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open co's new bank account

BHARAT (SALARIED / MANAGER TAXATION) (69 Points)

06 August 2009

1) recently my client has registered a new private co having two directors wants to open co's new bank account ,what is procedure for opening the account.

2)In case the new account to be operated by 5 person otherthan the Directors then how it is possible and what is the procedure.

thanks Ankur Garg For Your Answer.

can u please answer my Q.no 2 also.

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Suman Khurana (ACS) (209 Points)
Replied 06 August 2009

Please find below the draft resolution. Procedure is same i.e. passing of BR. Draft is below:

OPENING OF CURRENT ACCOUNT WITH ---- BANK LTD.

“RESOVED THAT the Current Account of the Company be opened with ---- Bank Ltd., Chandigarh in the name and style of “NAME OF COMPANY” and that Mr.________, Director, be and is hereby authorised to sign all the necessary documents in respect of the opening of said account.

FURTHER RESOLVED THAT the said Bank be and is hereby directed to honour all the cheques, bills of exchange and promissory notes, drawn, accepted or made on behalf of the Company, at any time by any of the following signatories;

	Sr No.	Name of Authorised Person & Designation	Limit
B	1
	2
	3

FURTHER RESOLVED THAT the bank is also authorised to act upon any instructions so given relating to the said account by the above said Director on behalf of the Company.

FURTHER RESOLVED THAT a copy of the resolution be forwarded to the Bank for their necessary action and this will remain in force till further instructions.”

Certified to be true copy

Regards

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(Guest)

Normal Current Account

: Documentation

Mentioned below is the list of documents to be submitted with the completed duly signed Account Opening Form:

Basic Common Documentation

Proof of Identity: PAN Card, Voter Id Card, Passport, Driving License
Proof of Address: Latest Telephone Bill or Electricity Bill

Public or Private Limited Companies

Certificate of Incorporation and Commencement of Business
Memorandum and Articles of Association
Board resolution authorising the opening and operation of the account
PAN or GIR No. or completed Form 60
List of Directors with residential addresses

(Guest)

Steps

Pass resolution
Fill the form
Not in the list but important that pl conatct the bank with u want to open ur account their sevice expenses other expenses compare with other bank services charges as well as fees so u can impress ur client from comaprsion that u have taken effort for taht
Best of Luck It is easy process but follow up is necessary in this :)

(Guest)

Answer to Youe Q. No.2

Generally The Financial authority must be in the hands of Directors.

But If your direcctors are unable to handle this responsibilty, then you can appoint the executive leval person or officer of higher rank to operate the bank account.

You Have to convince the bank for two things

(1) Opearation of Account by persons other than the directors and

(2) Account operation authority by 5 person. (Because generally banks only upto 3 p[erson to operate the account)

---

Ankur Shah (Practicing Company Secretary)

“Guru Gautam” Bungalow, Inside Parshwa Tower,

Nr. Shyamal Cross Road, 132ft. Ring Road,

Satellite, Ahmedabad – 15

Contact: + 91-9427633901

E-mail: ankurjewel @ gmail.com

Blog: csankur @ blogspot.com