A Board Resolution For Bank Loan is a fundamental corporate document required when an Australian company seeks to obtain financing from a banking institution. This document demonstrates corporate authority and compliance with the Corporations Act 2001 (Cth) and banking regulations. It should be used whenever a company needs to formally document its board's approval to enter into a loan agreement, whether for working capital, asset acquisition, expansion, or other business purposes. The resolution typically includes crucial details such as the approved loan amount, key terms, security arrangements, and designated signatories. It forms part of the bank's due diligence requirements and serves as evidence that the company has followed proper corporate governance procedures in approving the loan facility.
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1. Company Details: Legal name of the company, ACN/ABN, registered office address
2. Meeting Details: Date, time, location of the board meeting, and confirmation of quorum
3. Present Directors: List of directors present at the meeting and those who have submitted apologies
4. Chair: Identification of the meeting's chairperson
5. Purpose of Resolution: Clear statement of the purpose to obtain a loan facility from the specified bank
6. Loan Details: Specific details of the approved loan including amount, term, interest rate, and key conditions
7. Board Declarations: Declarations regarding the company's solvency and ability to repay the loan
8. Authorization: Specific authorization for designated officers to execute loan documents
9. Certification: Certification by the chairperson or company secretary that the resolution was duly passed
1. Security Details: Include when the loan requires specific assets to be provided as security
2. Related Party Declarations: Required when any directors have personal interests in the loan arrangement
3. Special Conditions: Include when there are specific conditions or requirements imposed by the bank that need board approval
4. Previous Resolutions: Reference to previous relevant board resolutions when this resolution amends or relates to earlier decisions
5. Financial Assessment: Include when the board needs to document their consideration of the company's financial position
1. Schedule 1 - Loan Facility Terms: Detailed terms and conditions of the loan facility as provided by the bank
2. Schedule 2 - Security Details: List and description of assets being provided as security (if applicable)
3. Schedule 3 - Authorized Signatories: Names and positions of persons authorized to execute loan documents
4. Appendix A - Financial Summary: Summary of relevant financial information considered by the board
5. Appendix B - Bank Term Sheet: Copy of the bank's term sheet or loan offer document
Relevant legal definitions
Clauses
Meeting Details
Attendance and Quorum
Corporate Authority
Loan Approval
Facility Terms
Security Arrangements
Financial Assessment
Director Interests
Execution Authority
Bank Mandate
Solvency Declaration
Document Authorization
Signatory Appointment
Certification
Related Party Provisions
Previous Resolutions
Conditions Precedent
Board Confirmation
Attendance and Quorum
Corporate Authority
Loan Approval
Facility Terms
Security Arrangements
Financial Assessment
Director Interests
Execution Authority
Bank Mandate
Solvency Declaration
Document Authorization
Signatory Appointment
Certification
Related Party Provisions
Previous Resolutions
Conditions Precedent
Board Confirmation
Relevant Industries
Banking & Financial Services
Corporate
Real Estate
Manufacturing
Retail
Technology
Mining & Resources
Healthcare
Agriculture
Construction
Transport & Logistics
Professional Services
Relevant Teams
Legal
Finance
Corporate Governance
Treasury
Risk Management
Executive Leadership
Board of Directors
Company Secretariat
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Company Secretary
Board Director
Managing Director
Finance Director
Corporate Lawyer
Legal Counsel
Treasury Manager
Financial Controller
Risk Manager
Company Director
Board Chairman
Corporate Secretary
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