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Non Profit Resolution To Open Bank Account Template for New Zealand

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Key Requirements PROMPT example:

Non Profit Resolution To Open Bank Account

"I need a Non-Profit Resolution To Open Bank Account for our new environmental charity, authorizing three board members as signatories with dual signature requirements for transactions over $5,000, including provisions for online banking access."

Document background
A Non Profit Resolution To Open Bank Account is a crucial document required when a non-profit organization in New Zealand needs to establish banking facilities. This resolution is typically drafted when an organization is newly formed, changing banking providers, or updating its banking arrangements. The document must align with New Zealand's regulatory requirements, including the Incorporated Societies Act 2022, Charities Act 2005, and Anti-Money Laundering legislation. It serves as official evidence of the organization's decision to open a bank account and includes essential details such as authorized signatories, transaction limits, and specific banking services required. Banks in New Zealand rely on this resolution as part of their due diligence process and as proof of proper authorization from the organization's governing body.
Suggested Sections

1. Header: Organization name, document type (Resolution), and date of the resolution

2. Present at Meeting: List of board members/trustees present at the meeting where the resolution is passed

3. Quorum Statement: Confirmation that a quorum was present as per the organization's governing documents

4. Background: Brief context explaining the need for opening a bank account

5. Resolution Statement: The formal decision to open a bank account, including the bank name and type of account

6. Authorized Signatories: Names and positions of individuals authorized to operate the account

7. Signing Requirements: Requirements for transaction authorization (e.g., two signatures required for transactions over a certain amount)

8. Certification: Statement certifying that the resolution was properly passed according to the organization's rules

9. Signatures: Space for required signatures (typically Chair/President and Secretary)

Optional Sections

1. Online Banking Authorization: Additional authorization for internet banking services, used when the organization wants to enable online banking

2. Credit Card Authorization: Authorization for obtaining organizational credit cards, included when the organization requires credit card facilities

3. Foreign Currency Accounts: Authorization for opening foreign currency accounts, needed if the organization deals with international transactions

4. Specific Transaction Limits: Detailed breakdown of transaction limits for different types of transactions, used for more complex banking arrangements

5. Additional Services: Authorization for specific banking services like merchant facilities or payment processing, included when these services are required

Suggested Schedules

1. Schedule 1 - Authorized Signatories Details: Detailed information about each authorized signatory including full name, position, contact details, and specimen signature

2. Schedule 2 - Transaction Limits Matrix: Detailed matrix showing transaction limits and required authorizations for different types and values of transactions

3. Appendix A - Identification Documents: List of required identification documents for each authorized signatory to comply with AML requirements

4. Appendix B - Organization Documentation: Copies of relevant organization documents such as incorporation certificate, rules, or constitution that verify the authority to pass this resolution

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

Relevant legal definitions




















Clauses















Relevant Industries

Non-Profit/Charity

Education

Healthcare

Social Services

Environmental Conservation

Arts and Culture

Religious Organizations

Community Development

Sports and Recreation

Research and Development

Humanitarian Aid

Animal Welfare

Relevant Teams

Board of Directors

Executive Leadership

Finance

Legal

Administration

Compliance

Operations

Governance

Treasury

Risk Management

Relevant Roles

Board Member

Trustee

Executive Director

Chief Executive Officer

Secretary

Treasurer

Financial Controller

Compliance Officer

Operations Manager

Administrative Manager

Board Chair

President

Vice President

Finance Manager

Legal Counsel

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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