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Client Authorisation Form: Multiperson company "One Director only Signs"

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  • Re: Client Authorisation Form: Multiperson company...

Client Authorisation Form: Multiperson company "One Director only Signs"

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Wednesday

Wednesday

Client Authorisation Form: Multiperson company "One Director only Signs"

Hello - below is a screenshot from ARNECC's interactive client authorisation form, taken directly from its website.

 

There is an option for one director only to sign the form in a multi-person company. This  suggests it is sufficient for one director to sign the form, and presumably undertake VOI, for the Subscriber to be authorised to complete a transaction.

 

However this is inconsistent with s127 of the Corporations Act that a document may be executed without using a common seal if 2 directors sign the document. Given that two directors must also sign dealings in paper-based transactions, I am not sure when the option for "Multi-person company: One director only signs" is appropriate. 

 

Please provide some clarity as to when this option may be used.

 

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DMc
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Wednesday - last edited yesterday

Wednesday - last edited yesterday

Re: Client Authorisation Form: Multiperson company "One Director only Signs"

My guess would be the individual CAF creation, of each separate individual authorised execution in counterpart. 

Make every day count, keep smiling! Smiley Very Happy
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YK123
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Friday

Friday

Re: Client Authorisation Form: Multiperson company "One Director only Signs"

S 127 of the Corporations Act at (4)  "This section does not limit the ways in which a company may execute a document (including a deed)." (Emphasis added)

 

If a company's Constitution allows one director to sign without common seal where there are multiple directors, this would be a circumstance that you would use this option on the CAF. 

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