A Resolution For Bank Account Opening For Society is a critical document required by Malaysian banks and regulatory authorities when a society registered under the Societies Act 1966 wishes to open and operate a bank account. This resolution serves as formal evidence of the society's decision to establish a banking relationship and must be passed in accordance with the society's constitution. The document is typically required during the initial registration of a society, when changing banking arrangements, or when updating authorized signatories. It must comply with Bank Negara Malaysia guidelines, the Financial Services Act 2013, and anti-money laundering regulations. The resolution includes specific details about the authorized signatories, their powers, transaction limits, and any special instructions for account operation.
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1. Title and Date: Clearly states this is a resolution of the society, including the society's full registered name and the date of the resolution
2. Meeting Details: Information about the meeting where the resolution was passed, including date, time, location, and confirmation of quorum
3. Society Details: Full registered name, registration number, and registered address of the society
4. Bank Account Authorization: Core resolution authorizing the opening of the bank account, specifying the bank name and type of account to be opened
5. Authorized Signatories: Names, positions, and ID numbers of persons authorized to operate the account, including signing arrangements (single/joint)
6. Banking Powers: Specific powers granted to authorized signatories (e.g., cash withdrawals, online banking, cheque signing)
7. Certification: Statement certifying that the resolution was duly passed in accordance with the society's constitution
1. Special Instructions: Additional specific banking instructions or restrictions, used when the society wants to place specific limitations or requirements on the account operation
2. Online Banking Authorization: Specific authorization for internet banking services, included when the society requires online banking facilities
3. Debit/Credit Card Authorization: Authorization for issuance of banking cards, included when the society requires card facilities
4. Term Deposit Authorization: Authorization for opening fixed deposits or other investment accounts, included when the society plans to maintain term deposits
1. Schedule A - List of Authorized Signatories: Detailed list of authorized signatories including full names, positions, ID numbers, specimen signatures, and contact details
2. Schedule B - Signing Matrix: Detailed matrix showing transaction limits and required signing combinations for different types of transactions
3. Appendix 1 - Supporting Documents: List of supporting documents submitted with the resolution (e.g., society registration certificate, constitution, committee members' list)
Authors
Relevant legal definitions
Clauses
Relevant Industries
Non-Profit Organizations
Charitable Organizations
Religious Organizations
Educational Institutions
Sports Associations
Professional Bodies
Trade Associations
Cultural Organizations
Social Clubs
Community Organizations
Banking and Financial Services
Relevant Teams
Legal
Compliance
Finance
Administration
Operations
Governance
Risk Management
Corporate Services
Relevant Roles
Society President
Secretary
Treasurer
Committee Member
Bank Relationship Manager
Compliance Officer
Society Administrator
Financial Controller
Account Manager
Legal Counsel
Governance Officer
Operations Manager
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