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Resolution To Change Bank Signatories Template for Singapore

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Key Requirements PROMPT example:

Resolution To Change Bank Signatories

"I need a Resolution To Change Bank Signatories for ABC Trading Pte Ltd to remove two existing signatories who have left the company and add our new CFO and Finance Director as Class A signatories with transaction limits of SGD 100,000 each."

Document background
A Resolution To Change Bank Signatories is essential when a company needs to update its authorized bank account operators. This commonly occurs during leadership changes, organizational restructuring, or when modifying internal controls. Under Singapore law, this formal document must detail the board's decision, specify new and removed signatories, define signing limits, and meet requirements set by both the Companies Act and the relevant banking institutions. The resolution serves as official evidence of the company's authorization for these changes.
Suggested Sections

1. Title and Date: Specifies the company name and date of resolution

2. Attendance Details: Lists directors present and confirms quorum

3. Resolution Statement: States the purpose to change bank signatories

4. Bank Account Details: Specifies affected bank accounts

5. New Signatory Details: Lists new authorized signatories and their signing powers

Optional Sections

1. Removed Signatories: Lists signatories being removed (if applicable)

2. Signing Limits: Specifies transaction limits for different signatories (if required)

3. Special Instructions: Any specific banking requirements or restrictions

Suggested Schedules

1. Specimen Signatures: Signatures of new authorized signatories

2. Identification Documents: Copies of signatories' identification

3. Bank Forms: Required bank-specific forms for signatory changes

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions




















Clauses


















Industries

Companies Act (Chapter 50) - Directors' Duties: Section 157 governing directors' duties and responsibilities in relation to company decisions and financial matters

Companies Act - Resolution Requirements: Section 171 specifying requirements for valid company resolutions and decision-making processes

Companies Act - Director Powers: Section 179 outlining powers of directors and their authority to make decisions regarding signing mandates

Banking Act (Chapter 19): Regulatory framework governing bank account operations and requirements for authorized signatories in Singapore

MAS Notice 626: Guidelines on Prevention of Money Laundering and Countering the Financing of Terrorism, including verification requirements for authorized signatories

Company Constitution Requirements: Internal company requirements specified in the constitution regarding passing resolutions and procedures for changing bank signatories

Corporate Governance Documentation: Requirements for proper documentation, record-keeping, and internal control measures for corporate decisions

Banking Security Regulations: Specific requirements for specimen signatures, authentication procedures, and security measures for bank mandate changes

Resolution Format Requirements: Formal requirements for board resolution structure, content, and presentation as per Singapore corporate law

Bank-Specific Documentation: Additional documentation requirements specific to individual banks in Singapore for changing signatories

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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