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Board Resolution for Availing Corporate Internet Banking Facility

specimen of board resolution for corporate internet bankingMost of the banks have made available in their websites - the format of board resolution for applying for corporate internet banking for the company's current accounts.

Do refer such formats and prepare accordingly so that it becomes acceptable to the bank without any question.

Otherwise you can prepare the resolution yourself which should cover all the necessary contents in it.

Following is a template of such a board resolution for your reference. Modify it suitably.

SAMPLE

“RESOLVED THAT the company do apply for and avail the ‘Corporate Internet Banking’ services for its Current Account bearing no. ................. opened/ to be opened with ................. Bank Limited (the 'Bank') at its ............. branch for carrying out banking operations through Internet.

RESOLVED FURTHER THAT the company do accept such terms, conditions, regulations, stipulations laid down by the Bank from time to time for its ‘Corporate Internet Banking’ services.

RESOLVED FURTHER THAT the company do execute necessary application form(s), documents, agreement(s), authority letter(s) and/or any other related documents from time to time for this purpose and accept its terms and conditions including any modifications thereof.

RESOLVED FURTHER THAT the following officials be hereby singly/jointly authorised to accept, sign, execute, deliver and complete all documentation, agreements, account opening forms, and accept and abide by the modifications and/or variations in any or all the terms and conditions from time to time and to nominate, substitute, revoke and vary mandate etc. from time to time and on behalf of the company, in order to apply for and avail and operate the ‘Corporate Internet Banking’ facility provided by the Bank.


S.No.
Name
Designation
Category
Transaction Limit
1.
Ms. A BCD
Director-Finance
Initiator/Approver
Up to Rs. ………./-
2.
Mr. F. GHI
GM-Finance
Initiator/Approver
Up to Rs. ………./-
3.
Mrs. K. LMN
GM-Commercial
Initiator/Approver
Up to Rs. ………./-

RESOLVED FURTHER THAT the above mentioned "Initiator(s)" be and is hereby authorized to initiate electronic fund transfer(s) on behalf of the Company and the "Approver(s)" be and is hereby authorized to approve/authorize the electronic fund transfer(s) on behalf of the Company subject to the limits as mentioned above.

RESOLVED FURTHER THAT all the above authorised officials are also authorised to operate on behalf of the company through ‘Corporate Internet Banking’ service on the company’s account including by causing a debit balance in the company’s account with the Bank and/or continually operate the account even when overdrawn, as per the access specifications authorised in Corporate Internet Banking form.

RESOLVED FURTHER THAT the Bank is hereby authorized to mail / courier the User/Login ID and Password of the Internet Banking service, to the attention of the above mentioned authorized officials, at the address of the Company recorded with the Bank and that the Company acknowledges, agrees and confirms that the onus of keeping the User/Login ID and Password for usage of Internet Banking, confidential and limited to the persons authorized by the Company is entirely of the Company and that the above mentioned authorized officials be and are hereby authorised for the safe custody of such User/Login ID and Password.

RESOLVED FURTHER THAT the Bank be and is hereby authorized to accept all instructions given or initiated through the ‘Corporate Internet Banking’ service through initiator and approver from all or any one of the above signatories in respect of company’s account. The company does agree to hold the Bank harmless and indemnifies and agrees to keep the Bank’s interest protected on account of the bank executing such instructions by the above signatories in the manner provided herein above.

RESOLVED FURTHER THAT the Company shall defend, indemnify and hold harmless the Bank against any losses or damages that may arise to the Bank by the reason of allowing internet banking facility to the Company.

RESOLVED FURTHER THAT the Rubber Seal/Common Seal of the Company be affixed to the application form for availing the ‘Corporate Internet Banking’ services in the presence of the (Name), (Designation) who shall sign the same in token thereof and (Name), (Designation) who shall sign / countersign the same in token thereof.

RESOLVED FURTHER THAT (Name), (Designation) be and is hereby authorised to forward a certified true copy of the foregoing resolutions to the Bank.”

Comments

  1. Bhagwat Seth11/21/2019

    thanks for the help in drafting

    ReplyDelete

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