The Bank Signatories Resolution is a critical corporate governance document required whenever an organization needs to establish or modify its banking arrangements in Canada. This document is necessary when setting up new bank accounts, changing authorized signatories, updating signing authorities, or revising transaction limits. The resolution must comply with the Canadian Bank Act and relevant corporate legislation, ensuring proper authorization for banking activities while maintaining appropriate internal controls. It typically follows a board meeting where the decision to grant or modify banking authorities is made, and must be certified by appropriate corporate officers. The Bank Signatories Resolution includes comprehensive details about authorized individuals, their powers, any limitations on their authority, and specific requirements for different types of banking transactions.
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1. Corporate Details: Legal name of the corporation, registration number, and registered address
2. Meeting Details: Date, time, and type of meeting (board/shareholders) where the resolution was passed
3. Recitals: Background information establishing the need for the resolution and the authority to make banking decisions
4. Resolution Statement: The formal declaration of the board's decision to establish or modify banking signing authorities
5. Bank Account Details: Specification of the bank(s) and account(s) to which the resolution applies
6. Authorization Powers: Detailed list of banking activities that authorized signatories can perform
7. Signing Requirements: Rules for how many signatories are required for different types of transactions and threshold amounts
8. Certification: Statement certifying that the resolution was duly passed and remains in effect
1. Digital Banking Authorization: Used when online banking access and authorities need to be established
2. Foreign Currency Accounts: Include when the organization operates accounts in multiple currencies
3. Special Instructions: Added when there are specific restrictions or special requirements for certain transactions
4. Temporary Provisions: Used when temporary signing authorities need to be established for a specific period
5. Branch-Specific Authorities: Include when different authorities are needed for different bank branches
1. Schedule A - Authorized Signatories: List of authorized individuals with their full names, titles, and specimen signatures
2. Schedule B - Transaction Limits: Detailed breakdown of transaction limits for different types of banking activities
3. Schedule C - Specific Powers: Detailed list of specific banking powers granted to each category of signatory
4. Appendix 1 - Supporting Documents: Copies of identification documents for authorized signatories
5. Appendix 2 - Corporate Documents: Relevant corporate documents proving the authority to pass the resolution
Authors
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Corporate Services
Professional Services
Manufacturing
Retail
Technology
Healthcare
Education
Non-Profit
Real Estate
Construction
Energy
Transportation
Hospitality
Relevant Teams
Finance
Legal
Corporate Secretariat
Treasury
Accounting
Executive Leadership
Board of Directors
Corporate Governance
Operations
Administration
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Finance Director
Corporate Secretary
Treasury Manager
Financial Controller
Managing Director
Board Director
Company Secretary
Finance Manager
Accounting Manager
Operations Director
General Counsel
Board Chairman
Executive Director
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