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Corporate Resolution To Open Bank Account

Corporate Resolution To Open Bank Account Template for New Zealand

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Key Requirements PROMPT example:

Corporate Resolution To Open Bank Account

"I need a Corporate Resolution To Open Bank Account for my tech startup with ANZ Bank, including authorization for international transfers and online banking, with three authorized signatories requiring any two to sign for transactions over NZD 10,000."

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Document background
The Corporate Resolution To Open Bank Account is a fundamental document required when a company in New Zealand needs to establish or modify its banking relationships. This document is necessary for compliance with both the Companies Act 1993 and banking regulations, serving as formal evidence of the company's decision to open bank accounts and authorize specific individuals to conduct banking transactions. It is typically prepared following a board meeting where the decision is made and must include specific details about the authorized signatories, their powers, and any limitations on their authority. The resolution is essential for new companies, companies changing banks, or when updating signing authorities, and it forms part of the bank's due diligence process under New Zealand's anti-money laundering legislation.
Suggested Sections

1. Corporation Details: Legal name of the corporation, registration number, and registered office address

2. Meeting Details: Date, time, location of the meeting, and confirmation of quorum

3. Resolution Declaration: Formal statement that the resolution was passed in accordance with company constitution and Companies Act 1993

4. Bank Account Authorization: Specific authorization to open account(s) with the named banking institution

5. Authorized Signatories: Names, positions, and specimen signatures of individuals authorized to operate the account

6. Signing Authority Structure: Specific rules for how many signatories are required for different types of transactions

7. Certification: Declaration by company secretary or director certifying the resolution's validity

Optional Sections

1. Online Banking Authorization: Additional provisions for internet banking access and authorities - include when digital banking services are required

2. Foreign Currency Accounts: Specific provisions for opening and operating foreign currency accounts - include when international banking is needed

3. Credit Facility Authorization: Authorization for applying for credit facilities - include when overdraft or credit facilities may be needed

4. Specific Transaction Limits: Detailed breakdown of transaction limits for different authorized persons - include when hierarchical transaction authority is required

Suggested Schedules

1. Schedule 1 - Authorized Persons Details: Detailed information about each authorized person including full name, position, contact details, and identification documents

2. Schedule 2 - Specimen Signatures: Original signatures of all authorized signatories

3. Schedule 3 - Required Bank Forms: Bank-specific forms and documentation required for account opening

4. Appendix A - Extract of Board Minutes: Certified extract of the board meeting minutes where the resolution was passed

Authors

Alex Denne

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

alex.den.21@genieai.co
Relevant legal definitions

























Clauses


















Relevant Industries

Banking and Financial Services

Corporate Services

Legal Services

Manufacturing

Retail

Technology

Healthcare

Construction

Education

Professional Services

Non-Profit Organizations

Real Estate

Hospitality

Transportation and Logistics

Relevant Teams

Finance

Legal

Corporate Secretariat

Treasury

Executive Leadership

Board of Directors

Governance

Compliance

Administration

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Company Secretary

Finance Director

Board Director

Managing Director

Financial Controller

Treasury Manager

Accounts Manager

Corporate Governance Officer

Legal Counsel

Board Chairman

Finance Manager

Corporate Secretary

Industries






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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