A Bank Account Board Resolution is a crucial corporate governance document required by South African banks and financial institutions when companies seek to open, modify, or manage their banking relationships. This document, governed by the Companies Act 71 of 2008 and various banking regulations, serves as official evidence of the board's authorization for specific individuals to act on behalf of the company in banking matters. It's typically required when setting up new bank accounts, changing authorized signatories, applying for banking facilities, or updating banking mandates. The resolution must comply with South African banking laws, anti-money laundering regulations (FICA), and corporate governance requirements, making it a vital instrument for establishing the company's banking operations and internal controls.
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1. Company Details: 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. Attendance: List of directors present and absent, including chairperson identification
4. Purpose: Statement of the purpose of the resolution regarding bank account operations
5. Primary Resolutions: Core resolutions about opening/operating bank accounts, including the specific bank name and types of accounts
6. Authorized Persons: Resolution specifying who is authorized to operate the accounts and in what capacity
7. Signing Authorities: Details of signing mandates and transaction limits for different types of transactions
8. Documentation Authority: Authorization to execute all necessary documentation with the bank
9. Certification: Certification by the chairperson/company secretary that the resolution was duly passed
1. Online Banking Authorization: Specific authorization for digital banking services, used when the company requires internet banking facilities
2. Foreign Exchange Dealings: Authorization for forex transactions, needed if the company engages in international business
3. Credit Facility Authorization: Authorization for overdraft or credit facilities, included when the company requires credit arrangements
4. Specimen Signatures: Section for authorized signatories to provide their signatures, required by some banks
5. Previous Resolutions: Reference to and/or revocation of previous banking resolutions, needed when updating existing arrangements
1. Schedule A - Authorized Signatories: Detailed list of authorized persons with their full names, ID numbers, positions, and signing limits
2. Schedule B - Account Details: List of specific bank accounts to be opened/modified, including account types and currencies
3. Schedule C - Specimen Signatures: Page containing the actual signatures of all authorized signatories
4. Schedule D - Supporting Documents: List of required supporting documents (ID copies, proof of address, etc.) to be submitted to the bank
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