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Resolution To Open Bank Account For Association

Resolution To Open Bank Account For Association Template for New Zealand

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Key Requirements PROMPT example:

Resolution To Open Bank Account For Association

"I need a Resolution to Open Bank Account for Association document for our newly formed environmental society, requiring dual signatories for transactions over $5000 and internet banking access for four committee members, to be presented at our first committee meeting on March 15, 2025."

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Document background
A Resolution to Open Bank Account for Association is a crucial document required by New Zealand banks when establishing banking facilities for any association. This document is typically needed when an association is first formed, when changing banks, or when updating banking arrangements. It must comply with New Zealand's banking regulations, including the Reserve Bank of New Zealand Act 1989 and the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. The resolution provides formal authorization from the association's governing body to open and operate bank accounts, specifies authorized signatories, and outlines banking operational parameters. It serves as evidence of proper governance and decision-making within the association and is a key requirement for establishing banking relationships in New Zealand.
Suggested Sections

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

2. Association Details: Full legal name and registration details of the association

3. Meeting Details: Confirmation that the meeting was properly convened and quorum was present

4. Present Members: List of committee members/officers present at the meeting

5. Resolution Statement: Formal statement that the following resolutions were passed

6. Bank Account Resolution: Specific resolution to open account(s) with the chosen bank

7. Authorized Signatories: Resolution appointing authorized signatories and signing rules

8. Banking Operations: Resolution regarding operational aspects of the account

9. Certification: Certification by the chairperson/secretary that the resolution was duly passed

10. Execution: Space for required signatures and dates

Optional Sections

1. Internet Banking Authorization: Optional section for authorizing online banking services and defining access levels

2. Credit Facility: Include if the association requires any credit facilities or overdraft protection

3. Specific Banking Products: Required if the association needs specific banking products like term deposits or foreign currency accounts

4. Previous Resolution Revocation: Include if this resolution supersedes any previous banking resolutions

5. Additional Services: For any additional banking services such as merchant facilities or EFTPOS terminals

Suggested Schedules

1. Schedule 1 - Authorized Signatories: Detailed list of authorized signatories with their full names, positions, and specimen signatures

2. Schedule 2 - Banking Requirements: Specific bank forms and requirements that need to be completed

3. Schedule 3 - Identity Verification: List of required identity verification documents for each signatory

4. Appendix A - Meeting Minutes: Copy of the relevant meeting minutes where the resolution was passed

5. Appendix B - Association Documents: Copies of association registration documents and rules regarding financial authority

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

Non-Profit Organizations

Sports and Recreation

Cultural Organizations

Professional Associations

Religious Organizations

Educational Institutions

Community Groups

Trade Associations

Charitable Organizations

Social Clubs

Industry Bodies

Environmental Groups

Relevant Teams

Finance

Legal

Compliance

Administration

Executive

Governance

Operations

Treasury

Corporate Services

Risk Management

Relevant Roles

Association President

Committee Member

Treasurer

Secretary

Public Officer

Chairperson

Vice President

Financial Controller

Board Member

Executive Director

General Manager

Operations Manager

Finance Manager

Compliance Officer

Administrative Officer

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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