A Board Resolution For Authorized Signatory In Bank is a crucial corporate document required by Philippine banking institutions to establish and verify the authority of individuals who can conduct banking transactions on behalf of a corporation. This document is necessary when setting up new banking relationships, changing authorized signatories, or updating signing authorities. It must comply with the Revised Corporation Code of the Philippines and BSP regulations, particularly BSP Circular No. 950 and anti-money laundering requirements. The resolution typically specifies transaction limits, signing arrangements (single/joint), and covers various banking activities from basic transactions to digital banking services. Banks rely on this document as proof of proper corporate authorization and delegation of banking powers.
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1. Title and Corporate Details: Full legal name of corporation, registered address, and date of resolution
2. Meeting Details: Information about the board meeting including date, time, venue, and quorum confirmation
3. Recitals: Background information stating the need for appointing bank signatories and reference to relevant board powers
4. Resolution Statement: Formal declaration that the board has resolved to authorize specific individuals as bank signatories
5. Authorized Persons: Names, positions, and identification details of persons authorized to act as signatories
6. Scope of Authority: Detailed description of banking transactions and activities the authorized persons can perform
7. Signing Requirements: Specification of signing arrangements (e.g., single, joint, threshold amounts)
8. Bank Account Details: Specification of bank accounts covered by the resolution
9. Certification: Secretary's certification of the resolution's validity and conformity with company bylaws
10. Attestation: Signatures of required board members and corporate secretary confirming the resolution
1. Revocation of Previous Authorities: Section explicitly revoking previous signatory authorizations, used when replacing existing signatories
2. Digital/Electronic Banking Authorization: Specific authorization for online banking services, used when the company requires digital banking access
3. Special Instructions: Any special conditions or restrictions on the authority granted, used when specific limitations are needed
4. Branch Authorization: Authorization for specific branch transactions, used for companies with multiple locations
5. Foreign Currency Dealings: Specific authorization for foreign currency transactions, used when company engages in international banking
1. Schedule A - Authorized Signatories Matrix: Detailed matrix showing names, positions, signature specimens, and transaction limits for each authorized person
2. Schedule B - Account Listings: Complete list of all bank accounts covered by the resolution, including account numbers and types
3. Schedule C - Specimen Signatures: Official specimen signatures of all authorized signatories
4. Appendix 1 - Supporting Documents: List of required supporting documents (IDs, proof of authority, etc.) for each signatory
5. Appendix 2 - Bank Forms: Specific bank forms required to be attached to the resolution as per bank requirements
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Corporate Services
Manufacturing
Retail
Technology
Healthcare
Real Estate
Construction
Education
Transportation & Logistics
Energy & Utilities
Agriculture
Mining
Telecommunications
Professional Services
Relevant Teams
Finance
Treasury
Corporate Secretariat
Legal
Compliance
Corporate Governance
Executive Office
Accounts
Operations
Risk Management
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Finance Director
Treasury Manager
Corporate Secretary
Board Director
Managing Director
Financial Controller
Accounts Manager
Company President
Vice President - Finance
General Manager
Executive Director
Branch Manager
Operations Director
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