Bytes

Bytes - Your weekly dose of
investments, taxes, finance & more.

IT Portal 2.0
www.incometax.gov.in

IT Portal 2.0

Check out the latest videos explaining the various features of the new portal
www.incometax.gov.in
previous arrow
next arrow

Meeting Minutes : Opening a Bank Account

author portrait

Maharshi Shah

Bank Account
Board Meeting
Last updated on July 8th, 2021

A board meeting is a formal gathering of a Board of Directors. Most of the organizations, being public or private, profit or non-profit, are ultimately governed by a body commonly known as Board of Directors. The members of this body cyclically meet to discuss strategic matters. Further, a Board Meeting should be held before Opening a Bank Account.

A company is individual separate identity and therefore can conduct business-related transactions using a corporate bank account. Therefore, a Private Limited Company (Pvt Ltd) needs to open a corporate bank account in order to carry the financial business transactions. Hence, a company has to call a Board Meeting in order to decide the bank in which they would want to open a Corporate Bank Account.

Furthermore, a resolution must be passed and recorded in the Board Meeting for opening a bank account. Additionally, a resolution must also be passed to authorize a person to operate the aforesaid bank account on behalf of the company.

Board Meetings - Opening A Bank Account

Thus, review your Board Meeting Minutes immediately after the meeting. When your board meeting minutes are complete and finished, make sure they are distributed to board members as soon as possible. Once the minutes are approved by a vote of the board during the next board meeting, they become part of the official record of the organization. It’s important that a copy of all minutes are kept in one place.

Download Meeting Minutes
Download Sample Board Meeting for Opening A Bank Account
Download
Download Meeting Minutes
Download Sample Board Meeting for Opening A Bank Account
Download

FAQs

When should a Board Meeting be held for Opening a Bank Account?

A Board Meeting should be held before Opening a Bank Account. Furthermore, the Board Meeting is supposed to be documented.

Who should be present in the Board Meeting?

The Board of Directors is supposed to be present in the Board Meeting.

How do we set up proxy voting for the Board Meetings?

Proxy voting is common during membership meetings where members are numerous and spread all over the country. Hence, a fellow member can be given the power of attorney to vote in their place.

Got Questions? Ask Away!

  1. Hey @Dixita

    Yes, all the new companies getting incorporated through SPICe + need to compulsorily open a bank account in form AGILE PRO

    Hope this helps!