Glossary
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Authority to sign
Those who are authorised to sign can sign legally binding documents for the association: financial transactions, rental and employment contracts, commercial register entry, official acts, etc. Correspondence without legal effect can also be signed by other persons: information, correspondence, invitations etc.
The authority to sign must be regulated in principle in the articles of association. It is recommendable that the permission be for joint signatures (collective signature). If according to the articles of association, the committee is allowed to regulate the authority to sign itself, it has to provide the bank or the postal office with the minutes indicating the persons authorised to sign. If an association is registered with the commercial register, the authorised signatories are listed by name.
In order to simplify transactions, it is possible to grant powers of attorney to specific persons. The responsibility remains with the authorised signatory.
The authority to sign must be regulated in principle in the articles of association. It is recommendable that the permission be for joint signatures (collective signature). If according to the articles of association, the committee is allowed to regulate the authority to sign itself, it has to provide the bank or the postal office with the minutes indicating the persons authorised to sign. If an association is registered with the commercial register, the authorised signatories are listed by name.
In order to simplify transactions, it is possible to grant powers of attorney to specific persons. The responsibility remains with the authorised signatory.
