The Commonwealth Development Authority board of directors passed a resolution to designate their signatories to bank accounts and loan documents.
During a special board meeting last Friday, the board adopted resolution number CDA-2016-002, “a resolution designating the signatories to CDA bank accounts and loan documents. This designation shall be valid, unless otherwise contrary to applicable law or regulations, until withdrawn or amended by formal board action.”
“It just so happened in the history of CDA that every one of the officers are off-island and that’s not going to be forever. So we have to amend it temporarily until circumstances change again,” CDA board chair Ignacio Perez said.
The designations in the resolution amend the designations contained in CDA resolution number 2012-001 that was adopted by the CDA board on May 2012.
Based on the new resolution, the required signatories for all checks drawn from CDA’s operations and receiving accounts shall be the executive director of CDA, or anyone legally acting in that capacity, and the either the economic development analyst or the loan manager.
The CDA chairperson or vice chairperson may serve as substitute signature in the event a required signatory is unavailable.
For Development Corporation Division accounts and loans, one signature from management and one from the board of directors shall be required.
The executive director is the primary signatory. The economic development analyst shall be the substitute when the executive director is not available. For the board, the DCD chair, vice chair, CDA chair, or a designee from the remaining board members may sign.
For Development Banking Division accounts, the CDA chair, or his designee from the remaining board members, and the executive director are the required signatories
“These designations shall be valid, unless otherwise contrary to applicable law or regulations, or until withdrawn or amended by formal board action,” the resolution read.