A Board Resolution For Loan To Director is a crucial governance document used when a company plans to extend credit to one of its directors. This document is particularly important in the United States where related-party transactions face careful scrutiny under both state and federal laws. The resolution must demonstrate that the loan serves a legitimate business purpose, is made on arms-length terms, and has been properly approved by disinterested directors. It typically includes detailed loan terms, compliance considerations, and may require specific disclosures if the company is publicly traded. This document helps protect the company and its directors from potential liability while ensuring transparency and proper corporate governance.
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1. Title and Date: Formal identification of the resolution and date of board meeting
2. Recitals: Background information explaining the purpose and context of the loan
3. Director Identification: Details of the director receiving the loan including full name, position, and relationship to the company
4. Loan Terms: Specific details about loan amount, interest rate, repayment schedule, and other material terms
5. Resolution Statement: Formal declaration of board approval and authorization of the loan
6. Certification: Secretary's certification of the resolution's authenticity and confirmation it was properly passed
1. Conflicts Declaration: Statement regarding interested directors and their exclusion from voting process
2. Security/Collateral: Details of any security or collateral arrangements for the loan
3. Regulatory Compliance: Specific references to regulatory requirements and confirmations of compliance
1. Loan Agreement: Detailed loan terms and conditions in a separate agreement
2. Security Documents: Documentation of any collateral or security arrangements for the loan
3. Director's Undertaking: Written acknowledgment and acceptance of loan terms by the director
Authority and Powers
Loan Amount and Terms
Interest Rate
Repayment Terms
Security and Collateral
Default Provisions
Regulatory Compliance
Related Party Disclosures
Fiduciary Duty Acknowledgment
Corporate Benefit
Conflicts of Interest
Documentation Requirements
Board Approval
Execution Authority
Representations and Warranties
Conditions Precedent
Record Keeping
Amendments
Governing Law
Certification
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