Closure of bank account

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Does closure of bank account by a Company require Board approval?

Replies (5)

yes board approval is required for closing a bank account

Exactly it requires Board approval and resolution as well.

if the resolution for opening the same bank account authorises any of the director or two/more of them to apply to bank to close the account, then there is no need for the board approval again

yes it is required. as even we close individual account, the bank take this request in writing.

as a company do act thriugh Diretcors and directors collectively act as board through resolution.

hope i m right

Bank will ask for certified copy of Board Resolution for closing the account

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