A Board Resolution For Creation of Charge is essential when a Malaysian company intends to provide security over its assets to secure financial obligations. This document is required under Malaysian law, specifically the Companies Act 2016, whenever a company creates a charge over its assets in favor of a lender or security holder. The resolution demonstrates proper corporate authorization and compliance with governance requirements, detailing the specific assets being charged, the purpose of the security, and the authorized personnel who may execute related documents. It must be properly documented in the company's records and registered with the Companies Commission of Malaysia within 30 days of creation. The document is particularly important for securing corporate financing, asset-based lending, and other secured transactions in Malaysia.
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1. Title and Date: Formal title of the resolution and date of the board meeting
2. Company Details: Full legal name and registration number of the company
3. Directors Present: List of directors attending the meeting, confirming quorum requirements are met
4. Chairperson: Identification of the chairperson of the meeting
5. Notice and Quorum: Confirmation that proper notice was given and quorum requirements are satisfied
6. Background: Brief description of the purpose for creating the charge and the underlying transaction
7. Declaration of Interest: Directors' declarations of any interests in the transaction
8. Main Resolution: The formal resolution approving the creation of charge, including details of the assets being charged and the secured party
9. Authority to Execute: Authorization for specific directors/officers to execute necessary documents
10. Closure: Formal closing of the resolution with chairman's signature
1. Related Resolutions: Additional resolutions required for the transaction, used when multiple corporate actions are needed
2. Conditions Precedent: Any conditions that must be met before the charge can be created, included when there are specific prerequisites
3. Corporate Benefit Statement: Express statement of the benefit to the company, included when the charge is being created to secure third-party obligations
4. Constitutional References: Specific references to the company's constitution provisions, included when required by the constitution or for complex transactions
1. Details of Charged Assets: Comprehensive list and description of assets over which the charge is being created
2. Facility Details: Summary of the underlying facility or loan agreement terms
3. Execution Requirements: Specific requirements for execution of charge documents and supporting documentation
4. Extract of Company Constitution: Relevant extracts from the company's constitution regarding creation of charges and board powers
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Manufacturing
Construction
Retail
Technology
Healthcare
Energy
Transportation and Logistics
Agriculture
Mining and Resources
Telecommunications
Relevant Teams
Legal
Corporate Secretarial
Finance
Compliance
Treasury
Corporate Governance
Risk Management
Corporate Affairs
Relevant Roles
Company Secretary
Corporate Lawyer
Legal Counsel
Chief Financial Officer
Finance Director
Corporate Finance Manager
Compliance Officer
Board Director
Managing Director
Chief Executive Officer
Legal Manager
Corporate Services Manager
Treasury Manager
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