A Corporate Resolution For Bank Account is a crucial document required by Philippine banks when establishing or modifying banking relationships with corporate entities. This document, mandated by the Revised Corporation Code of the Philippines and banking regulations, serves as official authorization from a corporation's board of directors to open, maintain, and operate bank accounts. It is typically needed when setting up new banking relationships, changing authorized signatories, modifying banking powers, or updating transaction limits. The resolution must specify who can act on behalf of the corporation in banking matters, their respective authorities, and any limitations on their powers. It provides banks with assurance that the individuals conducting transactions have proper corporate authority and helps protect both the corporation and the bank by clearly defining the parameters of the banking relationship.
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1. Title and Corporate Information: Formal title of the resolution, corporation name, registration details, and date of the resolution
2. Meeting Details: Information about the board meeting where the resolution was passed, including date, location, and quorum confirmation
3. Recitals: Background information explaining the purpose and necessity of the resolution
4. Bank Account Details: Specification of the bank, branch, and types of accounts to be opened/maintained
5. Authorized Signatories: Names, positions, and specimen signatures of persons authorized to operate the account
6. Signing Authority Matrix: Specific powers granted and transaction limits for each authorized signatory or category
7. Banking Powers: Detailed list of authorized banking transactions and operations
8. Certification: Statement certifying the resolution's validity and compliance with corporate bylaws
1. Online Banking Authorization: Specific provisions for digital banking services and authorized users, included when the corporation requires online banking access
2. Foreign Currency Accounts: Additional provisions for foreign currency accounts, needed when the corporation requires multi-currency operations
3. Special Instructions: Any special operating instructions or restrictions, included when specific account handling requirements exist
4. Branch Network Authorization: Authorization to operate accounts across multiple branches, included for corporations with nationwide operations
1. Schedule A - List of Authorized Signatories: Detailed list of authorized persons including their full names, positions, specimen signatures, and specific powers
2. Schedule B - Transaction Limits Matrix: Detailed breakdown of transaction limits and approval requirements for different types of transactions
3. Schedule C - Required Account Documentation: List of supporting documents submitted to the bank for account opening/maintenance
4. Appendix 1 - Specimen Signatures: Original specimen signatures of all authorized signatories
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Corporate Services
Manufacturing
Retail
Technology
Healthcare
Real Estate
Construction
Energy
Transportation and Logistics
Education
Professional Services
Hospitality
Agriculture
Mining
Relevant Teams
Finance
Treasury
Corporate Secretariat
Legal
Compliance
Board of Directors
Executive Management
Accounting
Corporate Governance
Risk Management
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Corporate Secretary
Treasury Manager
Finance Director
Board Director
Company President
Vice President of Finance
Accounting Manager
Financial Controller
Managing Director
Corporate Governance Officer
Compliance Officer
Branch Manager
Relationship Manager
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