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Board Resolution For Removal Of Authorised Signatory In Bank Account

Board Resolution For Removal Of Authorised Signatory In Bank Account Template for Australia

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Board Resolution For Removal Of Authorised Signatory In Bank Account

"I need a Board Resolution For Removal Of Authorised Signatory In Bank Account to remove our former CFO Sarah Chen from all company accounts with Commonwealth Bank, effective March 15, 2025, while maintaining our current dual-signature requirement for transactions over $10,000."

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Document background
A Board Resolution For Removal Of Authorised Signatory In Bank Account is a crucial corporate governance document used in Australian business operations when a company needs to remove someone's authority to operate its bank accounts. This might be necessary due to employee departure, role changes, or corporate restructuring. The document must comply with the Corporations Act 2001 (Cth), the company's constitution, and specific bank requirements. It typically includes the date of the board meeting, details of the signatory being removed, affected account information, and the new signing arrangement. This resolution provides the bank with the authority to remove the specified individual from the company's accounts and serves as an official record of the board's decision.
Suggested Sections

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

2. Meeting Details: Date, time, location of the board meeting, and confirmation of quorum

3. Present Directors: List of directors present at the meeting and those absent

4. Resolution Context: Brief explanation of why the signatory is being removed

5. Removal Resolution: Formal resolution text removing the specified person as authorized signatory

6. Current Signing Arrangement: Confirmation of the remaining authorized signatories and signing rules

7. Bank Details: Name of the bank and primary account details affected by the change

8. Execution: Space for Chairperson's signature and date

9. Certification: Company Secretary or Director's certification of the resolution's validity

Optional Sections

1. Multiple Bank Accounts: Additional section listing all affected bank accounts when the company maintains accounts with multiple banks or has multiple accounts

2. Effective Date: Specific section about when the removal becomes effective, if different from the resolution date

3. New Signing Limits: Section detailing any changes to transaction limits or approval thresholds

4. Digital Banking Access: Section addressing removal of online banking access and digital authorities

5. Circular Resolution: Alternative format section if the resolution is passed by circular resolution rather than at a meeting

Suggested Schedules

1. Schedule 1 - Account Details: List of all affected bank accounts including account numbers and branches

2. Schedule 2 - Specimen Signatures: Updated specimen signatures of remaining authorized signatories

3. Schedule 3 - Supporting Documents: List of attached documents such as ID proofs or bank forms

4. Appendix A - Bank Requirements: Specific forms or requirements from the bank for processing the change

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

Banking & Financial Services

Corporate Services

Professional Services

Manufacturing

Retail

Technology

Healthcare

Education

Construction

Mining

Agriculture

Non-Profit Organizations

Government Organizations

Small and Medium Enterprises

Listed Companies

Relevant Teams

Legal

Finance

Corporate Governance

Treasury

Compliance

Risk Management

Board Secretariat

Corporate Services

Executive Office

Relevant Roles

Chief Executive Officer

Company Secretary

Chief Financial Officer

Finance Director

Board Director

Managing Director

Financial Controller

Treasury Manager

Compliance Officer

Corporate Governance Manager

Legal Counsel

Board Chairperson

Finance Manager

Company Director

Risk Manager

Industries
Corporations Act 2001 (Cth): Primary legislation governing company operations in Australia, including corporate governance, board meetings, resolutions, and documentation requirements for corporate decisions
Banking Act 1959 (Cth): Regulates banking operations in Australia and sets requirements for bank account management, including changes to authorized signatories
Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth): Specifies requirements for customer identification and verification procedures when making changes to bank account signatories
ASX Listing Rules (if applicable): For listed companies, these rules may require disclosure of changes in banking authorities if they are material to the company's operations
Company Constitution: While not legislation, the company's constitution must be consulted as it contains specific requirements for board resolutions and authorized 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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