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Resolution Letter For Bank Signing Authority for Singapore

Resolution Letter For Bank Signing Authority Template for Singapore

A Resolution Letter for Bank Signing Authority is a formal document used in Singapore that establishes and documents the authority granted to specific individuals to operate company bank accounts. It complies with Singapore's Companies Act and Banking Act requirements, and typically includes details of authorized signatories, their powers, transaction limits, and specific banking arrangements. This document serves as official proof for banks of the company's decision regarding who can conduct banking transactions on its behalf.

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What is a Resolution Letter For Bank Signing Authority?

The Resolution Letter for Bank Signing Authority is a crucial corporate governance document used when a company needs to establish or modify banking relationships in Singapore. It's typically required when opening new bank accounts, changing authorized signatories, or updating signing mandates. The document must comply with Singapore's regulatory framework, including MAS guidelines and the Companies Act. It specifies who can sign bank documents, make transactions, and access banking services, including any limitations on their authority. This resolution provides banks with the assurance that the company has properly authorized specific individuals to act on its behalf.

What sections should be included in a Resolution Letter For Bank Signing Authority?

1. Company Information: Legal name, registration number, registered address of the company passing the resolution

2. Meeting Details: Date, time, and location of board meeting where resolution was passed

3. Resolution Statement: Clear statement of the resolution passed regarding bank signing authority

4. Authorized Signatories: Names, positions, and signing powers of authorized individuals

5. Authorization Limits: Transaction limits and conditions for different signatory levels

What sections are optional to include in a Resolution Letter For Bank Signing Authority?

1. Special Instructions: Specific banking requirements or restrictions, included when special conditions apply

2. Digital Banking Access: Online banking authorities and access levels, included when digital access is required

3. Multiple Account Details: Details of multiple accounts or subsidiaries, included when authority extends beyond a single account

What schedules should be included in a Resolution Letter For Bank Signing Authority?

1. List of Authorized Signatories: Detailed list with specimen signatures and photocopies of IDs

2. Board Meeting Minutes Extract: Relevant extract confirming the passing of the resolution

3. Company Constitution Extract: Relevant sections showing authority to pass such resolutions

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Singapore

Publisher

Ƶ

Document Type

Letter of Authority

Sector

Banking

Cost

Free to use
Relevant legal definitions

























Clauses




















Industries

Companies Act (Cap. 50): Primary legislation governing corporate operations in Singapore, including directors' powers, corporate resolution requirements, company secretary duties, and documentation standards for corporate decisions

Banking Act (Cap. 19): Regulatory framework for banking operations covering authorized signatories, transaction authority limits, and Know Your Customer (KYC) requirements

MAS Guidelines: Monetary Authority of Singapore guidelines covering corporate governance, anti-money laundering requirements, counter-terrorism financing, and banking security protocols

Electronic Transactions Act: Legislation governing the use of electronic signatures and requirements for electronic documentation in business transactions

Corporate Governance Regulations: Regulations specifying board resolution requirements, decision-making protocols, and documentation standards for corporate authorizations

Business Registration Act: Legislative requirements for business entity verification and registration in Singapore

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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