A Closure of Bank Account Board Resolution is a crucial corporate document required when a company in Malaysia decides to close its banking accounts. This formal resolution demonstrates proper corporate authorization and governance in accordance with the Companies Act 2016. The document is typically needed when a company is restructuring its banking relationships, closing redundant accounts, completing a corporate wind-down, or implementing changes in its banking strategy. The resolution must include specific details about the accounts to be closed, designate authorized personnel to execute the closure, and provide instructions for the disposition of remaining funds. Banks in Malaysia require this resolution as part of their compliance procedures and to ensure proper authorization for account closure actions.
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1. Title and Company Details: Full legal name of the company, company registration number, and registered address
2. Meeting Details: Date, time, location of the board meeting, and statement of quorum being present
3. Preamble: Introduction stating that the resolution was passed at a duly convened board meeting
4. Resolution Statement: Clear statement of the board's decision to close the specified bank account(s)
5. Account Details: Specific details of the bank account(s) to be closed including account numbers and types
6. Authorization: Names and details of persons authorized to execute the closure process
7. Certification: Statement certifying the resolution as true and accurate, typically signed by the company secretary or director
1. Special Instructions: Used when specific instructions are needed for handling remaining funds or recurring transactions
2. Multiple Bank Accounts: Additional section when closing multiple accounts across different banks or branches
3. Digital Banking Closure: Special provisions for terminating online banking services and digital access
4. Related Services Termination: Instructions for terminating linked services such as credit cards or safe deposit boxes
1. Schedule A - Account Details: Comprehensive list of all bank accounts to be closed with full account numbers and branch details
2. Schedule B - Authorized Signatories: List of authorized signatories with their specimen signatures and identification details
3. Schedule C - Supporting Documents: List of required supporting documents to be submitted to the bank for account closure
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Relevant Industries
Banking & Financial Services
Corporate Services
Legal Services
Financial Technology
Professional Services
Manufacturing
Retail
Technology
Healthcare
Education
Construction
Real Estate
Relevant Teams
Legal
Finance
Corporate Secretariat
Treasury
Compliance
Corporate Governance
Banking Operations
Risk Management
Relevant Roles
Company Director
Chief Financial Officer
Finance Director
Company Secretary
Legal Counsel
Financial Controller
Treasury Manager
Compliance Officer
Corporate Governance Officer
Finance Manager
Accounts Manager
Banking Relationship Manager
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