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Board Resolution For Bank Account Signatory Template for Pakistan

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Key Requirements PROMPT example:

Board Resolution For Bank Account Signatory

"I need a Board Resolution for Bank Account Signatory for my new technology startup in Pakistan, authorizing myself as CEO and my CFO as joint signatories for our first corporate bank account with National Bank of Pakistan, with a requirement that both signatures are needed for transactions above PKR 500,000."

Document background
The Board Resolution For Bank Account Signatory is a critical corporate governance document required by Pakistani banks and regulatory authorities when establishing or modifying banking relationships. This document is necessary whenever a company needs to designate new signatories, modify existing signing authorities, or establish new banking relationships. It demonstrates compliance with both the Companies Act 2017 and State Bank of Pakistan regulations, providing banks with the assurance that the designated individuals have proper authorization to conduct banking transactions on behalf of the company. The resolution typically includes specific details about the scope of authority granted, any limitations on transaction amounts, and whether signatures are required singly or jointly.
Suggested Sections

1. Meeting Details: Date, time, place of the board meeting, and details of directors present

2. Quorum Confirmation: Confirmation that the required quorum was present as per company's articles

3. Resolution Declaration: Formal declaration that the board has passed the following resolution(s)

4. Bank Account Details: Specific details of the bank account(s) including bank name, branch, and account type

5. Signatory Authorization: Clear specification of who is authorized to operate the account and in what capacity

6. Signing Instructions: Operating instructions for the account (e.g., single/joint signatures, transaction limits)

7. Powers Granted: Detailed list of powers granted to the authorized signatories

8. Certification: Certification by the company secretary or chairman regarding the accuracy of the resolution

Optional Sections

1. Previous Resolution Revocation: Section revoking previous signatory authorizations, used when replacing existing signatories

2. Digital Banking Authorization: Authorization for internet/digital banking access, used when online banking services are required

3. Foreign Currency Operations: Special provisions for foreign currency accounts, used when dealing with international transactions

4. Special Instructions: Any special operational instructions or restrictions, used when specific controls are needed

5. Specimen Signatures: Space for specimen signatures of authorized persons, used when required by the bank

Suggested Schedules

1. Schedule A - List of Authorized Signatories: Detailed list of authorized signatories with their designations and specimen signatures

2. Schedule B - Transaction Limits: Table showing transaction limits for different types of transactions and signatory combinations

3. Schedule C - Account Details: List of all bank accounts covered under this resolution if multiple accounts are involved

4. Appendix 1 - Identity Documents: Copies of identity documents of authorized signatories

5. Appendix 2 - Bank Forms: Specific forms required by the bank to be attached to the resolution

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓÆµ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions
























Clauses




















Relevant Industries

Banking & Financial Services

Corporate

Manufacturing

Retail

Technology

Healthcare

Education

Construction

Energy

Telecommunications

Professional Services

Non-Profit Organizations

Real Estate

Agriculture

Mining

Transportation & Logistics

Relevant Teams

Finance

Legal

Corporate Governance

Treasury

Accounts

Company Secretariat

Senior Management

Board of Directors

Compliance

Risk Management

Relevant Roles

Chief Executive Officer

Managing Director

Chief Financial Officer

Finance Director

Company Secretary

Board Director

Chairman of the Board

Treasury Manager

Financial Controller

General Manager

Executive Director

Chief Operating Officer

Account Signatory

Corporate Secretary

Finance Manager

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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