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Board Resolution For Bank Account Signatory

Board Resolution For Bank Account Signatory Template for Australia

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Key Requirements PROMPT example:

Board Resolution For Bank Account Signatory

"I need a Board Resolution For Bank Account Signatory to appoint our new CFO and Finance Manager as joint signatories for our Commonwealth Bank accounts, with transaction limits of $50,000 for individual transactions and $200,000 for joint transactions, effective March 1, 2025."

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Document background
A Board Resolution For Bank Account Signatory is a critical corporate governance document used in Australia when a company needs to designate or change authorized individuals who can operate its bank accounts. This document is required by banks and financial institutions as evidence that the company has properly authorized specific individuals to act on its behalf in banking matters. The resolution must comply with the Corporations Act 2001 (Cth), the company's constitution, and relevant banking regulations. It typically includes details of the authorized signatories, their powers and limitations, signing rules, and specific accounts covered. This document is essential for establishing or modifying banking relationships and ensuring smooth financial operations while maintaining proper internal controls.
Suggested Sections

1. Company Details: Full legal name of the company, ACN/ABN, registered address and date of resolution

2. Meeting Details: Type of meeting (e.g., board meeting, circular resolution), date, time, and location/manner of meeting

3. Attendance: Names of directors present, apologies, and confirmation of quorum

4. Chair: Identification of the meeting's chairperson

5. Declaration of Interests: Statement regarding any conflicts of interest declared by directors

6. Resolution Context: Background information explaining the need for new/changed bank account signatories

7. Bank Account Details: Specific details of the relevant bank accounts including account numbers and types

8. Authorized Signatories: Names, positions, and details of appointed signatories

9. Signing Rules: Specific rules for operation of accounts (e.g., any two to sign jointly)

10. Certification: Statement certifying the resolution as true and accurate, typically signed by the chair or company secretary

Optional Sections

1. Revocation of Previous Authorities: Section revoking previous signing authorities - include when replacing existing signatories

2. Online Banking Authorization: Specific authorities for digital banking access and operations - include when digital access is required

3. Token/Security Device Authorization: Authorization for physical security devices - include when bank requires security tokens

4. Foreign Currency Accounts: Special provisions for foreign currency accounts - include when company operates international accounts

5. Specific Transaction Limits: Detailed transaction limits for different signatories - include when implementing tiered authorization levels

Suggested Schedules

1. Schedule A - Signatory Details: Detailed information about each signatory including full name, address, position, and specimen signature

2. Schedule B - Account Listing: Comprehensive list of all bank accounts covered by the resolution

3. Appendix 1 - Identification Documents: Copies of required identification documents for new signatories

4. Appendix 2 - Bank Forms: Bank-specific forms required to be attached to the resolution

Authors

Alex Denne

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Financial Services

Banking

Corporate Services

Manufacturing

Retail

Technology

Healthcare

Education

Mining

Construction

Professional Services

Non-Profit

Agriculture

Transportation

Real Estate

Relevant Teams

Finance

Corporate Governance

Legal

Treasury

Accounts

Executive

Board of Directors

Risk & Compliance

Operations

Company Secretariat

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Finance Director

Company Secretary

Managing Director

Board Director

Financial Controller

Treasury Manager

Finance Manager

Accounts Manager

Corporate Governance Officer

Risk & Compliance Manager

Operations Director

General Manager

Executive Director

Industries
Corporations Act 2001 (Cth): Primary legislation governing company operations in Australia, including board meetings, resolutions, and director responsibilities. Sections 198A-198D are particularly relevant for delegation of authority.
Banking Act 1959 (Cth): Regulates banking operations in Australia and sets requirements for account opening and operational procedures.
Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act): Sets requirements for customer identification and verification procedures when operating bank accounts.
Company Constitution: While not legislation, the company's constitution must be consulted as it contains specific requirements for board resolutions and authorized signatories.
Financial Transaction Reports Act 1988 (Cth): Requires reporting of significant financial transactions and establishes identification requirements for account signatories.
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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