Document background
A Corporate Resolution Bank Account Authorized Signers document is essential for South African companies to establish and maintain proper banking relationships. This formal resolution is required whenever a company needs to designate or change authorized signatories for its bank accounts, ensuring compliance with the Companies Act 71 of 2008, FICA, and other relevant banking regulations. The document serves as evidence of the board's decision and provides banks with clear instructions regarding who can operate accounts and under what conditions. It typically includes details about signing powers, transaction limits, and specific banking services authorized for each signatory. This resolution is particularly important during leadership changes, company restructuring, or when establishing new banking relationships, and must be regularly updated to reflect any changes in authorized personnel or banking requirements.
