Resolution To Add Signatory To Bank Account Generator for Singapore

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Key Requirements PROMPT example:

Resolution To Add Signatory To Bank Account

"I need a Resolution To Add Signatory To Bank Account for our Singapore subsidiary that adds our new CFO as a Category A signatory with unlimited transaction authority, effective March 1, 2025, for our DBS corporate account."

Document background
A Resolution To Add Signatory To Bank Account is a formal document required when a company needs to authorize a new individual to operate its bank accounts in Singapore. This document is essential for compliance with both corporate governance requirements under the Companies Act and banking regulations overseen by the Monetary Authority of Singapore (MAS). It typically includes details of the new signatory, their authorized powers, any transaction limits, and whether joint signatures are required. The resolution must be properly executed according to the company's constitution and certified by appropriate officers to be accepted by Singapore banks.
Suggested Sections

1. Title and Date: Company name, registration number, and date of resolution

2. Preamble: States the meeting details, quorum present, and chairperson

3. Resolutions: Specific resolutions regarding the addition of new signatory

4. Bank Account Details: Relevant bank account numbers and banking institution details

5. New Signatory Details: Full name, identification details, and position of new signatory

6. Authorization Powers: Specific powers granted to the new signatory

7. Certification: Declaration of resolution's validity by company secretary or director

Optional Sections

1. Existing Signatories List: List of current signatories (include when updating full signatory list)

2. Signing Limits: Specific transaction limits for the new signatory

3. Joint Signing Requirements: Requirements for joint signatures on transactions

Suggested Schedules

1. Specimen Signature: New signatory's specimen signature

2. Identification Documents: Copies of new signatory's identification documents

3. Board Meeting Minutes: Minutes of the meeting where resolution was passed (if required by bank)

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

Industries

Companies Act (Chapter 50) - Directors' Duties: Section 157 governing directors' duties and responsibilities in relation to company decisions including banking matters

Companies Act (Chapter 50) - Company Resolutions: Section 171 specifying requirements for valid company resolutions and decision-making processes

Companies Act (Chapter 50) - Directors' Powers: Section 179 outlining powers of directors and scope of corporate authority

Banking Act (Chapter 19) - Signatory Requirements: Regulations regarding the appointment and verification of bank account signatories

Banking Act (Chapter 19) - KYC Requirements: Know Your Customer (KYC) requirements for bank account signatories and account modifications

Banking Act (Chapter 19) - AML Provisions: Anti-money laundering provisions affecting bank account management and signatory appointments

MAS Notice 626: Requirements for Prevention of Money Laundering and Countering the Financing of Terrorism in banking operations

MAS Guidelines - Account Management: Guidelines on account opening procedures and signatory verification requirements

Banking Security Act - Signature Verification: Requirements for verification and validation of signatures for bank account access

Banking Security Act - Security Measures: Security protocols and measures required for bank account access management

Corporate Documentation Requirements: Requirements for proper documentation of authorization including board resolutions and company secretary certification

Meeting Requirements: Quorum requirements and notice periods for valid company meetings to pass banking resolutions

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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