Operation of trust bank account

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 February 2015 if a trust open a bank account in the name of trust can Trustees can Authorised any person or persons (not Trustee)to operate the Bank Account.

If yes than send me a Format of Board resolution for opening a bank trust account in the name of trust with given authorities to the other person other than trustees for operating that account.

c.bakshi

c.bakshi (Expert)
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06 February 2015 replace the word "Company or Board" with "Trust"

“RESOLVED THAT Current Account in the name & style of ‘abc PRIVATE LIMITED’ be opened with the (Name of the Bank with address), for the operations of the activities of the Company and that the Mr. l be is the Authorized Signatories of the Company be and is hereby authorized to open and operate the said account on the following terms and conditions:
1. THAT the said Bank be instructed to accept and act upon any instructions relating to the account kept in the name of the Company or relating to any transactions of the Company with the Bank, provided the instructions are signed by the authorized signatory(ies) of the Company in the manner mentioned as above.
2. THAT the said Bank be instructed to accept receipts for money, deeds, securities or other documents or papers or property or any indemnities given on behalf of the Company provided they are signed by the authorized signatory(ies) of the Company in the manner as mentioned above.
3. THAT the resolution be communicated to the Bank and remain in force until duly rescinded and notice thereof in writing be given to the Bank by any of the Directors of the Company.”

“RESOLVED FURTHER THAT the aforesaid power entrusted to the said official shall be valid and effective unless revoked earlier by the Board of TRUST or shall be exercisable by him so long as he is in the concerned to the Company.”

“RESOLVED FURTHER THAT all acts, deeds, things, matters, etc. as aforestated shall be deemed to be valid and enforceable only if they are consistent with the instant resolution as may be relevant in this case and that the Board shall not be responsible for any acts beyond the scope of the aforestated powers done by Mr. l and such invalid, illegal acts, and acts done beyond the scope of powers granted in this Resolution shall not bind the Company against any third parties or before any authorities in any manner and that the Board shall not be answerable in that behalf.”
“RESOLVED FURTHER THAT a certified copy of the resolution be given to any one concerned or interested in the matter.”

Querist : Anonymous

Querist : Anonymous (Querist)

24 February 2015 Thanks a lot... it is very helpful me.

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