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CM Advocates > Circular Resolutions of the BOD – Account Opening and Alteration of Mandate

Circular Resolutions of the BOD – Account Opening and Alteration of Mandate

KShs1,500

Section 265 of the Companies Act allows directors to pass a resolution by circulation. The Resolution is drafted and circulated to the board members who would otherwise have a right to attend and vote at a meeting where the resolutions would have been tabled. These resolutions become effectual on execution by all the directors or a number of them as would have been required to constitute a majority if provided for in the Articles of Association. Circulated Resolutions which are also known as written resolutions are an alternative to convening an in-person or virtual board meeting but have a shelf life, i.e. if the resolutions are not signed within a certain time frame, they lapse.

 

This is a written resolution for the opening of a bank account and the alteration of a mandate of an existing account accompanied by a notice from the Chair/ Company Secretary.

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