A board resolution for change of bank signatory removes an existing authorised signatory and adds a new one for a company account.
When an authorised signatory leaves or changes, the bank requires a board resolution updating who can operate the account. It identifies the account, removes the outgoing signatory and authorises the new signatory, and directs intimation to the bank with revised specimen signatures.
When is this resolution needed?
Use this when a signatory resigns, or when adding or replacing an operator of the company account.
Who can pass it?
The Board passes the resolution; the bank is intimated with the certified true copy.
This is a free template for general convenience and not a substitute for professional advice. The resolution must be passed at a duly convened meeting, recorded in the minutes and certified by an authorised signatory. Some matters also require members' approval or specific e-form filings.