A Board Resolution To Withdraw Money From Bank is a crucial corporate document required by Philippine banks before allowing significant withdrawals from corporate accounts. This document is typically needed when a company needs to make substantial withdrawals, change authorized signatories, or establish specific withdrawal protocols. The resolution must comply with the Revised Corporation Code of the Philippines and various banking regulations, including those issued by the Bangko Sentral ng Pilipinas. It should contain specific details about the withdrawal authorization, including the exact amount, account details, authorized persons, and any specific conditions or limitations. This document is particularly important for corporate governance and internal controls, as it provides a clear audit trail of the board's decision-making process regarding company funds.
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1. Title and Date: Formal title of the resolution and date of the board meeting
2. Corporate Details: Full legal name of corporation, registration number, and registered address
3. Attendance and Quorum: List of directors present and confirmation of quorum requirements being met
4. Recitals: Background information establishing the context and necessity of the resolution
5. Bank Account Details: Specific details of the bank account including account number, bank name, and branch
6. Withdrawal Details: Specific amount to be withdrawn, purpose, and timing of the withdrawal
7. Authorization: Specific authorization of designated persons to execute the withdrawal
8. Specimen Signatures: Space for authorized signatories to provide their specimen signatures
9. Certification: Secretary's certification of the resolution's authenticity
1. Special Instructions: Include when there are specific instructions for the withdrawal method or timing
2. Purpose Declaration: Include when the bank requires explicit declaration of funds usage
3. Additional Security Measures: Include when dealing with large sums requiring extra security protocols
4. Foreign Currency Details: Include when the withdrawal involves foreign currency conversion
5. Multiple Account References: Include when the withdrawal involves multiple bank accounts
1. Schedule A - Previous Board Resolution: Copy of any previous relevant board resolutions referenced
2. Schedule B - Secretary's ID and Credentials: Identification documents of the corporate secretary certifying the resolution
3. Schedule C - Authorized Signatories' IDs: Copies of government-issued IDs of authorized signatories
4. Schedule D - Bank Account Documents: Relevant bank account documentation or statements
5. Appendix 1 - Powers of Attorney: If applicable, powers of attorney for authorized representatives
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Corporate Services
Manufacturing
Retail
Technology
Healthcare
Real Estate
Construction
Education
Non-Profit Organizations
Professional Services
Telecommunications
Transportation & Logistics
Relevant Teams
Legal
Finance
Treasury
Corporate Secretariat
Compliance
Risk Management
Corporate Governance
Executive Office
Administrative Services
Banking Relations
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Corporate Secretary
Board Director
Finance Manager
Treasury Manager
Compliance Officer
Legal Counsel
Financial Controller
Banking Relationship Manager
Corporate Governance Officer
Risk Management Officer
Board Chairman
Executive Director
Company President
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