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Incumbency Certificate

Updated on November 27, 2022 , 2215 views

What is Incumbency Certificate?

Incumbency Certificate also goes by the name as a certificate of incumbency. It is a type of official document that is issued by an LLC (Limited Liability Company) or a corporation. The document is responsible for listing the names of the current officers, directors, and in some cases, the key shareholders of the company.

Incumbency Certificate

The document is also helpful in specifying the respective positions of specific team members within the company. Most frequently, the given document is used for confirming the overall identity of personnel who are given relevant authority to access the legally binding transactions on behalf of the company.

Incumbency Certificates like the certificate of incumbency, officer’s certificate, certificate of officers, secretary’s certificate, or register of directors –all of these are known to essentially provide the same piece of information. They are known to be issued by a corporate secretary. Most often, these are known to bear the seal. Moreover, they might also be notarized by some public notary.

Getting an Understanding of Incumbency Certificates

As the secretary of the organization is regarded as the officer in charge for maintaining company records, the Incumbency Certificate serves to be an official act of the organization. As such, third parties can consider reasonably relying on the overall accuracy of this important document.

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It is known to contain all relevant information with respect to the officers and directors of the company –like the name, whether appointed or elected, position, term of the position of the Incumbent, and so more. At the same time, the document is also known to include a proper signature sample for comparing details.

The mention of the Incumbency Certificate is expected to be followed by the list of officers and directors, the signature of the secretary, and the date. The given document can be requested by some financial institution when the company would be applying the opening of a Bank account or initiating some major transaction. Moreover, the given certificate can also be requested by a lawyer or some other party who would like to confirm the overall legality as well as stated position of an officer or director within the organization.

Anyone who might be involved in a transaction with an organization and would like to confirm the stated position of any officer within the organization can consider requesting for the Incumbency Certificate from the company’s secretary. In a practical sense, an Incumbency Certificate is mostly required by any financial institution or a bank while opening an account. This is for ensuring that the individual who claims to be the authorized

At the same time, when attorneys might be drafting contracts for transactions that are involved in an organization, they are usually required submitting an official Incumbency Certificate for determining who can legally bind the organization in proper contracts.

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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