Date: 24 May 2024

Board Resolution For Opening Bank Account

Format of Board Resolution For Opening Bank Account

After incorporation of every company, first and foremost task is to open a bank account to introduce Subscriber's Capital. For Opening a bank account in a company, its board has to pass the board resolution.

Here we present a sample format of board resolution for opening bank account.  

 

CERTIFIED TRUE COPY OF THE RESOLUTION PASSED AT THE MEETING OF THE BOARD OF DIRECTORS OF XYZ PRIVATE LIMITED HELD AT THE REGISTERED OFFICE OF THE COMPANY AT Flat No. XXX, XXXX CITY, xx DISTRICT, XXX STATE ON 07th FEBRUARY, 2024, AT 2:00 PM.

A proposal to open a current Account with internet banking facility with  the branch of name of bank situated at , Address of branch, (IFSC Code XXXXXXX)  was placed before the Board for conducting its day-to-day financial transactions. After discussions, the Board unanimously:

“RESOLVED THAT Current Account in the name & style of XYZ PRIVATE LIMITED be opened with the name of bank situated at , Address of branch, (IFSC Code XXXXXXX) for the operations of the activities of the Company and that the following Authorized Signatory(ies) of the Company be and are hereby authorized to open and operate the said account:

Individually and Jointly

  1. A Kumar (Managing Director of the Company, DIN: 123456)

  2. B Kumar ( Director of the Company, DIN: 654321)

AND 

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.

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.

THAT the said Bank be instructed to provide internet banking facility  to the authorized signatory(ies) of the Company along with other banking facilities as instructed above.

THAT the bank be furnished with a list of the names of Directors of the Company and a copy of the Memorandum & Articles of Association and be from time to time informed by notice in writing under the hand of the Directors/Authorized Signatory of the Company of any changes which may take place therein and be entitled to act upon any such notice until the receipt of further notice under the hand of any Directors / Authorized Signatory.

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 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 afore-stated 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 afore stated powers done by  Mr. A Kumar and Mr. B Kumar  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 Mr. A Kumar, Managing Director, of company be and is hereby authorized to furnish a copy of aforesaid resolution to name of bank situated at , Address of branch, (IFSC Code XXXXXXX) along other required documents and to do all such acts, deeds and things as may necessary to give effect to this resolution.” 

Certified True Copy

For XYZ PRIVATE LIMITED

 

A Kumar                            B Kumar

(Managing Director)          (Director)

(DIN: 123456)                     (DIN: 654321)