A Resolution to Open Bank Account is a fundamental corporate document required by South African banks and regulatory authorities when establishing new banking relationships for companies. This document is essential when a company needs to open a new bank account, change authorized signatories, or modify banking arrangements. It must comply with the South African Companies Act 71 of 2008, the Banks Act 94 of 1990, and FICA requirements. The resolution typically results from a properly constituted meeting of the board of directors or shareholders, depending on the company's constitutional documents. It includes crucial details such as the authorized signatories, their powers, specific banking services required, and any limitations or special instructions. This document forms part of the bank's due diligence process and serves as evidence of proper corporate authorization for banking activities.
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Key Requirements PROMPT example:
Resolution To Open Bank Account
"I need a Resolution to Open Bank Account for my tech startup in South Africa, with provisions for four authorized signatories and comprehensive digital banking services, requiring any two directors to sign jointly for transactions above R50,000."
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1. Company Details: Legal name of company, registration number, and registered address
2. Meeting Details: Date, time, location of the meeting, and confirmation of quorum
3. Resolution Context: Statement that the meeting was properly convened and the purpose of the resolution
4. Bank Account Details: Specification of the bank, type of account to be opened, and branch details
5. Authorized Signatories: Names, ID numbers, and positions of persons authorized to operate the account
6. Signing Powers: Specification of signing arrangements (e.g., any two to sign jointly, individual limits)
7. Banking Services Authorization: Authorization for additional banking services like internet banking, cards, etc.
8. Certification: Certification by the chairperson or company secretary that the resolution was duly passed
1. Foreign Exchange Services: Required if the company needs authorization for forex transactions
2. Credit Facility Requirements: Include if the resolution should cover future credit facilities
3. Special Instructions: Any special operating instructions or restrictions for the account
4. Digital Banking Specifications: Detailed requirements for digital banking services if needed
5. Additional Bank Accounts: Authorization for opening multiple accounts or at different branches
1. Schedule A - List of Authorized Signatories: Detailed list of authorized persons with their full names, ID numbers, positions, and specimen signatures
2. Schedule B - Signing Mandates: Detailed breakdown of transaction limits and signing combinations
3. Appendix 1 - Supporting Documents: List of required FICA documents and other supporting documentation to be submitted to the bank
4. Appendix 2 - Board Members Register: Current list of board members confirming their appointment and authority
Authors
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Retail
Manufacturing
Technology
Mining
Agriculture
Professional Services
Healthcare
Education
Construction
Tourism
Transportation
Real Estate
Non-Profit Organizations
Small and Medium Enterprises
Relevant Teams
Finance
Legal
Corporate Secretariat
Treasury
Accounts
Corporate Governance
Risk Management
Operations
Administration
Executive Management
Board of Directors
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Financial Director
Company Secretary
Finance Manager
Treasury Manager
Accounts Manager
Managing Director
Board Director
Financial Controller
Legal Counsel
Corporate Governance Officer
Risk Manager
Operations Director
Administrative Manager
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