimen signatures of all authorized signatories
3. Appendix C - Board Meeting Minutes: Extract or copy of the relevant board meeting minutes
4. Appendix D - Company Registration Documents: Copy of certificate of incorporation and other relevant corporate documents
5. Appendix E - Existing Bank Mandate: Copy of current banking mandate or previous board resolutions relating to bank account operations
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