The Resolution of Bank Account Opening is a crucial corporate document required by Malaysian banks and regulatory authorities when establishing banking relationships for companies. This formal resolution, governed by Malaysian banking and corporate laws, is necessary whenever a company needs to open new bank accounts, modify existing banking arrangements, or update authorized signatories. The document demonstrates proper corporate authorization in accordance with the Companies Act 2016 and Financial Services Act 2013, providing banks with the assurance that the company has formally approved the banking relationship and specified individuals are authorized to act on its behalf. It typically results from a properly convened board meeting and must include specific details about the authorized persons, their powers, and any limitations on their authority.
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1. Company Details: Legal name of the company, registration number, registered address, and business nature
2. Meeting Details: Date, time, location of the meeting, and confirmation of quorum
3. Resolution Declaration: Statement declaring that the resolution was duly passed at a properly convened meeting
4. Bank Details: Name and branch of the bank where account is to be opened
5. Account Authorization: Type of account(s) to be opened and authorization to open them
6. Authorized Signatories: Names, positions, and identification details of persons authorized to operate the account
7. Signing Powers: Specification of signing limits and combinations for different transaction amounts
8. Banking Operations Authorization: Specific powers granted regarding account operations, including online banking, cards, etc.
9. Certification: Declaration of authenticity signed by chairman/company secretary
1. Islamic Banking Declaration: Required when opening an Islamic banking account, declaring compliance with Shariah principles
2. Foreign Currency Account Provisions: Include when opening foreign currency accounts, specifying compliance with BNM regulations
3. Digital Banking Services: Special provisions for digital/online banking services if required
4. Subsidiary/Branch Accounts: Include when resolution covers accounts for subsidiaries or branches
5. Special Instructions: Any specific operational instructions or restrictions for account management
1. List of Authorized Signatories: Detailed list of authorized persons with specimen signatures and signing limits
2. Required Documentation Checklist: List of supporting documents required by the bank
3. Board/Shareholder Attendance List: List of attendees at the meeting where resolution was passed
4. Specific Banking Services: Details of additional banking services authorized (credit cards, trade finance, etc.)
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Corporate Services
Legal Services
Financial Technology
Professional Services
Manufacturing
Retail
Trading
Construction
Technology
Healthcare
Education
Hospitality
Real Estate
Relevant Teams
Finance
Legal
Corporate Secretarial
Treasury
Compliance
Corporate Affairs
Administration
Operations
Risk Management
Executive Management
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Finance Director
Company Secretary
Financial Controller
Treasury Manager
Account Director
Corporate Services Manager
Legal Counsel
Compliance Officer
Managing Director
Board Director
Finance Manager
Administrative Director
Operations Director
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