Following templates of board resolutions are for opening of separate bank accounts solely for the purpose of payment of dividend to shareholders of the company. Modify it suitably as per your requirement.
While finalising the resolution - do refer to the relevant provisions of the Companies Act, 2013, the Companies (Declaration and Payment of Dividend) Rules, 2014 and relevant resolutions passed or to be passed at the board and general meeting for declaration of the dividend.
In case of Declaration of Interim Dividend
#. To open a separate bank account for payment of interim dividend
“RESOLVED THAT a current account in the name and style of ‘.................... Limited - Interim Dividend (Year)’ be opened with ............ Bank at its branch at (Address).
FURTHER RESOLVED THAT (Name of the Person), (Designation) and (Name of the Person), (Designation) be and is hereby jointly authorized to sign the necessary forms, applications and any other documents as may be required for the purpose of opening of this current account.
FURTHER RESOLVED THAT the .......... Bank be and is hereby authorised to act in accordance with the instructions relating to the operation of the account and honour all cheques, warrants and any other negotiable instruments for payments, drawn, accepted, made, or signed on behalf of the company jointly by any two of the following authorised signatories:
1. (Name of the Person), (Designation)
2. (Name of the Person), (Designation)
3. (Name of the Person), (Designation)
FURTHER RESOLVED THAT the specimen signatures of the above mentioned authorised signatories be given to the Bank along with the necessary KYC and other documents.
FURTHER RESOLVED THAT the amount of interim dividend declared at the rate of ..... percent for the year ................ on the equity shares of the company be deposited in this account within five days.
FURTHER RESOLVED THAT the Bank be and is hereby instructed to change the nomenclature of this account to ‘Unpaid Dividend Account of ............. Limited - (Year)’ on (Date i.e. the 37th day from the date of declaration of dividend).
FURTHER RESOLVED THAT a certified true copy of the foregoing resolution be forwarded to the Bank under the signature of the Managing Director or any two Directors of the company.”
...............................
In case of Declaration of Final Dividend
#. To open a separate bank account for payment of final dividend
“RESOLVED THAT a current account in the name and style of ‘.................... Limited - Dividend (Year)’ be opened with (Name of the Bank), (Branch Name) for the purpose of payment of final dividend to the members for the financial year ........-....
RESOLVED FURTHER THAT (Name of the Officer), (Designation) and (Name of the Officer), (Designation) be and is hereby jointly authorized to sign the necessary forms, applications and any other documents as may be necessary for the purpose of opening of the current account.
RESOLVED FURTHER THAT the (Name of the Bank) be and is hereby authorised to act in accordance with the instructions by any two of the following authorised signatories jointly relating to the operation of the account and honour all cheques, warrants and any other negotiable instruments for payments, drawn, accepted, made, or signed on behalf of the company by the signatories:
1. (Name of the Officer), (Designation)
2. (Name of the Officer), (Designation)
3. (Name of the Officer), (Designation)
RESOLVED FURTHER THAT the specimen signatures of the authorised signatories be provided to the Bank along with the KYC and any other supporting documents.
RESOLVED FURTHER THAT the amount of the final dividend declared at the rate of .... percent for the year ...... on the equity shares of the company be deposited in the account within five days from the date of declaration of the final dividend in the ensuing ...th annual general meeting of the company.
RESOLVED FURTHER THAT the Bank be and is hereby instructed to change the nomenclature of this account to ‘Unpaid Dividend Account of ............. Limited - (Year)’ on (Date i.e. the 37th day from the date of declaration of dividend).
RESOLVED FURTHER THAT a certified true copy of the foregoing resolution be forwarded to the Bank under the signature of the Managing Director or the Company Secretary.”
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