A Board Resolution For Bank Loan is a crucial corporate document required when a company in the UAE seeks to obtain financing from a bank. This resolution demonstrates that the company's board has properly approved the loan transaction in accordance with UAE Federal Law No. 32 of 2021 and the company's Articles of Association. The document is typically required by banks as part of their due diligence process and serves as evidence that the company has followed proper corporate governance procedures. It details the specific loan being approved, designates authorized signatories, and grants them the necessary powers to execute loan documentation. The resolution must be drafted in compliance with UAE corporate and banking regulations, and is often accompanied by supporting documentation such as trade licenses and specimen signatures.
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1. Header Information: Company name, commercial registration number, meeting date, time, and venue
2. Attendance Details: List of board members present, confirmation of quorum as per Articles of Association
3. Meeting Chair: Identification of the chairperson of the board meeting
4. Loan Purpose: Clear statement of the purpose for which the loan is being obtained
5. Loan Details: Specific details of the approved loan including amount, term, and general conditions
6. Bank Details: Name and details of the lending bank
7. Board Authorization: Explicit statement of board approval for the loan
8. Authorized Signatories: Designation of authorized persons to execute loan documents
9. Powers Granted: Specific powers granted to authorized signatories regarding the loan
10. Certification: Statement certifying the resolution as true and accurate
1. Specific Security Approvals: Required when the loan involves providing specific security or collateral
2. Corporate Guarantee Details: Needed when the company is providing guarantees for group companies
3. Foreign Currency Provisions: Required when the loan is in a currency other than AED
4. Facility Letter Reference: Include when referring to a specific facility letter or offer from the bank
5. Special Conditions: Any special conditions or requirements specific to the loan or company circumstances
1. Copy of Notice of Meeting: Evidence that proper notice was given to all board members
2. Specimen Signatures: Specimen signatures of authorized signatories
3. Articles of Association Extract: Relevant extract showing board's authority to approve loans
4. Trade License Copy: Copy of company's valid trade license
5. Bank Facility Letter: Copy of the bank's facility letter or offer being approved
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate and Construction
Manufacturing
Retail and Consumer Goods
Healthcare
Technology and Communications
Energy and Utilities
Hospitality and Tourism
Trading and Distribution
Professional Services
Industrial and Engineering
Transportation and Logistics
Relevant Teams
Legal
Finance
Corporate Secretariat
Treasury
Compliance
Corporate Governance
Risk Management
Board Secretariat
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Company Secretary
Legal Counsel
Finance Director
Treasury Manager
Board Chairman
Board Director
Corporate Governance Officer
Compliance Manager
Financial Controller
Managing Director
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