Document background
A Corporate Banking Resolution is a critical governance document required whenever a South African company needs to establish or modify its banking relationships. This document is necessary when opening new bank accounts, changing authorized signatories, or updating banking powers. It must comply with the South African Banks Act, Companies Act, and FICA requirements, while also adhering to the company's constitutional documents. The resolution typically follows a board meeting where these banking arrangements are approved and must be certified by appropriate company officers. It provides banks with the assurance that the company has properly authorized specific individuals to conduct banking activities and specifies the scope of their authority. This document is particularly important in the South African context where strict corporate governance standards and banking regulations require clear documentation of authority and decision-making.
