BarentsNews.com

Central Bank of Russia adopted the new rules and form for banking cards with sample signatures and company seal that should be presented in order to open account in any Russian bank (Direction No. 1297-Y of 21 June 2003).

The Direction came into force from 1 July 2003 and shall be used by the banks starting from 1 September 2003. Banking cards submitted by companies prior to 1 July 2003 will be valid and remain in force.

Direction No.1297-Y provides a novel regarding certification of signatures on banking cards. Previously it was required to certify signatures on banking cards with a notary. Starting from 1 September 2003 it will be still possible to certify signatures with a notary, however this will not be obligatory required any longer. Instead of this it will be allowed to sign card in bank premise in presence of bank official, after he will check passports and authority of those who is going to sign banking card (Article 10 of the Direction No. 1297-Y).

As a general rule a CEO of a company shall have the “right of first signature” and the Chief Accountant shall have the “right of second signature”. However, Direction No. 1297-Y allows that the “right of first signature” or the “right of second signature” can be granted to other persons on the basis of Power of Attorney. It is allowed to entitle simultaneously several employees of a company with the “right of first signature” or the “right of second signature”. Direction prohibits entitling one and the same employee with both the “right of first signature” and the “right of second signature”. If there is no accountant among the company staff, than only “first signature” shall be indicated in the banking card.

It should be noted that for the purpose of bank transactions both “first” and “second” signatures should be simultaneously indicated on instructions to the bank, except to the cases when there is no accountant in the company. Instructions to the bank shall be also stamped with the same seal as indicated in the banking card (Clause 2.14 of the Central Bank Regulation on Non-Cash Transactions in the Russian Federation of 12 April 2001 No. 2-P).

Sergei Mashkarenko.
Lawyer
Tel/Fax: +7812-174-59-50