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Non Profit Resolution To Open Bank Account

Non Profit Resolution To Open Bank Account Template for Hong Kong

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Non Profit Resolution To Open Bank Account

"I need a Non Profit Resolution To Open Bank Account for my newly registered educational charity in Hong Kong, authorizing three board members to operate a basic savings account at HSBC, with implementation date of March 1, 2025."

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Document background
A Non-Profit Resolution To Open Bank Account is a crucial governance document required when a non-profit organization in Hong Kong needs to establish banking relationships. This resolution is mandated by Hong Kong banking regulations and must comply with the Banking Ordinance (Cap. 155) and relevant HKMA guidelines. It is typically required during the initial setup of an organization, when changing banks, or when updating signing authorities. The document must demonstrate proper authorization under the organization's governing documents, specify authorized signatories and their powers, and meet the bank's compliance requirements for account opening. Given Hong Kong's strict regulatory environment, particularly regarding anti-money laundering and counter-terrorist financing, this resolution must be carefully drafted to include all elements required by both the banking institution and regulatory authorities.
Suggested Sections

1. Title and Date: Formal title of the resolution and date of the meeting

2. Organization Details: Full legal name and registration details of the non-profit organization

3. Meeting Details: Confirmation of proper notice and quorum for the meeting

4. Background: Brief context explaining the need for opening a bank account

5. Resolution Statement: The formal decision to open a bank account

6. Bank Account Details: Specification of the type of account(s) to be opened and at which bank

7. Authorized Signatories: Names and positions of individuals authorized to operate the account

8. Signing Authority Rules: Rules for operation of the account (e.g., single/joint signatures required)

9. Certification: Statement certifying that the resolution was properly passed

Optional Sections

1. Additional Banking Services: Authorization for specific banking services like online banking, credit cards, or other facilities - include if these services are needed

2. Foreign Currency Accounts: Authorization for opening accounts in specific foreign currencies - include if foreign currency accounts are needed

3. Special Instructions: Any special operating instructions or restrictions - include if there are specific operational requirements

4. Document Authorization: Authorization to execute additional banking documents - include if additional documentation will be required

Suggested Schedules

1. List of Authorized Signatories: Detailed list of authorized signatories with their personal information and specimen signatures

2. Copy of Registration Documents: Certified copies of the organization's registration documents

3. Extract of Governing Document: Relevant extract from the organization's constitution or articles showing authority to open bank accounts

4. Identification Documents: Copies of identification documents for all authorized signatories

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

Non-Profit

Charitable Organizations

Religious Organizations

Educational Institutions

Social Services

Healthcare Organizations

Arts and Culture

Environmental Organizations

Sports Associations

Professional Associations

Community Services

Relevant Teams

Board of Directors

Finance

Legal

Compliance

Administration

Corporate Governance

Operations

Executive Office

Relevant Roles

Executive Director

Board Member

Treasurer

Chairman

Company Secretary

Chief Financial Officer

Financial Controller

Compliance Officer

Legal Counsel

Operations Director

Administrative Officer

Board Secretary

Finance Manager

President

Vice President

Industries
Societies Ordinance (Cap. 151): Primary legislation governing the registration and operation of societies and non-profit organizations in Hong Kong
Banking Ordinance (Cap. 155): Regulates banking business and the opening of bank accounts in Hong Kong, including requirements for corporate and non-profit customers
Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615): Sets out the due diligence and documentation requirements for opening bank accounts, particularly relevant for organizations
Companies Ordinance (Cap. 622): Relevant for incorporated non-profits, governing corporate documentation and resolution requirements
Inland Revenue Ordinance (Cap. 112): Pertains to tax exemption status for charitable organizations and the requirements for maintaining such status
Hong Kong Monetary Authority Guidelines: Regulatory guidelines for banks regarding customer due diligence and account opening procedures
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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