Non signatory director withdraw funds from bank a/c?

L

Lorz

Registered User
Messages
661
Apologies if this is in the wrong forum - please move if so.

Can a company director, who is not a signatory on the bank a/c, withdraw funds from the bank a/c?
 
Thanks for that. I thought there might be a chance that directors were automatically entitled to draw funds from company a/c.
 
No – only those that that signed the bank mandate -which indicates who can sign - and sometimes in what combinations, may withdraw funds, sign cheques and authorise transfers.
 
Also it would never be recommended that it be any one of the mandated directors, should be at least 2 or one constant plus one of the others. To take this further, even where there are two directors signing, one director should never pre-sign cheques, leaving them to the other to sign off with their signature when paying.
 
You must log in or register to reply here.
Menu
Log in
Register