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Board Resolution For Bank Account Signatory for the United States

Board Resolution For Bank Account Signatory Template for United States

A Board Resolution for Bank Account Signatory is a formal document adopted by a company's Board of Directors that designates specific individuals as authorized signatories for banking transactions. Under U.S. corporate law, this document serves as official evidence of the board's approval and is typically required by banks to establish or modify signing authority on corporate accounts. The resolution includes specific details about the powers granted, any limitations on authority, and often requires compliance with both federal banking regulations and state-specific corporate laws.

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Board Resolution For Bank Account Signatory

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What is a Board Resolution For Bank Account Signatory?

A Board Resolution For Bank Account Signatory is essential when a company needs to establish or modify banking relationships and authorize specific individuals to conduct banking transactions. This document is commonly required when opening new bank accounts, changing authorized signatories, or updating signing authorities. In the United States, banks require this formal resolution to comply with federal banking regulations and state corporate laws. The resolution typically specifies who can sign checks, make withdrawals, access online banking, and execute other banking transactions. It provides legal protection for both the bank and the company by clearly documenting the board's authorization of specific individuals to act on the company's behalf in banking matters.

What sections should be included in a Board Resolution For Bank Account Signatory?

1. Title and Date: Official heading and date of the resolution

2. Company Information: Legal name, registration details, and address of the company

3. Meeting Details: Information about the board meeting where resolution was passed, including quorum confirmation

4. Resolution Statement: The main body detailing the board's decision regarding bank signatory powers

5. Authorized Signatories: Names and positions of individuals granted signing authority

6. Signing Powers: Specific powers granted to each signatory

7. Authentication: Signatures of board members/secretary certifying the resolution

What sections are optional to include in a Board Resolution For Bank Account Signatory?

1. Transaction Limits: Specific monetary limits for different signatories and when multiple signatures are required

2. Dual Signature Requirements: Requirements for multiple signatures above certain amounts and specific combinations of authorized signatories

3. Special Instructions: Any specific banking instructions or requirements unique to the company's operations

What schedules should be included in a Board Resolution For Bank Account Signatory?

1. Specimen Signatures: Sample signatures of all authorized signatories for bank verification

2. ID Documentation: Copies of identification documents for authorized signatories as required by banking regulations

3. Bank Account Details: List of specific bank accounts covered by the resolution, including account numbers and branches

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓÆµ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

United States

Document Type

Board Resolution

Cost

Free to use
Relevant legal definitions





















Clauses



















Industries

Bank Secrecy Act (BSA): Federal law requiring financial institutions to assist government agencies in detecting and preventing money laundering. Must be considered when establishing bank account signatories.

USA PATRIOT Act: Federal law containing specific requirements for customer identification in banking relationships, including corporate account signatories.

Federal Reserve Regulations: Set of rules governing banking practices and operations that may affect how corporate banking relationships are structured.

FDIC Requirements: Federal Deposit Insurance Corporation guidelines that may impact corporate banking relationships and signatory arrangements.

State Corporate Laws: State-specific legislation governing corporate operations and authority, including how corporations can delegate banking powers.

Delaware General Corporation Law: Specific corporate law framework if the company is incorporated in Delaware, affecting how board resolutions must be structured.

State LLC Acts: State-specific laws governing Limited Liability Companies and their banking authorities if the entity is an LLC.

Sarbanes-Oxley Act: Federal law applying to publicly traded companies, including provisions about financial controls and authorizations.

Securities Exchange Act: Federal securities law that may impact banking arrangements for publicly traded companies.

Articles of Incorporation: Company's founding document that may contain relevant provisions about banking authority and financial powers.

Company Bylaws: Internal governance rules that typically specify how banking authority can be delegated and exercised.

Existing Corporate Resolutions: Previous board resolutions that may affect or need to be superseded by new banking authority arrangements.

Bank-Specific Requirements: Individual bank's forms, documentation, and procedural requirements for establishing corporate account signatories.

State Banking Regulations: State-specific rules governing banking relationships and corporate account management.

State Corporate Authorization Requirements: State-specific rules about how corporations must authorize individuals to act on their behalf in banking matters.

State Signature Authority Rules: State-specific regulations governing how signature authority must be documented and exercised.

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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