A Board Resolution To Open Bank Account is a crucial corporate document required by Philippine banks before they will open an account for a company. This document is necessary whenever a corporation wishes to establish a new banking relationship or modify existing banking arrangements. It demonstrates that the decision to open the account has been properly authorized at the corporate level, in accordance with the Corporation Code of the Philippines and BSP regulations. The resolution typically includes specific details about the type of account to be opened, the authorized signatories, their respective powers, and any operational limitations. This document is particularly important in the Philippine context as it helps ensure compliance with strict banking regulations and corporate governance requirements, while also protecting both the corporation and the bank in their financial relationship.
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1. Title and Company Details: Full legal name of the company, company registration number, and registered address
2. Meeting Details: Date, time, location of the board meeting, and statement of quorum being present
3. Preamble: Standard recital indicating that this is an extract of the minutes of the board meeting
4. Resolution Statement: Clear statement that the board has resolved to open a bank account
5. Bank Details: Name and branch of the bank where the account will be opened
6. Account Parameters: Type of account to be opened and any specific account requirements
7. Authorized Signatories: Names, positions, and signing powers of individuals authorized to operate the account
8. Operating Instructions: Specific instructions regarding signing arrangements (e.g., single/joint signatures, transaction limits)
9. Certification: Statement certifying that the resolution is true and was passed in accordance with the company's articles and bylaws
1. Additional Banking Services: Authorization for specific banking services like online banking, credit facilities, or merchant services - include when the company needs these additional services
2. Special Instructions: Any special requirements or restrictions on the account operation - include when there are specific operational needs
3. Corporate Seal Authorization: Authorization to affix corporate seal - include when required by bank or company policy
4. Document Authorization: Authorization for specific individuals to execute additional banking documents - include when additional documentation may be needed
1. List of Authorized Signatories: Detailed list of authorized signatories with their specimen signatures and identification details
2. Copy of Board Attendance: List of board members present during the meeting with their signatures
3. Supporting Documents Checklist: List of required documents to be submitted to the bank (e.g., SEC registration, articles of incorporation, tax certificates)
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Corporate Services
Retail
Manufacturing
Technology
Healthcare
Real Estate
Construction
Education
Hospitality
Transportation
Energy
Agriculture
Professional Services
Non-Profit Organizations
Relevant Teams
Legal
Finance
Treasury
Corporate Secretariat
Compliance
Corporate Governance
Executive Management
Board Administration
Accounts
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Corporate Secretary
Finance Director
Treasury Manager
Financial Controller
Company Director
Board Member
Managing Director
Compliance Officer
Legal Counsel
Finance Manager
Accounts Manager
Corporate Governance Officer
Executive Director
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