A board resolution for closing a bank account authorises the closure of a company account and transfer of the balance.
Banks require a board resolution to close a company current account. It identifies the account, authorises the bank to close it and transfer any balance to another company account, and authorises a signatory to complete the closure formalities.
When is this resolution needed?
Use this when consolidating banking relationships or closing a dormant or duplicate account.
Who can pass it?
The Board passes the resolution; a certified true copy is given to the bank.
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.