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Bank Resolution For Change In Authorised Signatory

Bank Resolution For Change In Authorised Signatory Template for New Zealand

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Key Requirements PROMPT example:

Bank Resolution For Change In Authorised Signatory

"I need a Bank Resolution For Change In Authorised Signatory to add two new signatories from our finance department with joint signing authority for transactions over NZD 50,000, effective March 1, 2025, while maintaining our existing signatories."

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Document background
The Bank Resolution For Change In Authorised Signatory is a critical document used when a company or organization in New Zealand needs to modify who can operate its bank accounts. This may be necessary due to staff changes, organizational restructuring, or updates to internal controls. The resolution must comply with New Zealand's Companies Act 1993, banking regulations, and anti-money laundering legislation. It serves as formal evidence of the company's decision to change account signatories and provides the bank with clear instructions regarding new signing arrangements. The document includes crucial details such as new signatory identities, signing limits, specific powers granted, and affected account numbers. It requires proper execution through board approval and often needs to be certified by the company secretary or a director to be legally valid.
Suggested Sections

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

2. Company Details: Full legal name of the company, registration number, and registered address

3. Meeting Details: Type of meeting (board/shareholders), location, and quorum confirmation

4. Current Authorized Signatories: List of existing authorized signatories being replaced or modified

5. Resolution Statement: Formal statement of the resolution being passed to change signatories

6. New Authorized Signatories: Details of new signatories including full names, positions, and specimen signatures

7. Signing Authority Limits: Specification of transaction limits and whether single or joint signatures are required

8. Affected Accounts: List of all bank accounts affected by this change

9. Certification: Declaration by the chairperson or company secretary certifying the resolution

10. Execution: Space for required signatures to execute the resolution

Optional Sections

1. Special Instructions: Used when there are specific requirements for certain accounts or transactions

2. Digital Banking Access: Include when online banking access needs to be specified for new signatories

3. Effective Date: Required when the change needs to take effect on a specific future date

4. Revocation of Previous Authorities: Include when explicitly revoking all previous signing authorities

5. Foreign Currency Authority: Required when signatories need specific authority for foreign currency transactions

Suggested Schedules

1. Schedule A - Identification Documents: Copies of identification documents for new signatories

2. Schedule B - Specimen Signatures: Official specimen signatures of new authorized signatories

3. Schedule C - Account List: Comprehensive list of all affected bank accounts with account numbers

4. Schedule D - Board Minutes Extract: Certified extract of board minutes approving the change in signatories

5. Appendix 1 - Previous Resolution: Copy of previous signatory resolution being superseded (if applicable)

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 and Financial Services

Corporate

Public Sector

Non-Profit

Healthcare

Education

Retail

Manufacturing

Professional Services

Technology

Real Estate

Construction

Mining

Agriculture

Transport and Logistics

Hospitality

Relevant Teams

Finance

Legal

Corporate Secretariat

Treasury

Compliance

Administration

Executive

Board

Operations

Accounts

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Finance Director

Company Secretary

Managing Director

Board Director

Financial Controller

Treasury Manager

Accounts Manager

Operations Director

General Manager

Finance Manager

Corporate Secretary

Compliance Officer

Administrative Director

Executive Director

Industries
Reserve Bank of New Zealand Act 1989: This is the primary legislation governing banking operations in New Zealand. It provides the framework for banking system regulation and supervision, including requirements for banking operations and authority delegation.
Companies Act 1993: This act governs corporate entities in New Zealand and includes provisions about company administration, director duties, and corporate authority. It's relevant for ensuring proper authorization of signatories through appropriate corporate procedures.
Anti-Money Laundering and Countering Financing of Terrorism Act 2009: This legislation requires banks to verify the identity and authority of signatories and ensure proper due diligence when changes are made to account operating authorities.
Financial Markets Conduct Act 2013: This act provides for financial market conduct and governance requirements, including aspects of corporate authority and financial responsibility.
Banking (Prudential Supervision) Act 1989: This legislation sets out requirements for bank operations and governance, including aspects of account management and signatory arrangements.
Financial Reporting Act 2013: This act is relevant as it relates to financial reporting requirements and the authority to sign financial documents on behalf of an organization.
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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