Daily Email Newsletters (Latest Updates/Articles) — Sign up for Free

Board Resolution for Corporate Internet Banking

In order to facilitate smooth banking operations, a Company may avail Corporate Internet Banking Services from a Bank by furnishing a Board Resolution and other required documents. Different Banks may ask for a board resolution in their specific format, a general template of the resolution is given below.

Format of Board Resolution for availing Corporate Internet Banking

“RESOLVED THAT the company do avail the ‘Corporate Internet Banking’ services  for the Current Account bearing Number ____________, Customer Id ____________ maintained with ______________________ (Bank & Branch Name) and the company do accept such terms, regulations, conditions, stipulations laid down by _________ (Bank Name) for the purpose.

RESOLVED FURTHER THAT  Mr. A, _____ (Designation) and/or Mr. _____, (Designation) of the Company be and are hereby designated as User/s of Corporate internet banking of ___________ (Bank Name) and is severally authorized, on behalf of the company, to  avail  various services offered by ____ (Bank Name) through its Corporate Banking Website, and to execute all such documents and and do all such acts, deeds and things as may be necessary, in this regard, and to operate the said account in the name of the Company, using the aforesaid facilities, to comply with all other formalities and terms and conditions as prescribed by _______ (Bank Name) for this purpose.

RESOLVED FURTHER THAT the aforesaid terms and conditions be and are hereby approved and accepted and the authorized officials be and are hereby severally / jointly authorized to accept such modifications therein as may be suggested by ____________(Bank Name).

RESOLVED FURTHER THAT the following officials are authorized to operate on behalf of the company through ‘Corporate Internet Banking’ on the company’s accounts including by causing a debit balance in company’s account(s) with  ___________ (Bank Name) and/or continually operate the account(s) even when overdrawn, as per the access specifications authorized in the “Corporate Internet Banking Registration Form.

Names of the Authorized Officials with transaction limits:

Sr. No.
Name of Authorised Officials
Limit Amt. Upto
Mr. A Jointly with Mr. B
Mr. A, Director and Mr. B, Company Secretary
Mr. B Jointly with Mr. C
Mr. B, Company Secretary and Mr. C, Sr. Manager – Finance
Mr. C jointly with Mr. D
Mr. C, Sr. Manager – Finance and Mr. D, DGM Commercial
Mr. D
DGM Commercial

RESOLVED FURTHER THAT __________ (Bank Name) be and is hereby authorised to accept all instructions given or initiated through the Corporate Internet Banking Services from any of the above officials in respect of Company’s accounts to the extent of limits specified above.

RESOLVED FURTHER THAT the above mentioned authorized officials be and are hereby authorized to receive the log in details sent by the bank, for accessing information and initiating transactions on the Corporate Internet Banking and are authorized to convey to the bank acceptance on behalf of the Company of any transactions.

RESOLVED FURTHER THAT the Company shall indemnify and hold __________ (Bank Name) against any losses or damages that may arise to the bank by the reason of allowing internet banking facility to the Company.

RESOLVED FURTHER THAT this resolution be communicated to __________ (Bank Name) and shall remain in full force until notice in writing of its withdrawal, or cancellation is given to __________ (Bank Name) by the Company and accepted by __________ (Bank Name).

RESOLVED FURTHER THAT a copy of this resolution be submitted to __________ (Bank Name) duly certified by Mr. X YZ, Company Secretary or any two Directors of the Company.”

No comments:

Post a Comment