Banking · Documentation and Legal Entities

Consider the following statements regarding bank documentation protocols for different legal entities: Statement 1: For a limited company, the bank must ensure execution is authorized by a Board Resolution under the Companies Act, 2013, specifying authorized officials. Statement 2: For an Equitable Mortgage, the Memorandum of Entry should be an internal record of a past deposit transaction and not signed by the mortgagor to avoid compulsory registration requirements under the Registration Act, 1908. Statement 3: For a Partnership Firm, a Partnership Letter is obtained to establish joint and several liability and govern account operations. Which of the following summaries regarding these statements is most accurate?