Board Resolution for Opening Bank Account Pakistan

CERTIFIED EXTRACT FROM THE MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS

Document ID: SEC-BR-BANK-PK-001
Effective Date: [Insert Date]
Version: 1.0
Governing Jurisdiction: Islamic Republic of Pakistan (Companies Act, 2017)

STATUTORY & LEGAL COMPLIANCE NOTICE

This document is drafted to comply with the requirements of the Companies Act, 2017 of Pakistan and standard regulatory directives issued by the State Bank of Pakistan (SBP). This template does not constitute specific legal advice. Users must ensure that the specific banking institution’s "Know Your Customer" (KYC) and "Anti-Money Laundering" (AML) mandates are addressed prior to submission. Execution must be validated against the Company’s Articles of Association.

BOARD RESOLUTION FOR OPENING OF CORPORATE BANK ACCOUNT

CERTIFIED TRUE COPY of the resolution passed by the Board of Directors of [Company Full Legal Name] (the "Company"), having its registered office at [Company Principal Address], held on [Date of Meeting] at [Time of Meeting].

1. RESOLUTION FOR BANKING RELATIONSHIP

"RESOLVED THAT the Company be and is hereby authorized to open and maintain one or more corporate bank accounts (the "Account(s)") in the name of the Company with [Bank Name, Branch Name] (the "Bank") in the Islamic Republic of Pakistan, for the purpose of the Company’s business operations.

2. AUTHORIZED SIGNATORIES

RESOLVED FURTHER THAT the following individuals (the "Authorized Signatories") be and are hereby jointly/severally authorized to operate the Account(s) on behalf of the Company, to sign, execute, and deliver all necessary documentation, including but not limited to account opening forms, signature cards, and electronic banking mandates:

1. [Name of Signatory 1], [Designation], CNIC/Passport No: [Number]
2. [Name of Signatory 2], [Designation], CNIC/Passport No: [Number]

3. SCOPE OF BANKING TRANSACTIONS

RESOLVED FURTHER THAT the Authorized Signatories are empowered to: a) Deposit and withdraw funds, issue cheques, and provide instructions for electronic fund transfers (EFT/RTGS/IBFT). b) Avail of credit facilities, overdrafts, or trade finance instruments subject to prior Board approval if the amount exceeds [Amount in PKR]. c) Utilize digital/internet banking, mobile banking, and corporate debit/credit card facilities. d) Close existing accounts or modify existing mandates as deemed necessary for the Company’s operational efficiency."

4. REPRESENTATIONS & WARRANTIES

The Company warrants that the resolution is passed in accordance with the Company's Memorandum and Articles of Association and that the signatory authority granted herein remains in full force and effect until such time as a formal resolution revoking this authority is filed with the Bank.

5. INDEMNIFICATION

The Company agrees to indemnify and hold the Bank harmless against any and all claims, losses, or damages arising out of the Bank acting in reliance upon this resolution, provided such actions are within the scope of the instructions provided by the Authorized Signatories.

6. GOVERNING LAW & DISPUTE RESOLUTION

This resolution and the banking relationship established hereunder shall be governed by the laws of the Islamic Republic of Pakistan. Any disputes arising thereof shall be subject to the exclusive jurisdiction of the competent courts in [City, e.g., Karachi/Lahore/Islamabad].

EXECUTION & SIGNATURE BLOCKS

FOR [COMPANY FULL LEGAL NAME]:

The undersigned, being the Company Secretary/Director, hereby certifies that the above is a true and correct extract of the Minutes of the Meeting of the Board of Directors.

Signature: _____________________________________
Printed Name: [Name of Director/Secretary]
Title: [Director/Company Secretary]
Date: [Date]

(Company Seal / Stamp Required)

STEP-BY-STEP EXECUTION & FILING GUIDE

1. Preparation: Open this document in Microsoft Word. Replace all [Bracketed Text] with accurate legal details. Ensure the list of Authorized Signatories matches the Board's specific delegation of authority.
2. Verification: Cross-reference the names of the Authorized Signatories against the Company’s updated Form-A/Form-29 filed with the Securities and Exchange Commission of Pakistan (SECP).
3. Execution:
   • Print on the Company’s official letterhead.
   • The resolution must be signed by at least one Director and, where applicable, the Company Secretary.
   • Affix the Company’s Common Seal (if required by Articles).
4. Digital/Physical Filing:
   • If using Digital Signatures (DocuSign/Adobe Sign), ensure the signer possesses a certificate recognized under the Electronic Transactions Ordinance, 2002.
   • Submit a certified true copy (attested by a Director) to the Bank’s Relationship Manager along with the Bank’s standardized Account Opening Form (AOF).
5. Record Retention: Retain the original signed Resolution in the Minute Book of the Company for a minimum period of 10 years per statutory requirements for corporate record-keeping.