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a)Provide the bank with the following documents for examination and record purposes:
- The company's certificate of incorporation. This is conclusive evidence that all the requirements of the Act in respect of registration have been complied with.
- The company's trading certificate if it is a public company.
b)The company's share holders should provide the bank with the following for retention and record purposes:
- Up-to-date copies of the company's memorandum of association and articles of association, duly signed by the secretary. These must be perused carefully and a note made as to the provisions affecting:
(1) the company's power (found in the memorandum), e.g., borrowing power, power to give guarantees and other
security, and (2) the directors? powers (found in the articles), e.g. restrictions on borrowing when acting as agents of the company. - A certified copy of the board of directors? resolution appointing the bank as the company's bankers - A mandate covering all banking operations relating to the company's account incorporating the names, number and positions of persons authorized to (1) draw, endorse and accept bills of exchange, promissory notes and cheques, etc. (2) deposit and withdraw security and custody items (3) overdraw the account.
c)Provide the bank with Specimen signatures of directors and all authorized signatures are required. The
bank must ensure that the mandate is in conformity with the memorandum and articles.
NatalieR answered the question on February 22, 2022 at 08:25
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