Legal Question in Business Law in Colorado
We are a Colorado based corporation, and we want to nominate a person who will deal with all the banking needs on behalf of our corporation in another state.
The bank in another state (Virginia) is asking us to provide some evidence that this person has authorization to open a business cheking account on company behalf.
How can we appoint this individual to be in charge of our banking needs and open/manage a bank account?
Can this authorization be given by executing minutes and stating that: The named individual is authorized by the board to open and manage bank accounts on the behalf of ZXY corporation?
1 Answer from Attorneys
Most banks require at least board of directors' minutes authorizing your designee to act on behalf of your corporation. This is typically an officer (President or Vice President). Many banks have a fillable form of minutes they require their corporate customers to use. Most will also require a copy of your Articles of Incorporation (generally available online from your Secretary of State's office) as well as your Bylaws, any written Shareholders' Agreements and possibly a copy of your last corporate tax return.
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