Where it is decided that a bank account is no longer necessary, CEO will authorise the closure of the bank account.
The CFO will then be required to complete the following:
- ensure all transactions with respect to the account (including cheques drawn) have been completed;
- lodge with the bank a letter, signed by CEO advising of the closure of the account;
- meet the bank’s requirements with respect to account closure; and
- update the financial system and bank account register.