Re: Legal Opinion regarding opening of bank account of Company 1.
We refer to your letter dated April 10, 2008 on the above subject.
On perusal of your letter, it appears that Mr. x, Managing Director of Company 1 (the “Company”) has requested Bank 1 (the “Bank”) to open a current bank account with the Bank. Apart from Mr. x, the Company has one other shareholder named Mr. y who is the chairman of the Company. Both shareholders of the Company are Indian nationals.
We have been provided with the copies of the following documents in this regard:
i) Memorandum & Article of Association
ii) Board Resolution dated 15.03.2008 of the Company approving the opening of a current account with the Bank and the operation of that account by Mr. y
iii) Trade License issued by Dhaka City Corporation
iv) Indian passport of Mr. x and Mr. y
v) TIN Certificate
In these circumstances, you have requested us to provide our legal as to whether the Bank may open the said bank account in the name of the Company.
According to Article 32 and 33 of the Articles of Association of the Company, the Company may open Bank Accounts in any scheduled Bank and the bank accounts will be operated by the signature of the Managing Director of the Company or as per Board resolution of the board of directors of the company.
From the provided Board Resolution dated 15.03.2008 of the Company it appears that the Board of Directors of the Company has approved the opening of a current account with the Bank in the name of Company 1and the said account is to be operated by Mr. y, the managing director.
Therefore, the Bank may open the said current account in the name of the Company and the account is to be operated by Mr. y, the managing director.
However, as Mr. y is foreigners and will be working in the capacity of managing director of the company in Bangladesh, we advise the Bank to obtain copy of his work permit issued by the Board of Investment (BOI) before opening the account.
If you have any further inquiries please do not hesitate to contact us.
All papers/documents referred to us are returned herewith.
For: “The Lawyers & Jurists”