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Bank Accounts - Corporate Authorization Resolution

LMC Revised Date

Office of Origin: Finance
Original Date Adopted: 06-23-09
Dates Reviewed: 01-15-12, 12-11-17
Last Date Modified & Approved: 01-15-12

The Chairman of the Lake Michigan College (the College) Board of Trustees (the Board), the Secretary of the Board, the College’s President and the Chief Financial Officer (CFO) are delegated by the Board with the authority to approve opening an account in a commercial bank or any other financial organization and depositing College funds. 

Additional authority granted to the above listed positions include the ability to:

  • Open or close any depository account of the College’s.
  • Enter into written agreements on behalf and in the name of the College for merchant services agreements, remote check capture agreements, or electronic banking services.
  • Enter into written agreements for renting, maintaining, accessing, and/or terminating a safe deposit box or night drop depository box.
  • Signing a Corporate Authorization Resolution on behalf of the College and Board.
  • Determining authority levels to endorse checks and orders for payment of money, approve business credit/debit card access devices, or otherwise withdraw or transfer funds on deposit with a bank.

Two signatures are required to transact each of the above authorized actions.

All account names must begin with “Lake Michigan College.” 

Copies of all signature cards will be maintained by the Director of Finance. 

The CFO does not have authority, without a written resolution approved by the Board, to:

  • Sign, execute, or deliver promissory or other evidences of indebtedness to borrow money on behalf of or in the name of the College.
  • Endorse, assign, transfer, mortgage or pledge accounts receivable, warehouse receipts, bills of lading, stocks, bonds, real estate or other property now owned or hereafter owned or acquired by the College as security for sums borrowed, or to discount the same, unconditionally guarantee payment of all bills received, negotiated or discounted and to waive demand, presentment, protest, notice of protest and notice of non-payment.

Responsibility:   Chief Financial Officer


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