on 13-01-2021 06:22 PM
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.
13-01-2021 07:47 PM - edited 16-01-2021 12:54 PM
My guess would be the individual CAF creation, of each separate individual authorised execution in counterpart.
on 15-01-2021 04:23 PM
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.