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Corporations / Stratas / Incorporated Societies

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Find out who needs to be there and what they need to bring.

Manage your organization exactly how you want. This handy chart will help you figure out how to change business ownership of your accounts, make your new VP of Important Stuff a Signing Authority Position, and how to make your Cousin Vinny the Signer for that new position.

If you…

then you need to…

…changed corporate ownership or elected a new Board of Directors.

…update the Directors, Signing Authority Positions and the Signers of the organization.

…changed the organizational roles that will be signing authority positions.

…update the Signing Authority Positions for the organization.

…changed the people in the roles that are signing authority positions.

…update the Signers for the organization.

If you need more help or information, please contact us.

You’ll update your Directors when a new board of directors is elected, with new company ownership, or when a Director steps down. To complete the change you will need to provide proof, and have your Director(s) sign various forms to make it official.

Example:

Next Steps:

Julie’s Cookie Inc. sold a 25% portion of their business to Bill Cook, and appointed him as a Director holding the position of President.

The current owners will need to add Bill as a Director, and make him a Signer, assuming the President was already a Signing Authority Position.
Who needs to visit the branch?

Any change will need at least two Directors on the most recent “Notice of Articles”, “Notice of Change of Directors”, or “Meeting Minutes” (societies and stratas only) to be present in-branch to complete the change.

During that time, the Directors could also update Signing Authority Positions or Signers.

Follow these steps

Step 1

Book an appointment

Contact a Small Business Specialist

Step 2

Bring the required documents

Everyone needs to bring:

  • Valid government issued photo ID
  • Verification of percentage of ownership for each owner (one of)
    • Incorporation Agreement
    • Central Securities Register
    • Share Certificate
    • Record of Shareholders

Corporations will also need one of the following:

Stratas will also need to bring:

  • Signed Meeting minutes detailing the change in Directors (strata council members)

Incorporated Societies will also need to bring:

  • Signed Meeting minutes detailing the change in Directors

Signing Authority Positions are the roles of the organization that can perform transactions on the account. Usually these are the Directors of the company, but you can also give the authority to your external bookkeeper, or even a janitor.

These situations typically also involve an update of the Signers.

Example:

Next Steps:

Julie’s Cookie Ltd. hired an external accountant Roger Burns to pay CRA taxes from the corporate account. Previously the ”Accountant” was never a Signing Authority Position.

Julie’s Cookie Ltd. will need to make the “Accountant” a Signing Authority Position. They could then make Roger Burns a Signer.

The Heart Foundation Society board of directors decided that only the President and Treasurer could pay from the account.

The directors will need to update the Signing Authority Positions for the account to allow transactions from only the “President” and “Treasurer”.
Who needs to visit the branch?

So long as you are not removing a Director that signed the original paperwork, the updated documentation can be signed offsite. If the Directors who signed the original paperwork are changing , then at least two Directors must attend the branch.

During that time you could also change Signers.

Follow these steps

Step 1

Complete the attached form

Only if there are no changes in Directors.

Resolution Appointing Signing Officers

Step 2

Book an appointment

Contact a Small Business Specialist

Step 3

Bring the required documents

  • Valid government issued photo ID

Signers are the individuals that have the ability to perform transactions on the account. To become a Signer, each person must have already been given a role in the organization that is a Signing Authority Position.

Example:

Next Steps:

Julie’s Cookie Ltd. changed their accountant Roger Burns to Honest Jim.

The directors will need to make Honest Jim a Signer for the company. Assuming that the Accountant role is already a Signing Authority Position.

Julie’s Cookie Ltd. elected a new Treasurer Jane Smith, and the Treasurer role was never a Signing Authority Position.

The Treasurer role must first be made a Signing Authority Position, before the Directors can make Jane Smith a Signer.
Who needs to visit the branch?

Only the new Signer needs to appear in branch, so long as you are not removing a Director.

Follow these steps

Step 1

Complete the attached form

Two Directors who are current Signers must complete this document.

Change to Authorized Signing Officers

Step 2

Book an appointment

Contact a Small Business Specialist

Step 3

Bring the required documents

  • Valid government issued photo ID
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