A Resolution Letter For Bank Signing Authority is a fundamental document required when establishing or modifying banking relationships in Nigeria. It is typically needed when setting up new bank accounts, changing authorized signatories, updating signing limits, or revising operating mandates. The document must comply with Nigerian banking regulations, particularly the Banks and Other Financial Institutions Act (BOFIA) 2020 and the Companies and Allied Matters Act (CAMA) 2020. It contains crucial information such as the company's details, authorized signatories' information, their respective powers, transaction limits, and specific operating instructions. This resolution serves as the primary reference document for banks to verify and process transactions, making it essential for effective corporate banking operations and financial control.
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1. Company Information: Full legal name of the company, registration number, and registered address
2. Meeting Details: Date, time, and type of meeting (board/shareholder) where resolution was passed
3. Resolution Statement: Clear statement that this is a certified extract of the resolution passed
4. Bank Account Details: Specification of the bank and account numbers to which the authority applies
5. Authorized Signatories: Names, positions, and specimen signatures of appointed authorized signatories
6. Signing Authority Limits: Financial limits and transaction types for each signatory category
7. Operating Instructions: Signing combinations and any specific operational requirements
8. Certification: Authentication by company secretary or director confirming the resolution's validity
1. Previous Resolution Revocation: Section revoking previous banking authorities, used when replacing existing mandates
2. Digital Banking Access: Authorization for online banking access and digital services, included when digital banking services are required
3. Special Instructions: Any specific conditions or restrictions, included when there are unusual requirements
4. Foreign Currency Authority: Special provisions for foreign currency transactions, used when foreign currency accounts are involved
1. Specimen Signature Sheet: Document containing specimen signatures of all authorized signatories
2. Board Resolution Extract: Certified extract from board minutes approving the banking mandate
3. Identification Documents: Copies of ID documents for all authorized signatories
4. Company Registration Documents: Copy of certificate of incorporation and other relevant company registration documents
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Corporate
Manufacturing
Retail
Technology
Healthcare
Education
Construction
Energy
Transportation
Agriculture
Mining
Real Estate
Telecommunications
Professional Services
Relevant Teams
Finance
Legal
Corporate Secretariat
Treasury
Accounts
Executive Management
Board of Directors
Operations
Corporate Services
Compliance
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Finance Director
Managing Director
Company Secretary
Financial Controller
Treasury Manager
Accounts Manager
Board Director
Executive Director
General Manager
Finance Manager
Operations Director
Head of Finance
Corporate Services Manager
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