Resolution Selecting Depository Bank for Corporation and Account Signatories
What is this form?
The Resolution Selecting Depository Bank for Corporation and Account Signatories is a legal document that formalizes a corporation's decision to designate a specific bank for holding its funds. This form is essential for establishing corporate banking arrangements and specifies which officers are authorized to act on behalf of the corporation in banking matters. Unlike other corporate resolutions, this form focuses specifically on banking relationships and signatory authority.
Key components of this form
- Identification of the chosen bank for the corporation's funds.
- Authorization for specified corporate officers to act on behalf of the corporation.
- Details on the signing authority for checks and payments.
- Ratification of actions taken under this resolution.
- Certification of the resolution by a corporate officer.
Situations where this form applies
This form should be used when a corporation needs to open a new bank account or change its depository bank. It is essential in scenarios where the corporation is establishing financial operations, needs to define who can sign checks, and wants to maintain clear records of authorized personnel for banking transactions.
Who can use this document
- Corporate officers responsible for managing corporate finances.
- Members of the board of directors involved in corporate governance.
- Businesses looking to establish or modify banking relationships.
- Corporations of all sizes, from startups to established enterprises.
Steps to complete this form
- Enter the name of the selected bank and its branch as the depository.
- Identify the officers authorized to sign checks from the corporationâs account.
- Certify the resolution by signing it with the appropriate corporate officerâs title.
- Ensure that the corporate seal is affixed to the document if required.
- Keep a copy of the completed resolution for the corporation's records.
Notarization guidance
This form does not typically require notarization unless specified by local law. However, to ensure its legal validity and to provide an added layer of authenticity, some corporations may choose to have it notarized.
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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.
Typical mistakes to avoid
- Failing to specify the full name of the bank or its branch.
- Not including all authorized signers, which can result in complications during transactions.
- Neglecting to affix the corporate seal where necessary.
- Incomplete certification by omitting the signature of a corporate officer.
Benefits of using this form online
- Convenience of downloading and filling out the form from anywhere.
- Editability allows for easy adjustments to officer names and banking details.
- Instant access to professionally drafted legal forms prepared by licensed attorneys.
- Secure storage of completed forms for future reference.
What to keep in mind
- Establishes banking authority for your corporation.
- Outlines which officers can access corporate funds.
- Should be completed accurately to avoid issues with banking operations.
- Important for maintaining organized and lawful financial practices.
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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).
