board resolution
This query is : Resolved
19 October 2009
is board resolution necessary for opening for bank account to a public company under indian compamies act
19 October 2009
Yes it is compulsory otherwise Bankers will not open the account.
19 October 2009
Prepare a corporate resolution. This may be only the first of many corporate resolutions you'll create in the future. This document will specifically state the individuals and officers permitted to act for the corporation in banking matters. These people can sign checks, open accounts, transfer money, invest funds and perform all other banking necessities under their signature(s). You may give these individuals complete authority to act for the corporation, or authorize one or more people to commit the company in some cases, but not others. The corporate resolution advises the bank of your authority wishes and its responsibilities to respect them.
19 October 2009
thanq u , is there any provision saying that resolution is must?
19 October 2009
Yes. Pl go through section 35A of the Banking Regulation Act,1944 read along with Guidelines on KYC norms vide notification of RBI DBOD.AML.BC/8/14.01.001/2002-03 dated 16/08/2002 with particular reference to clause 2.1(ii).
19 October 2009
Thank you sir for sharing section 35A
20 October 2009
KYC norms of RBI DBOD.NO.AML.BC.58/14.01.001/2004-05 November 29, 2004 is correct
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