Board Resolution Format for Current Account Closing

BOARD RESOLUTION FOR THE CLOSURE OF BANKING FACILITIES

Document ID: CORP-BR-BANK-001
Effective Date: [Date]
Version: 1.0
Governing Jurisdiction: [Jurisdiction, e.g., State of Delaware, USA]

STATUTORY & LEGAL COMPLIANCE NOTICE

This document is a template for a Corporate Board Resolution. It is intended for use by qualified corporate officers. Legal enforceability depends upon compliance with the company’s Bylaws, Articles of Incorporation, and the applicable laws of the jurisdiction of incorporation. This document does not constitute legal advice. Counsel should review this draft to ensure alignment with local statutory requirements regarding quorum, notice, and internal corporate governance.

I. RECITALS AND CORPORATE ACTION

CERTIFIED COPY OF RESOLUTION PASSED BY THE BOARD OF DIRECTORS OF [COMPANY FULL LEGAL NAME] (THE "COMPANY") HELD AT [PRINCIPAL ADDRESS] ON [DATE] AT [TIME].

WHEREAS, the Company maintains a Current Account (Account Number: [Account Number]) (the "Account") with [Name of Financial Institution] (the "Bank");

WHEREAS, the Board of Directors (the "Board") has determined that it is in the best interests of the Company to close the aforementioned Account and transfer any remaining balances to [Alternative Account Name/Number] or as otherwise directed by the Authorized Signatories;

NOW, THEREFORE, BE IT RESOLVED:

II. OPERATIVE CLAUSES

1. AUTHORIZATION TO CLOSE ACCOUNT: The Board hereby authorizes the closure of the Current Account held at the Bank. Any one of the persons listed in Section 2 (the "Authorized Signatories") is hereby empowered to sign, execute, and deliver all necessary documentation, including but not limited to, account closure forms, letters of instruction, and indemnity agreements required by the Bank to effectuate the closure of the Account.

2. AUTHORIZED SIGNATORIES: The following individuals are authorized to act on behalf of the Company regarding this closure:

• [Name of Signatory 1], [Title]
• [Name of Signatory 2], [Title]

3. TRANSFER OF FUNDS: The Authorized Signatories are directed to instruct the Bank to remit any remaining credit balance in the Account, net of all outstanding fees, charges, and pending transactions, via [Wire Transfer/Check] to the Company’s account at [Name of Successor Financial Institution], Account Number: [Account Number], Routing Number: [Routing Number].

4. REVOCATION OF MANDATES: Effective upon the date of closure, all previous signing mandates, debit card authorizations, and digital banking access rights granted to any party in relation to the Account are hereby revoked, rescinded, and terminated in their entirety.

5. INDEMNITY: The Company agrees to indemnify and hold harmless the Bank, its officers, and employees from and against any and all claims, demands, losses, or expenses (including reasonable attorney fees) arising out of or related to the closure of the Account in accordance with this Resolution and the Bank’s standard terms of service.

6. RATIFICATION: All acts performed by the Authorized Signatories in furtherance of this Resolution prior to the date hereof are hereby ratified, confirmed, and approved in all respects.

7. DURATION OF AUTHORITY: This Resolution shall remain in full force and effect until the Bank receives a certified copy of a subsequent resolution of the Board revoking or amending this authority.

III. EXECUTION AND CERTIFICATION

CERTIFICATION OF SECRETARY: I, [Name of Corporate Secretary], the duly elected Secretary of [Company Full Legal Name], do hereby certify that the foregoing is a true and correct copy of the Resolution duly passed by the Board of Directors at a meeting held on the date first above written, and that such Resolution has not been amended or repealed.

FOR [COMPANY FULL LEGAL NAME]:

Signature: _____________________________________
Printed Name: [Name of Corporate Secretary]
Title: Corporate Secretary
Company: [Company Full Legal Name]
Date: [Date]

FOR [AUTHORIZED SIGNATORY]:

Signature: _____________________________________
Printed Name: [Authorized Signatory Name]
Title: [Title / Role]
Date: [Date]

IV. STEP-BY-STEP EXECUTION AND FILING GUIDE

1. Preparation: Open this document in your preferred word processor. Use the "Find/Replace" function to populate all bracketed [ ] fields with the exact legal entities and account details.
2. Board Approval: Ensure the meeting follows your company’s Bylaws regarding notice and quorum. Record the minutes of this meeting.
3. Signatory Verification: Ensure the persons signing have the legal authority to bind the company per your Articles of Incorporation. If a seal is required by your jurisdiction, affix the Corporate Seal alongside the signature.
4. Digital Execution: If using digital signature software (e.g., DocuSign, Adobe Sign), ensure the audit trail settings capture IP addresses and timestamps for each signatory.
5. Submission: Deliver the original, signed, and embossed (if applicable) Resolution to your relationship manager at the Bank. Some banks require a "Certified Copy" signed by a Director/Secretary who is not an Authorized Signatory on the account.
6. Record Retention: Retain a fully executed copy in the corporate minute book. Maintain a digital backup in a secure, encrypted repository for a minimum of seven (7) years to satisfy standard financial audit requirements.