The Corporate Banking Resolution is a fundamental document required when a corporation needs to establish or modify its banking relationship with financial institutions in Canada. This document is typically created following a board meeting where the directors approve specific banking arrangements and delegate authority to certain individuals within the organization. The resolution must comply with various Canadian federal and provincial regulations, including the Bank Act and provincial corporate laws. It includes detailed information about authorized signatories, their powers, transaction limits, and specific banking services the corporation may utilize. The Corporate Banking Resolution serves as the primary reference document for banks to verify the authority of individuals attempting to conduct banking transactions on behalf of the corporation, making it essential for maintaining secure and efficient banking operations.
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1. Corporate Information: Legal name of the corporation, registration number, and registered address
2. Board Resolution Declaration: Statement confirming that the resolution was duly passed at a valid board meeting
3. Authorization Scope: General scope of banking authority being granted
4. Authorized Individuals: Designation of persons authorized to act on behalf of the corporation
5. Banking Powers: Specific banking powers granted to authorized individuals
6. Signing Requirements: Requirements for number of signatures and combinations of authorized signers
7. Bank Account Operations: Authority for opening, closing, and operating bank accounts
8. Certification: Certification by corporate secretary or other officer regarding the validity of the resolution
9. Effective Date: Date when the resolution becomes effective
1. Digital Banking Services: Authorization for online and digital banking services
2. Foreign Exchange Transactions: Authority to conduct foreign exchange transactions and international banking
3. Credit Facilities: Authorization to arrange and manage credit facilities and loans
4. Investment Powers: Authority to make investment decisions and manage investment accounts
5. Security Agreements: Power to execute security agreements and provide collateral
6. Subsidiary Accounts: Authority regarding accounts of subsidiary companies
7. Trade Finance: Authorization for letters of credit and other trade finance instruments
1. Schedule A - Authorized Persons List: Detailed list of authorized individuals with their positions, specimen signatures, and specific powers
2. Schedule B - Authorized Banking Services: List of specific banking services and products the corporation is authorized to use
3. Schedule C - Signing Authority Matrix: Matrix showing different transaction types and required signature combinations
4. Schedule D - Existing Bank Accounts: List of all current bank accounts covered by the resolution
5. Appendix 1 - Board Meeting Minutes Extract: Extract from board meeting minutes where the resolution was passed
6. Appendix 2 - Certificate of Incumbency: Certification of current officers and directors of the corporation
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Corporate Services
Manufacturing
Retail
Technology
Healthcare
Real Estate
Construction
Professional Services
Energy
Transportation and Logistics
Agricultural
Mining and Resources
Relevant Teams
Legal
Finance
Treasury
Corporate Governance
Executive Leadership
Accounting
Compliance
Risk Management
Operations
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Corporate Secretary
Treasury Manager
Finance Director
Board Director
Company Controller
Finance Manager
Accounting Manager
Senior Financial Analyst
Corporate Counsel
Legal Director
Operations Director
Managing Director
Vice President of Finance
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