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Partnership Resolution For Opening Bank Account Template for Pakistan

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Key Requirements PROMPT example:

Partnership Resolution For Opening Bank Account

"I need a Partnership Resolution for Opening Bank Account for my 3-partner consulting firm in Karachi, with basic operating mandate and single signatory authorization for transactions up to PKR 500,000, to be effective from January 15, 2025."

Document background
A Partnership Resolution For Opening Bank Account is a crucial document required by Pakistani banks when establishing banking relationships with partnership firms. This document is necessary whenever a partnership firm needs to open a new bank account or modify existing banking arrangements. It must comply with the Partnership Act, 1932, banking regulations set by the State Bank of Pakistan, and anti-money laundering laws. The resolution typically includes details about the partnership, authorized signatories, operating instructions, and specific banking powers granted to designated partners. It serves as the primary reference document for the bank regarding the partnership's banking operations and helps prevent unauthorized access to partnership funds.
Suggested Sections

1. Title and Date: Formal title of the resolution and date of the partners' meeting

2. Partnership Details: Full name and registration details of the partnership firm

3. Partners Present: List of partners attending the meeting where the resolution was passed

4. Recitals: Background information explaining the need for opening a bank account

5. Resolution for Account Opening: Main resolution text authorizing the opening of the bank account

6. Bank Details: Specified bank name, branch, and type of account to be opened

7. Authorized Signatories: Names and details of partners/persons authorized to operate the account

8. Operating Instructions: Specific instructions regarding account operation (single/joint signatures, transaction limits)

9. Documentation Authority: Authorization to execute and submit required documents to the bank

10. Certification: Certification of the resolution's authenticity by the partners

Optional Sections

1. Special Powers: Additional banking powers granted to specific partners (e.g., online banking, credit facilities) - include when partnership needs enhanced banking services

2. Transaction Limits: Specific monetary limits for different types of transactions - include when partnership wants to implement internal controls

3. Digital Banking Authorization: Authorization for internet/mobile banking services - include when partnership requires digital banking access

4. Foreign Exchange Authority: Authorization for foreign exchange transactions - include for partnerships dealing with international trade

5. Borrowing Powers: Authority to arrange credit facilities - include when partnership anticipates need for banking facilities

Suggested Schedules

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

2. Schedule B - Operating Mandate: Detailed operating instructions including transaction limits and signature requirements

3. Schedule C - Partner Information: KYC details of all partners including identification documents and contact information

4. Appendix 1 - Partnership Deed Extract: Relevant extract from partnership deed showing authority to pass such resolutions

5. Appendix 2 - Required KYC Documents: List of required Know Your Customer documents to be submitted to the bank

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

Professional Services

Retail

Manufacturing

Technology

Healthcare

Construction

Trading

Agriculture

Consulting

Real Estate

Transportation

Food and Beverage

Education

Hospitality

Relevant Teams

Legal

Finance

Accounts

Administration

Compliance

Operations

Treasury

Corporate Secretarial

Risk Management

Banking Operations

Relevant Roles

Managing Partner

Senior Partner

Financial Controller

Chief Financial Officer

Finance Manager

Accounts Manager

Business Development Manager

Operations Manager

Company Secretary

Legal Counsel

Compliance Officer

Partnership Administrator

Treasury Manager

Banking Relationship Manager

Administrative Officer

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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