Is this fine?

“RESOLVED THAT a bank account for the company be opened with The XXXX Bank Limited, and that the said Bank be hereby authorised to honour cheques, bills of exchange and promissory notes drawn, accepted or made on behalf of the Company by Mr. AAAAAA (Director) jointly with either Mr. BBBBBB (Director) or Mr. CCCCCCC (Director), and to act on any instruction so given relating to the account, whether the same be overdrawn or not, or relating to, the transactions of the Company”

OPENING OF BANKING ACCOUNT AND PROCEDURE FOR ITS OPERATION

It was suggested that a current banking account be opened in the name of _______________________ Private Limited with HDFC Bank, ________ and Mr. Rajesh Kumar, Director of the company be authorized to operate the same.  In this connection the following resolution was passed:

“RESOLVED that a current bank account in the name of the company be opened with HDFC Bank Limited, ________ and Mr. Rajesh Kumar, Director of the company be and is hereby authorized to sign or accept all cheques, bill of exchanges, promissory notes and other orders.

RESOLVED FURTHER that the aforesaid bank be and is hereby instructed to honour all cheques, promissory notes and other orders drawn by and all bills accepted on behalf of the company whether such account be in credit or overdrawn and to accept and credit to the account of the company all moneys deposited with or owing by the bank or any account or accounts at any time or times kept or to be kept in the name of the company and the amount of all cheques, notes, bills, other negotiable instruments, orders or receipt provided they are endorsed/ signed  by the said person on behalf of the company and such signature shall be sufficient authority to bind the company in all transactions between the bank and the company including those specifically referred to herein.”

Resolution for change in Bank account signatory along with covering letter.

COVERING LETTER TO BANK FOR CHANGE IN SIGNATORY

To                                                                                                        January 21, 2007

The Manager

HSBC Bank Limited

Address

Sub: Change in Authorised Signatory

Dear Sir,

This has reference to the subject mentioned above Mr. Chintu was appointed as Authorised Signatory for operating the Current Bank Account bearing no. __________ with HSBC Bank Limited, Address.

Now we wish to inform you that Mr. Chintu ceased to operate as Authorised Signatory and in his place Mr. Sonu, Mr. Monu and Mr. Raju have been added in the list of Authorised Signatory vide Board Meeting Resolution dated ________ to operate the above mentioned Current Bank Account bearing no. ___________. A Certified True copy of the resolution is attached herewith for your reference along with Identification proof of new signatories.

This is for your information and record.

Thanking You,

Yours Sincerely

For ABC Limited

Director/Company Secretary

RESOLUTION FOR CHANGE IN SIGNATORY

“RESOLVED THAT in super session to all other resolution passed earlier by the Board of Director in its meeting in respect of the Current Bank Account bearing no. _____________ in the name of the Company existing with HSBC Bank Limited, Address, HSBC Bank be and is hereby authorized to honour all cheques signed:

a)      Solely by Mr. Jay, Managing Director/Director

or

b)      jointly by any two of the following:

a.      Mr. Sonu or

b.      Mr. Monu or

c.       Mr. Raju

RESOLVED FURTHER THAT the aforesaid bank be and is hereby instructed to honour all cheques, promissory notes and other order drawn by and  all bills accepted on behalf of the company whether such account be in credit or overdrawn  and to accept and credit to the account of the company all money deposited with or owing by the bank or any account or accounts at any time or times  kept or to be kept in the name of the company and the amount of all cheques, notes, bills other negotiable instruments order or receipts provided they are endorsed/ signed  as above on behalf of the company and such signature(s) shall be sufficient authority to bind the company in all transactions between the bank and the company including those specifically referred to herein.” 

Thanks sir...

TUSSI GR8 HO!

Could anyone please help me out in tracing out that under which act it has been mandated to pass a baord resolution for opening of bank account ?

Appreciate the prompt responses. Thanks in advance

Board Resolutions are required under the Companies Act only as the same has to be recorded in the Minutes books of the Board Meeting and is conclusive evidence of cumulative decsion of the board.

Hi,

The Companies Act 2013 itself mandates passing of a resolution under the Form MGT 14 to be filed with MCA.

When is the company required to pass ordinary resolution and special resolution?

The Companies Act permits other decisions to be passed by special resolution even if they might ordinarily be passed instead by an ordinary resolution. In addition, the company’s Article of association can also specify other transactions where special resolutions are required – such a provision may be included in the company’s Articles where the shareholders want an extra level of protection against certain decisions being taken rashly.