Board resolution format for opening a dividend account under Section 123(4) and an Unpaid Dividend Account under Section 124(1), with signatories.
“RESOLVED THAT pursuant to the provisions of Sections 123(4), 124(1) and 179 and other applicable provisions, if any, of the Companies Act, 2013 and the Articles of Association of the Company, consent of the Board be and is hereby accorded to open with [●] Bank, [●] Branch, a scheduled bank (the “Bank”), a separate account titled ‘[●] – [Final / Interim] Dividend Account [●]’ for depositing, within five days from the date of declaration, the amount of the [final / interim] dividend for the financial year [●], and a special account titled ‘[●] – Unpaid Dividend Account [●]’ for the transfer of any part of that dividend remaining unpaid or unclaimed thirty days after its declaration.
RESOLVED FURTHER THAT the said accounts shall be used solely for the payment of the said dividend and shall be operated by [any one / any two jointly] of Mr./Ms. [●], [Designation] and Mr./Ms. [●], [Designation].
RESOLVED FURTHER THAT any Director and/or the Company Secretary of the Company be and is hereby severally authorised to sign the account opening forms and KYC documents, to furnish a certified true copy of this resolution to the Bank and to do all such acts, deeds and things as may be necessary for giving effect to this resolution.”
No rules under this Section yet.