Board Meeting Minutes For Opening Bank Account is a crucial corporate document required when a company in the Philippines seeks to establish a banking relationship. This document is mandated by both the Revised Corporation Code of the Philippines and banking regulations, serving as official evidence of proper corporate authorization for opening and operating a bank account. It is typically prepared when a company is newly incorporated, requiring its first bank account, or when establishing additional accounts with different banks. The minutes must include specific details such as the meeting date, attendees, resolutions passed, and particularly the designation of authorized signatories with their respective transaction limits. Banks in the Philippines rely on these minutes as part of their due diligence process and require them to be certified by the Corporate Secretary to verify their authenticity.
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1. Meeting Details: Date, time, venue, and type of meeting (regular/special board meeting)
2. Attendance: List of present and absent board members, establishing quorum
3. Call to Order: Statement of meeting being called to order by the Chairman
4. Notice and Quorum: Confirmation that proper notice was given and quorum was present
5. Purpose of Meeting: Statement of the specific purpose to discuss and approve opening of bank account
6. Resolution to Open Bank Account: Formal board resolution approving the opening of bank account
7. Bank Account Details: Specification of bank name, branch, and type of account to be opened
8. Authorized Signatories: Designation of authorized signatories and their signing authorities/limits
9. Specimen Signatures: Space for authorized signatories to affix their specimens
10. Adjournment: Time of meeting conclusion
11. Certification: Secretary's certification of the accuracy of the minutes
1. Previous Minutes: Approval of previous meeting minutes, if this is a regular board meeting
2. Additional Banking Services: Authorization for additional services like online banking, credit facilities, if required
3. Special Instructions: Any special operating instructions for the bank account
4. Corporate Seal Authorization: Authorization to affix corporate seal, if required by the bank
5. Specific Bank Requirements: Additional resolutions required by the specific bank being approached
1. Schedule A - List of Authorized Signatories: Detailed list of authorized signatories with their positions, signing limits, and signing classes
2. Schedule B - Required Bank Forms: Copies of completed bank forms that were approved during the meeting
3. Schedule C - Board Members' Information: List of board members with their government IDs and contact information as required by the bank
4. Appendix 1 - Secretary's Certificate: Separate certificate confirming the authenticity of the board resolution
5. Appendix 2 - Corporate Documents: List of supporting corporate documents submitted to the bank (SEC registration, articles of incorporation, etc.)
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Corporate Services
Manufacturing
Retail
Technology
Healthcare
Real Estate
Construction
Education
Hospitality
Transportation
Energy
Agriculture
Mining
Telecommunications
Relevant Teams
Legal
Finance
Corporate Secretariat
Executive Office
Compliance
Corporate Governance
Treasury
Administration
Relevant Roles
Corporate Secretary
Board Director
Chief Executive Officer
Chief Financial Officer
Finance Director
Company President
Treasurer
Legal Counsel
Compliance Officer
Corporate Governance Officer
Bank Relationship Manager
Financial Controller
Managing Director
Executive Director
Company Secretary
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