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Opening New Bank Account of Pvt Ltd Co (Corporate Law)

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This query is : Resolved

Querist : Anonymous

( Querist )
20 April 2011


1)One of my client Pvt Ltd Co wants to open an Bank.For According to my knowledge it required Board resolution.Kindly provide me the specimen of board resolution for the same.

2)Further minimum signatory of application to open an bank account is 2 directors. if any one directors is not present at current location, how should we move further? Appointment of Authorized person on his behalf will do? or company secretary?if yes what is procedure?


Jayashree S Iyer

( Expert )
21 April 2011

Board can authorise any two officials of the company for opening of bank account in the name of the Company and for operation of the bank account in the same resolution in which authorisation to open the bank account is passed.

Model Resolution:

Opening of Current Account with ................. Bank

The Board considered the proposal of opening Current Account with ......... Bank After deliberations, the Board passed the following resolution unanimously.

“RESOLVED THAT a Current Account be opened in the name of “.............. LIMITED” with ............... Bank, ......................... Chennai 600 001, (‘the Bank’) and Mr ............... Director and Mr. ........., Senior Manager (Finance) be and are hereby severally authorized on behalf of the Company to sign the documents required for opening the said Account.

RESOLVED FURTHER THAT the Common Seal of the Company be affixed wherever necessary in the presence of Mr ..............Director and Mr. ......... Director and the same shall also be signed by Mr ......., Sr. Manager(Finance) in token thereof. .

RESOLVED FURTHER THAT the aforesaid Bank be instructed to honour cheques and other orders drawn by and all bills accepted on behalf of the company and to accept and credit to the account of the Company all moneys deposited with or owing by the Bank in the name of the Company and the amount of all cheques, orders or receipts provided they are signed without any monetary limits by Mr. ........ Director and Mr. ......... Senior Manager (Finance) and such signature(s) shall be sufficient to bind the Company in all transactions between the Bank and the Company specifically referred to herein.”



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