The Board Resolution For Change Of Signatories In Bank Account is a critical corporate governance document used when a company needs to update its authorized signatories for banking transactions in the Philippines. This may be necessary due to personnel changes, organizational restructuring, or modifications in internal controls. The resolution must comply with the Revised Corporation Code of the Philippines, BSP regulations, and specific bank requirements. It typically follows a formal meeting of the board of directors where the changes are approved and includes detailed information about both outgoing and incoming signatories, their levels of authority, transaction limits, and any specific conditions or combinations required for different types of banking transactions. The document serves as the primary evidence for banks to implement these changes and forms part of the company's official records.
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1. Title and Corporate Details: Full legal name of the corporation, registration number, and registered address
2. Meeting Details: Date, time, location of the board meeting, and establishment of quorum
3. Attendance Record: List of directors present and absent, establishing valid quorum for decision-making
4. Recitals: Background information including current bank account details and reason for change of signatories
5. Resolution Details: Specific details of the changes being made, including removal of existing signatories and appointment of new ones
6. Signing Authority Matrix: Clear specification of signing powers, limits, and combinations of signatories required
7. Bank Account Details: Specific account numbers and types affected by the resolution
8. Certification and Signatures: Certification of the resolution's validity, with signatures of the Chairman and Corporate Secretary
1. Prior Resolutions Reference: Reference to previous resolutions being superseded, used when there's a history of signatory changes
2. Special Instructions: Any specific banking instructions or requirements, included when there are particular operational needs
3. Digital Banking Authorization: Authorization for online banking access and limits, included when digital banking services are required
4. Multiple Branch Authorization: Authorization for transactions across different branches, used when the company operates with multiple bank branches
5. Foreign Currency Authority: Specific authority for foreign currency transactions, included when dealing with foreign currency accounts
1. Schedule A - List of Authorized Signatories: Detailed information about new signatories including full names, positions, specimen signatures, and ID details
2. Schedule B - Specimen Signature Cards: Official specimen signature cards as required by the bank
3. Appendix 1 - Supporting Documents: List of required supporting documents such as valid IDs and proof of authority of signatories
4. Appendix 2 - Bank Forms: Specific bank forms required for the change of signatories, as provided by the bank
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Corporate Services
Legal Services
Manufacturing
Retail
Technology
Healthcare
Education
Real Estate
Construction
Hospitality
Transportation
Energy
Telecommunications
Non-Profit Organizations
Professional Services
Relevant Teams
Legal
Finance
Treasury
Corporate Secretariat
Compliance
Risk Management
Board Affairs
Corporate Governance
Banking Relations
Executive Office
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Finance Director
Corporate Secretary
Board Director
Managing Director
Treasury Manager
Financial Controller
Company President
Vice President of Finance
Compliance Officer
Legal Counsel
Account Manager
Finance Manager
Board Chairman
Executive Director
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