A Resolution To Open Bank Account For Association is a crucial governance document required when an Australian incorporated association needs to establish banking facilities. This document is typically needed during the initial setup of an association, when changing banks, or when opening additional accounts. It demonstrates compliance with both the association's internal governance requirements and external regulatory obligations, including state-based associations incorporation legislation and federal banking regulations. The resolution must be passed at a properly constituted committee meeting and includes specific details about the authorized signatories, account operating rules, and banking arrangements. This document is essential for establishing the association's authority to open and operate bank accounts and serves as a key reference point for both the association and the bank in managing the banking relationship.
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1. Association Details: Full legal name of the association, registration number, and registered address
2. Meeting Details: Date, time, location of the meeting, and confirmation of quorum
3. Present and Apologies: List of committee members present and those who submitted apologies
4. Resolution: The formal resolution text authorizing the opening of the bank account
5. Bank Account Details: Specified bank, type of account, and purpose of the account
6. Authorized Signatories: Names and positions of individuals authorized to operate the account
7. Operating Rules: Rules for operating the account, including required number of signatories for transactions
8. Certification: Certification by the chairperson and secretary that the resolution was properly passed
1. Special Instructions: Any special operating instructions or restrictions for the account, used when specific controls are needed
2. Online Banking Authorization: Specific authorization for internet banking services, included when online banking access is required
3. Debit Card Authorization: Authorization for issuing debit cards to specific individuals, included when debit cards are required
4. Term Deposit Authority: Authorization for opening term deposits, included when the association plans to make term deposits
1. Schedule A - Authorized Signatory Details: Detailed information about each authorized signatory including full name, position, contact details, and specimen signature
2. Schedule B - Required Documentation List: List of supporting documents to be provided to the bank (e.g., association registration certificate, constitution, meeting minutes)
3. Appendix 1 - Extract of Association Rules: Relevant extract from the association's constitution or rules regarding financial management and bank accounts
4. Appendix 2 - Committee Members List: Current list of committee members and their positions as registered with the relevant authority
Authors
Relevant legal definitions
Clauses
Relevant Industries
Non-Profit Organizations
Sports and Recreation
Community Services
Educational Institutions
Religious Organizations
Professional Associations
Cultural Organizations
Charitable Organizations
Trade Associations
Social Clubs
Relevant Teams
Legal
Finance
Compliance
Administration
Operations
Governance
Executive Office
Company Secretariat
Relevant Roles
Association Secretary
Association Treasurer
Committee President
Committee Chairperson
Executive Director
Financial Controller
Compliance Officer
Bank Relationship Manager
Operations Manager
Administrative Officer
Committee Member
Legal Counsel
Governance Officer
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