Resolution Selecting Depository Bank for Corporation and Account Signatories
Understanding this form
The Resolution Selecting Depository Bank for Corporation and Account Signatories is a legal document that establishes a bank account for a corporation. This resolution appoints a specific banking institution as the repository for corporate funds and outlines the authority of designated officers to manage the account. It differs from other corporate resolutions by specifically addressing the banking relationship and signatory authority vital for managing corporate finances.
What’s included in this form
- Name of the selected bank or banking institution.
- Designation of authorized signatories from the corporation.
- Certification of the resolution adoption by the directors.
- Quorum confirmation for the meeting where the resolution was passed.
- Space for signatures of the designated corporate officers.
Situations where this form applies
This form is necessary when a corporation wishes to open a bank account and designate specific individuals authorized to conduct transactions on behalf of the corporation. It is commonly used when establishing a new business account, changing banking institutions, or updating signatory information due to personnel changes.
Who should use this form
- Corporations that need to open a new depository account.
- Corporate officers tasked with managing corporate funds.
- Business owners seeking to formalize banking authority within their incorporated entity.
Steps to complete this form
- Enter the name of the selected bank or banking institution.
- List the names and titles of individuals authorized to sign checks.
- Fill in the date and location of the meeting where the resolution was adopted.
- Ensure that the form is signed by one of the authorized officers and affix the corporate seal if applicable.
- File or present the certified copy of the resolution to the bank along with any required signature cards.
Notarization requirements for this form
This form does not typically require notarization to be legally valid. However, some jurisdictions or document types may still require it. US Legal Forms provides secure online notarization powered by Notarize, available 24/7 for added convenience.
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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.
Common mistakes
- Failing to include the correct name of the bank.
- Not specifying all authorized signatories.
- Neglecting to properly date the resolution or indicate quorum.
- Omitting the corporate seal when required.
Benefits of using this form online
- Convenient access to the form for immediate download and use.
- Editable format that allows for easy customization to fit specific corporate needs.
- Ensured reliability, with templates drafted by licensed attorneys.
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).
