Union Bank of India Resolution for Club, Society, Trust, Institutions
Union Bank of India Resolution for Club, Society, Trust, Institutions from download
The provided PDF contains Format 3 of the Union Bank of India Internet Banking documents (PDF: 0.1.9). It is a Specimen of Resolution for a Club, Society, Trust, or Institution to formally authorize online banking services (PDF: 0.1.9).
The key points of this resolution include:
1. Account Mapping
- Entity Verification: Captures the exact name of the Club, Society, Trust, or Institution passing the resolution (PDF: 0.1.9).
- Bank Credentials: Requires the unique Customer ID and the specific Union Bank of India branch where the account is held (PDF: 0.1.9).
2. Designated Signatory Authorization
- Nomination: Explicitly names and delegates the authorized individual(s) (Shri) permitted to submit the application (PDF: 0.1.9).
- Operational Control: Identifies who will actively handle and execute the online operations on behalf of the organization (PDF: 0.1.9).
3. Transaction Flexibility
- Operational Choice: Allows the organization to select between two distinct transaction levels by striking out the inapplicable option:
- Full administrative rights for all transactions (PDF: 0.1.9).
- Restricted debit access limited strictly to online tax payments (PDF: 0.1.9).
4. Legal Responsibility & Indemnity
- Absolute Liability: The entire financial and operational responsibility for all transactions executed through the portal lies solely with the named Club, Society, or Trust (PDF: 0.1.9).
- Bank Exemption: The resolution ensures the bank remains completely free from liability or legal recourse arising from portal usage (PDF: 0.1.9).
- Undertaking Power: Authorizes the named individual to sign a formal declaration/undertaking in favor of the bank to back these conditions (PDF: 0.1.9).
5. Official Execution
- Seal Requirement: The document must be officially signed by the designated authorities and stamped with the organization’s legal rubber seal (PDF: 0.1.9).
If you want, I can:
- Explain how to properly strike out the transaction restrictions
- List other KYC documents needed for a registered Trust or Society
- Detail what happens if multiple individuals need to operate the online account
Download PDF Click here
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