Board Resolution To Change Bank Signatories

Board Resolution To Change Bank Signatories Board Resolution to Change Bank Signatories Company Name Company Name Date Date Meeting Meeting Name eg Regular Board Meeting Special Board Meeting Resolution WHEREAS Company Name is a Type of Company duly organized and existing under the laws of StateCountry and WHEREAS Company Name maintains a bank account with Bank Name under account number Account Number and WHEREAS the Board of Directors desires to change the authorized signatories on the aforementioned bank account and WHEREAS Existing Signatory Names isare currently authorized to sign on behalf of the company for the bank account and WHEREAS the Board of Directors desires to add New Signatory Names andor remove Existing Signatory Names as authorized signatories on the bank account NOW THEREFORE BE IT RESOLVED that the Board of Directors of Company Name hereby approves the following 1 Removal of Existing Signatories The following named individuals are hereby removed as authorized signatories on the bank account with Bank Name List Existing Signatory Names 2 Addition of New Signatories The following named individuals are hereby added as authorized signatories on the bank account with Bank Name List New Signatory Names 3 Signing Authority Specify the number of signatures required for transactions on the account For example All transactions on the account shall require the signature of at least two authorized 2 signatories 4 Notification to Bank The Secretary of the Corporation is hereby authorized and directed to notify Bank Name of the changes to the authorized signatories on the bank account The notification shall include The names of the removed signatories The names of the added signatories The new signature authority requirements Copies of the resolution and any other required documentation 5 Effective Date This resolution shall become effective immediately upon the receipt by Bank Name of the notification and any required documentation BE IT FURTHER RESOLVED that the Secretary of the Corporation is authorized to take all necessary and appropriate actions to implement this resolution PASSED AND ADOPTED this Day day of Month Year by a unanimous vote of the Board of Directors of Company Name Signature of Chairperson Name of Chairperson Signature of Secretary Name of Secretary Company Seal Attested by Name of Attester Description of Each Section 1 WHEREAS Clauses These clauses provide the background and context for the resolution They state the companys legal existence the location of the bank account and the Boards desire to make changes to the authorized signatories 2 NOW THEREFORE BE IT RESOLVED This introductory phrase signals the start of the resolution itself 3 Removal of Existing Signatories This section explicitly states which individuals are being removed as authorized signatories 3 4 Addition of New Signatories This section explicitly states which individuals are being added as authorized signatories 5 Signing Authority This section outlines the specific requirements for signing transactions on the bank account including the number of required signatures 6 Notification to Bank This section clarifies who is responsible for notifying the bank of the changes and what information should be included in the notification 7 Effective Date This section specifies when the resolution will take effect which is usually upon the banks receipt of the notification and required documentation 8 BE IT FURTHER RESOLVED This phrase signifies that the resolution contains additional instructions or actions Here it authorizes the Secretary of the Corporation to implement the resolution 9 PASSED AND ADOPTED This section confirms that the resolution has been approved by the Board of Directors It includes the date of the meeting the names of the Chairperson and Secretary and the company seal Important Notes This is a general template and may need to be customized based on your specific companys bylaws state regulations and bank requirements Always consult with your companys legal counsel to ensure that the resolution complies with applicable laws and regulations The resolution should be recorded in the companys minutes and a copy should be provided to the bank along with any required documentation