A Board Resolution For Borrowing Loan From Bank is a crucial corporate governance document required by Canadian financial institutions before extending credit to companies. This document is necessary whenever a corporation seeks to obtain new financing, modify existing loan arrangements, or establish credit facilities with banks. The resolution must comply with Canadian federal and provincial corporate laws, particularly the Canada Business Corporations Act or relevant provincial corporation acts. It demonstrates that the board has properly authorized the borrowing and specifies who can act on the company's behalf. The document typically includes details about the approved loan amount, purpose of borrowing, authorized signatories, and any security arrangements. It serves as evidence of proper corporate authorization for banks and maintains corporate governance records.
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1. Corporation Identification: Legal name of the corporation, registration number, and registered office address
2. Meeting Details: Date, time, location of the board meeting, and confirmation of quorum
3. Recitals: Background information establishing the purpose of the borrowing and confirmation that it is in the corporation's best interests
4. Resolution of Borrowing Authority: Primary resolution authorizing the borrowing of the specified amount from the named bank
5. Terms of Borrowing: Specific details of the loan including amount, interest rate, and repayment terms
6. Authorized Signatories: Designation of officers authorized to execute loan documents on behalf of the corporation
7. Security Authorization: Authorization to grant security interests or guarantees if required by the bank
8. Further Actions: Authorization for officers to take all necessary actions to implement the resolutions
9. Certification: Certification by the corporate secretary or appropriate officer that the resolution was duly passed
1. Prior Resolutions: Section revoking or amending previous resolutions, used when replacing existing borrowing authorities
2. Multiple Banking Facilities: Additional provisions when authorizing multiple types of banking facilities or credit lines
3. Specific Covenant Compliance: Confirmation of compliance with specific bank requirements or covenants, used when required by the lender
4. Corporate Seal: Authorization for use of corporate seal, included if required by corporate bylaws or bank
5. Supporting Opinions: Reference to legal or financial opinions, included for complex borrowing arrangements
1. Schedule A - Loan Terms: Detailed terms and conditions of the loan facility being approved
2. Schedule B - Authorized Signatories: List of authorized signatories with their titles and signing authorities
3. Schedule C - Security Documents: List of security documents to be executed in connection with the loan
4. Schedule D - Specimen Signatures: Specimen signatures of authorized signatories if required by the bank
Relevant legal definitions
Bank
Banking Facilities
Board
Board Meeting
Borrowing
Company
Corporation
Credit Facility
Directors
Facility Agreement
Loan Documents
Officers
Resolution
Security
Security Documents
Authorized Signatories
Corporate Seal
Governing Documents
Loan Amount
Meeting Date
Permitted Borrowing Limit
Quorum
Secretary
Signing Authority
Banking Facilities
Board
Board Meeting
Borrowing
Company
Corporation
Credit Facility
Directors
Facility Agreement
Loan Documents
Officers
Resolution
Security
Security Documents
Authorized Signatories
Corporate Seal
Governing Documents
Loan Amount
Meeting Date
Permitted Borrowing Limit
Quorum
Secretary
Signing Authority
Clauses
Corporate Authority
Meeting Details
Recitals
Borrowing Authorization
Loan Terms
Security Authorization
Signatory Authority
Document Execution
Bank Account Operation
Further Assurances
Prior Resolutions
Certification
Corporate Seal
Officer Authorization
Document Authentication
Compliance Confirmation
Implementation Authority
Recording Secretary
Meeting Details
Recitals
Borrowing Authorization
Loan Terms
Security Authorization
Signatory Authority
Document Execution
Bank Account Operation
Further Assurances
Prior Resolutions
Certification
Corporate Seal
Officer Authorization
Document Authentication
Compliance Confirmation
Implementation Authority
Recording Secretary
Relevant Industries
Banking and Financial Services
Corporate Services
Legal Services
Manufacturing
Retail
Technology
Healthcare
Real Estate
Construction
Transportation
Energy
Mining
Agriculture
Telecommunications
Relevant Teams
Legal
Finance
Corporate Secretariat
Treasury
Executive Leadership
Board of Directors
Corporate Governance
Risk Management
Compliance
Administrative Services
Relevant Roles
Board Director
Chief Executive Officer
Chief Financial Officer
Corporate Secretary
Treasurer
General Counsel
Finance Director
Managing Director
Company Secretary
Legal Counsel
Financial Controller
Board Chairman
Executive Director
Finance Manager
Corporate Governance Officer
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