Corporate Resolution to Open Bank Account (sample)


What is a Corporate Resolution to Open Bank Account?

Corporate or board Resolution to Open Bank Account is a special resolution passed in a valid corporate meeting for the purpose of authorizing the company to open and operate its bank account as agreed by the members of the meeting.

Read also: Everything you need to know about corporate resolution

How to write Corporate/board Resolution to Open Bank Account?

Board Resolution to open a bank account is written as an extract of the meeting duly convinced by the company board of directors to discuss the agenda of opening a bank account.

Board Resolution to open a bank account must show or must contain, the purpose of opening a bank account, the Bank where the account will be opened, the name of the account, the signatory, etc.

sample of Corporate/board Resolution to Open Bank Account.

The following is the sample of Corporate Resolution to Open Bank Account.

X AND Y ENTERPRISES LIMITED

Of [insert postal and physical address]

CORPORATE RESOLUTION TO OPEN BANK ACCOUNT

PRESENT WERE:

  1. John Smith- Director/chairman
  2. Isaac Michael- Director/secretary
  3. Jane Jordan-Director/member
  4. Harry James- Director/member
  5. Marry Emanuel – Director/member

The undersigned, being directors of the X and Y enterprises Limited we hereby consent and agree that the following corporate resolution was made on 1/01/2020 03: 30 PM at Grasmere, Staten Island New York City, United States

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WHEREAS the chairman reported that arrangements would be made to open a bank account with ABC Bank, X Branch, to enhance the financial operations of the corporation.

In accordance with state law and the bylaws of this corporation, by unanimous consent, the board of directors resolved that:

A bank account in the name and style of X AND Y ENTERPRISES LIMITED should be open with ABC Bank, X Branch, to enhance the financial operations of the corporation.

The following signatories from the corporation are hereby appointed and authorized to jointly and severally act in any reasonable manner whatsoever regarding opening and operation of  that Bank account on behalf of the corporation

  1. Isaac Michael
  2. Jane Jordan
  3. Harry James

The corporation shall provide the authorized with a certified copy of this resolution together with all financial and non-financial support as it may require opening the Bank Account.

That the process of opening that Bank account shall start as soon as possible from the date of the meeting.

The Secretary of the Corporation certifies that the above is a true and correct copy of the resolution that was duly adopted at a meeting of the dated meeting of board of directors.

Name___________________________                   ___________ Signature of Chairman        Date____

Name____________________________                  __________ Signature of Secretary           Date_____

I feel like the sample alone might not be enough for you.

The following template might add value to what you are looking for.

Corporate/board Resolution to Open Bank Account (template)

CERTIFIED TRUE COPY OF THE RESOLUTION PASSED AT THE MEETING OF THE BOARD OF DIRECTORS OF (COMPANY NAME) HELD AT THE REGISTERED OFFICE OF THE COMPANY AT (ADDRESS) ON (DATE) AT (TIME)


A proposal to open a current account with the (Bank Name and Address) was placed before the Board for conducting its day-to-day financial transactions. After discussions, the Board unanimously:

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“RESOLVED THAT Current Account in the name & style of ‘(COMPANY NAME)’ be opened with the (Bank Name and Address), for the operations of the activities of the Company and that the following Authorized Signatory(ies) of the Company be and are hereby authorized to open and operate the said account:

INDIVIDUALLY

  1. Authorized Signatory
  2. Authorized Signatory

JOINTLY

  1. Authorized Signatory
  2. Authorized Signatory

AND

  1. THAT the said Bank be instructed to accept and act upon any instructions relating to the account kept in the name of the Company or relating to any transactions of the Company with the Bank, provided the instructions are signed by the authorized signatory(ies) of the Company in the manner mentioned as above.
  2. THAT the said Bank be instructed to accept receipts for money, deeds, securities or other documents or papers or property or any indemnities given on behalf of the Company provided they are signed by the authorized signatory(ies) of the Company in the manner as mentioned above.
  3. THAT the bank be furnished with a list of the names of Directors of the Company and a copy of the Memorandum & Articles of Association and be from time to time informed by notice in writing under the hand of the Directors/Authorized Signatory of the Company of any changes which may take place therein and be entitled to act upon any such notice until the receipt of further notice under the hand of any Directors / Authorized Signatory.
  4. THAT the resolution be communicated to the Bank and remain in force until duly rescinded and notice thereof in writing be given to the Bank by any of the Directors of the Company.”
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“RESOLVED FURTHER THAT the aforesaid power entrusted to the said official shall be valid and effective unless revoked earlier by the Board or shall be exercisable by him so long as he is in the concerned to the Company.”

“RESOLVED FURTHER THAT all acts, deeds, things, matters, etc. as aforestated shall be deemed to be valid and enforceable only if they are consistent with the instant resolution as may be relevant in this case and that the Board shall not be responsible for any acts beyond the scope of the aforestated powers done by (Name of the authorized person(s) and such invalid, illegal acts, and acts done beyond the scope of  powers granted in this Resolution shall not bind the Company against any third parties or before any authorities  in any manner and that the Board shall not be answerable in that behalf.”

“RESOLVED FURTHER THAT a certified copy of the resolution be given to anyone concerned or interested in the matter.”

For (COMPANY NAME)

(Director Name)

Isack Kimaro

Editor-in-chief and founder of sherianajamii.com. Holder of Bachelor of Laws (LL.B) from Mzumbe University and Post Graduate Diploma in Legal Practice from the Law school of Tanzania. Lawyer by profession and blogger by passion.

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