Our synagogue wants to acquire several bank certificates of deposit, can the signatories be changed if we elect new officers?

Your Legal Questions Answered

Our synagogue wants to acquire several bank certificates of deposit for different terms. Our president and financial secretary will be the signatories. Can these signatories be changed if we elect new officers? Will there be a penalty?

Normally an organization passes a resolution to confirm who has authority to sign bank account documents. So long as the resolution allows specified officers to sign, and does not designate the individuals by name, a change of individuals holding the offices will not be inconsistent with the resolution. A bank will normally accept a new signature card, signed by the new individuals holding the authorized offices, without any charge and without requiring the organization to pass a new resolution.

Friday, November 2, 2007 - 12:00

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Your Legal Questions Answered

Our synagogue wants to acquire several bank certificates of deposit, can the signatories be changed if we elect new officers?

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