A Board Resolution to Open an Account is a crucial corporate document required by U.S. financial institutions when establishing banking relationships with corporate entities. This resolution is typically needed when a company is first formed, expanding its banking relationships, or changing authorized signatories. It demonstrates proper corporate governance and compliance with both federal banking regulations and state corporate laws. The document specifies the board's authorization for account opening, designates authorized individuals, and outlines permitted banking activities. It serves as protection for both the company and the financial institution by clearly documenting the board's intentions and authorizations.
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1. Title and Date: Formal identification of the document and date of resolution
2. Company Details: Legal name, registration number, and registered address of the company
3. Meeting Details: Date, time, location of board meeting where resolution was passed
4. Recitals: Background information explaining the need for opening the account
5. Resolution Statement: Formal decision to open the account and authorized actions
6. Authorization: Names and powers of individuals authorized to operate the account
7. Certification: Statement certifying the resolution's validity
1. Additional Banking Services: Authorization for specific banking services such as credit cards, loans, and other financial products beyond basic account operations
2. International Banking Provisions: Specific authorizations and requirements for international banking operations and foreign currency accounts
3. Digital Banking Authorization: Specific provisions for online banking access, digital signatures, and electronic banking authority
1. List of Authorized Signatories: Detailed list of authorized persons with their specimen signatures and signing authority levels
2. Banking Mandate Form: Specific bank forms required for account opening and operation as per the financial institution's requirements
3. Identification Documents: Copies of required identification documents for authorized persons and the company
Relevant legal definitions
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