This review list is intended to educate you about this document and to guide you in its preparation. Almost every bank or financial institution requires this Banking Resolution when creating corporate financial and checking accounts. Attempting to open a banking account prior to completing this step will speed the procedure and appropriately formalize the activity.
- Make several copies. Distribute one to the bank or financial institution in question; include one in your company minutes; and include another in the bank or financial institution’s file.
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Banking Resolution of Corporation
I, ________________, _________ of ________________, referred to as corporation, certifies that the following is a true copy of resolutions adopted by the Board of Directors of this corporation at a meeting held on proper notice, a quorum being present, on _________________, and that such resolutions are now in full force and effect.
Resolved that the _____________________________________ of ____________, ____________ is designated a depository of this corporation; and
Further resolved, that all drafts, checks, and other instruments or orders for the payment of money drawn against the account or accounts of this corporation with such depository shall be signed by any ____ of the following:
Further resolved, that such depository is authorized to place to the credit of the account, or any of the accounts of this corporation, funds, drafts, checks, bills of exchange, or other property whomever delivered to such depository for deposit for account of this corporation, endorsed with the name of this corporation by rubber stamp, facsimile, mechanical, manual or other signature (and any such endorsement by whomever affixed shall be the endorsement of this corporation), or otherwise endorsed, or unendorsed, provided that if any such draft, check or other property shall bear, or be accompanied by, directions (by whomever made) for deposit to a specific account then such deposit shall be to the credit of such specific account; and
Further resolved, that such depository is directed to accept, and/or pay and/or apply any draft, check, instrument or order for the payment of money, or any proceeds thereof, drawn on such account or accounts when signed as required by these resolutions without limits as to amount, without inquiry, and without regard to the disposition of any such item or proceeds thereof, and such depository shall not be liable in connect therewith notwithstanding that such item may be payable to the order of a person whose signature appears thereon or of any other officer or officers, agent or agents of this corporation, or such item or any proceeds thereof may be used for the personal credit or account of any such person or person with the depository or used in payment of the individual obligation of any such person or persons to the depository or otherwise.
Further resolved, that such depository is authorized to deduct from the accounts of the corporation the regular promulgated service charges and fees for accounts and other services rendered to the corporation.
____________________________, by its ______ (Office of Signer)
Banking Resolution of Corporation
This review list is provided to inform you about this document in question and assist you in its preparation. This Banking Resolution is required by virtually every bank or financial institution for opening up corporate financial and checking accounts. Doing this in advance of trying to open a banking account will expedite the process and properly formalize the activity.
1. Make multiple copies. Give one to your bank or financial institution in question; put one with your corporate minutes; put another in the file for the bank or financial institution.