The Resolution To Open Bank Account For Association is a crucial document required by Hong Kong banks when establishing banking relationships with associations registered under the Societies Ordinance. This document is necessary when an association needs to open its first bank account or establish additional banking relationships. It demonstrates proper authorization through a formal meeting and resolution process, typically required during an association's formation or when changing banking arrangements. The resolution must comply with Hong Kong's Banking Ordinance, Anti-Money Laundering regulations, and the association's own constitutional documents. It includes essential details such as the chosen bank, authorized signatories, signing arrangements, and approved banking activities, serving as the bank's primary reference for account operation permissions.
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1. Title and Date: Formal title of the resolution and date of the meeting
2. Association Details: Full legal name and registration details of the association
3. Meeting Details: Confirmation of proper notice and quorum requirements being met
4. Presiding Officers: Names and positions of the chairperson and secretary of the meeting
5. Bank Account Resolution: Main resolution to open the bank account, specifying the chosen bank and type of account
6. Authorized Signatories: Names, positions, and identification details of persons authorized to operate the account
7. Signing Instructions: Specification of signing arrangements (e.g., any two to sign jointly)
8. Banking Powers: List of approved banking activities and transactions the signatories can undertake
9. Certification: Statement certifying the resolution as true and accurate
10. Execution: Space for signatures of required office bearers to confirm the resolution
1. Online Banking Authorization: Include when the association wants to set up online banking services
2. Additional Banking Services: Include when specific additional services like merchant facilities or credit cards are required
3. Foreign Currency Accounts: Include when the association requires accounts in multiple currencies
4. Borrowing Powers: Include when the association needs to authorize overdraft facilities or other borrowing arrangements
5. Special Instructions: Include when there are specific operational requirements or restrictions
1. List of Authorized Signatories: Detailed information about each authorized signatory including full name, position, ID number, and specimen signature
2. Copy of Association Registration: Certified copy of the association's registration certificate
3. Constitutional Documents: Copy of the association's constitution or articles showing authority to open bank accounts
4. Meeting Minutes Extract: Certified extract of the meeting minutes where the resolution was passed
5. Identification Documents: Copies of identification documents of all authorized signatories
Relevant legal definitions
Clauses
Relevant Industries
Non-Profit Organizations
Charitable Organizations
Professional Associations
Trade Associations
Sports Clubs
Religious Organizations
Educational Institutions
Cultural Organizations
Community Groups
Industry Associations
Social Clubs
Banking and Financial Services
Relevant Teams
Legal
Compliance
Finance
Corporate Governance
Administration
Risk Management
Corporate Banking
Client Services
Operations
Relevant Roles
Association President
Association Treasurer
Association Secretary
Bank Account Manager
Compliance Officer
Legal Counsel
Financial Controller
Executive Director
Committee Member
Banking Relationship Manager
Risk Management Officer
Association Administrator
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