Resolution Selecting Depository Bank for Corporation and Account Signatories
What this document covers
The Resolution Selecting Depository Bank for Corporation and Account Signatories is a legal document that formally designates a specific bank as the depository for a corporation's funds. This resolution outlines the authorized individuals who can manage the corporate account and emphasizes the procedure for amending signatories when necessary. Unlike other banking forms, this resolution serves to establish both the bank relationship and the authority to handle the corporationâs financial transactions.
Form components explained
- Identification of the selected bank where the corporation will deposit its funds.
- Authorization for designated corporate officers to manage and access the account.
- Provisions for certification of the resolution to the bank.
- Signature requirements to validate the document and the authority of signatories.
- Maintains ongoing validity until explicitly revoked by the corporation.
When to use this document
This form is essential when a corporation needs to establish a banking relationship for managing its financial assets. It should be utilized when setting up a new corporate bank account or making changes to existing authorized signatories. Use this resolution when formalizing which officers have the authority to act on behalf of the corporation regarding financial matters.
Who this form is for
This form is intended for:
- Corporate officers looking to open or modify a corporate bank account.
- Directors of corporations needing a formal resolution to authorize banking activities.
- Corporations of all sizes establishing a depository bank for the first time.
Steps to complete this form
- Identify and write the name of the selected bank in the appropriate section.
- List the names of individuals authorized to conduct transactions on behalf of the corporation.
- Ensure the resolution is signed by at least one qualified corporate officer.
- Specify the date of the directors' meeting where the resolution was adopted.
- Attach the corporate seal to the document where required.
Notarization guidance
This form usually doesn’t need to be notarized. However, local laws or specific transactions may require it. Our online notarization service, powered by Notarize, lets you complete it remotely through a secure video session, available 24/7.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Mistakes to watch out for
- Failing to include all authorized signatories, which may lead to banking access issues.
- Not attaching the corporate seal if it is required for validity.
- Neglecting to update the bank if there are changes in authorized signatories.
- Using outdated forms that do not reflect current corporate officers.
Advantages of online completion
- Quick and convenient access to downloadable forms without needing a lawyerâs office visit.
- Edit and customize the form to fit specific corporate needs before downloading.
- Instant availability ensures the resolution can be completed and submitted promptly.
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FAQ
I, (Name) hereby authorize Mr/MS. (Name) to sign all the documents related to my (mention relevant documents here like property located, bank account number etc.) on my behalf excluding the documents (mention documents that are excluded), starting from (Date) till (Date).
Signatory or Authorized Signer: This is someone who is authorized to sign documents on behalf of a particular account. With a banking account, they can write checks, make deposits and access basic info regarding the account.
Authorized signers on bank accounts. In banking, personal and business account holders can authorize someone else to manage their account. These people are also usually called authorized signatories. Many banks require account holders to be recognised as authorized signatories, too.
List the account number and the account's holder name. Identify the authorized person by name, ID type, and number. Provide an authorization scope: the list of authorized actions, which in your case is the signing of documents.
An 'account holder' is the person or persons shown on the full name of the account.They are able to open a new account, add/remove another signatory or change contact details. An 'authorised signatory' is someone we've both agreed can access and use your accounts.
You can name a friend or family member to act on your behalf by creating and signing a document called a power of attorney (or durable power of attorney). In that case, your bank account can remain in your name only, but the person you name in your power of attorney your agent can help you with banking.
Call your bank to ask about their requirements for adding a signatory. The process varies somewhat from bank to bank. You and your new signatory will likely need to visit the bank in person, present photo I.D. and sign forms.
I, (Name) hereby authorize Mr/MS. (Name) to sign all the documents related to my (mention relevant documents here like property located, bank account number etc.) on my behalf excluding the documents (mention documents that are excluded), starting from (Date) till (Date).
