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Board Resolution Change in Bank Account Authorised Signatory

The Board of Directors in its meeting can pass a resolution in order to change the authorised signatories for operating the bank account of the company including the limits.

A covering letter to the bank manager has to be written for change in authorised signatory along with enclosing the resolution copy and other important documents as required by the bank viz. KYC forms duly filled in and signed with identity & address proofs of Signatories.

Following is a template of such a board resolution.

FORMAT
(modify it as per your requirement)

#. To change the Authorised Signatories of company's bank account

RESOLVED THAT in supersession of all previous resolutions passed by the Board of Directors in their meeting, in respect of the Current Account bearing no. ………………… of company maintained with the (branch name) of the (bank name), the limits of the authority of the authorised signatories to sign cheques on behalf of the company, be and are hereby revised as under:

Sr. No.
Name of Signatory
Authority Type
Limit Amount (Rs.)
1
Mr. X with Mr. Y
Jointly
Up to Rs. 50 Lacs
2
Mr. Z
Jointly with any of the Signatories at Sr. Nos. 3 to 4
Up to Rs. 20 Lacs
3
Ms. R
Jointly with any of the Signatories at Sr. Nos. 2 to 4
Up to Rs. 10 Lacs
4
Mr. D
Singly
Up to Rs. 1 Lac

RESOLVED FURTHER THAT the said Bank be and is hereby informed and is hereby authorised to honour all Cheques, Bills of Exchange, Promissory Notes, Hundis and any other instruments for payments, drawn, accepted, made and signed on behalf of the company.

RESOLVED FURTHER THAT any of the Directors of the company be and is hereby authorised to forward a certified true copy of this resolution and any other documents as may be necessary to give effect to this resolution.”

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