Opening Bank Accounts
A simple board resolution for the opening and operation of bank accounts for a company in England and Wales. To be inserted in the general board resolution template provided by GitLaw.
Opening and Operation of Bank Accounts
IT IS RESOLVED THAT:
Opening of bank accounts
The Company be and is hereby authorised to open and maintain one or more bank accounts with [bank name] (the "Bank") on such terms as any authorised signatory considers appropriate.
Authorised signatories
The following persons be and are hereby appointed as authorised signatories on the Company’s bank accounts:
[authorised signatory 1]
[authorised signatory 2]
[authorised signatory 3]
Signing instructions
The Bank be authorised to accept instructions and documents in relation to the Company’s bank accounts:
[basis on which the bank can accept instructions]; and
in accordance with any mandate or authority agreed with the Bank from time to time.
Electronic and online banking
Any authorised signatory be authorised to:
register for and operate any electronic, online or telephone banking services provided by the Bank; and
designate users, access levels and transaction limits in connection with such services.
Bank mandates and documents
Any authorised signatory be authorised to sign, execute and deliver all bank mandates, account opening forms and other documents required by the Bank in connection with the opening and operation of the Company’s bank accounts.
Payments and transactions
The Bank be authorised to honour all cheques, instructions, transfers and other payment orders given in accordance with this resolution and the applicable mandate, whether or not the relevant account is overdrawn as a result.
General authority
Any director be authorised to do all acts and things which they consider necessary or desirable to give effect to this resolution.
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About this template
What is this template?
This is a formal record of a board's decision to establish a banking relationship and delegate financial authority. It contains specific placeholders for the bank name and three potential signatories, and it explicitly addresses overdrawn account scenarios. It is not a bank mandate form itself but the internal authority required to sign one.
When should you use it?
Use this resolution when a company needs to prove to a lender or bank that the board has authorized account opening and designated specific signing powers. Use a Treasury Policy instead if setting broad corporate investment limits rather than specific account authorities.
What's inside
| Clause | Name | What it does |
|---|---|---|
| Opening of bank accounts | Opening of bank accounts | Authorises the Company to open and maintain accounts with a named Bank on terms deemed appropriate by an authorised signatory. |
| Authorised signatories | Authorised signatories | Appoints specific named individuals to act as the authorised signatories for the Company’s bank accounts. |
| Signing instructions | Signing instructions | Specifies the basis on which the Bank accepts instructions, such as requirements for joint or single signatures. |
| Electronic and online banking | Electronic and online banking | Permits signatories to register for telephone or online services and set transaction limits or user access levels. |
| Payments and transactions | Payments and transactions | Instructs the Bank to honour payment orders even if the relevant account becomes overdrawn as a result. |
| General authority | General authority | Grants any director the power to perform all acts necessary to give effect to the resolution. |
Who it's for
- a company board formalising the opening of new credit or current accounts with a specific bank
- directors appointing individuals to manage electronic and telephone banking services for a business
- a corporate secretary documenting the specific signing mandate required by a financial institution
How long it runs and how it's signed
England & Wales note
This version is drafted for England & Wales. Scotland and Northern Ireland differ on some points — for example notice periods and tribunal procedure. Tell GitLaw where you hire and it adjusts the draft.
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