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Board Resolution For Reactivation Of Bank Account

Board Resolution For Reactivation Of Bank Account Template for Ireland

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Board Resolution For Reactivation Of Bank Account

"I need a Board Resolution For Reactivation Of Bank Account for our tech startup's AIB account that has been dormant for 18 months; we need to reactivate it by March 2025 and add three new directors as signatories with dual signing authority required for transactions over €50,000."

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Document background
A Board Resolution For Reactivation Of Bank Account is a crucial corporate document required when a company needs to restore operations of a bank account that has become dormant or inactive. This document is particularly relevant in Ireland, where it must comply with the Companies Act 2014 and various banking regulations. It is typically needed when an account has been inactive for an extended period, when there are changes in authorized signatories, or when the bank requires fresh documentation for compliance purposes. The resolution includes essential details such as the account information, authorized signatories, operating instructions, and may also cover additional banking services. It serves as official evidence of the board's decision and provides the bank with the necessary authority to reactivate the account while ensuring compliance with Irish corporate governance requirements and banking regulations.
Suggested Sections

1. Title and Date: Formal title of the resolution and date of the board meeting

2. Company Details: Full legal name of the company, registered address, and company registration number

3. Preamble: Statement confirming that the meeting was properly convened and quorum was present

4. Background: Brief explanation of why the account became inactive and the reason for reactivation

5. Account Details: Specific details of the bank account to be reactivated, including account number and bank branch

6. Board Resolution: The actual resolution text approved by the board for account reactivation

7. Authorized Signatories: Names, positions, and specimen signatures of persons authorized to operate the account

8. Operating Instructions: Specific instructions regarding account operation (signing powers, transaction limits, etc.)

9. Certification: Statement certifying that the resolution was duly passed and recorded in the company's minutes

Optional Sections

1. Additional Banking Services: Include when requesting specific banking services along with reactivation (e.g., online banking, credit facilities)

2. Previous Resolution Reference: Include when there's a need to reference or supersede a previous board resolution

3. Special Instructions: Include when there are specific requirements for account operation or temporary arrangements

4. Compliance Declaration: Include when specifically required by the bank or when dealing with high-risk accounts

Suggested Schedules

1. Schedule A - List of Authorized Signatories: Detailed information about each authorized signatory including full name, position, ID details, and specimen signature

2. Schedule B - Supporting Documents: List of accompanying documents such as ID proofs, address proofs, and other KYC documents

3. Appendix 1 - Board Meeting Minutes Extract: Certified extract from the minutes of the board meeting where the resolution was passed

4. Appendix 2 - Company Documents: Copies of updated company documents like Certificate of Incorporation, Constitution, etc.

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Relevant Industries

Financial Services

Banking

Corporate Services

Professional Services

Manufacturing

Retail

Technology

Healthcare

Real Estate

Construction

Education

Non-Profit Organizations

Relevant Teams

Finance

Legal

Corporate Secretariat

Treasury

Compliance

Corporate Governance

Executive Leadership

Board of Directors

Accounts

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Company Secretary

Finance Director

Corporate Treasurer

Financial Controller

Board Director

Managing Director

Compliance Officer

Legal Counsel

Accounts Manager

Corporate Governance Manager

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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