A Board Resolution For Applying Loan From Bank is a crucial corporate document required in South Africa when a company seeks to obtain financing from a banking institution. This resolution is mandated under the Companies Act 71 of 2008 and demonstrates that the company's board of directors has properly authorized the loan application and related actions. The document typically outlines the specific loan amount being sought, its purpose, and designates authorized individuals to execute loan documentation. It serves as evidence of proper corporate governance and decision-making, which is essential for both internal record-keeping and external compliance with banking regulations. The resolution should be drafted when the company has determined its financing needs and before approaching the bank for the loan, as it will form part of the required loan application documentation.
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1. Title and Date: Formal heading identifying the document as a Board Resolution, including company name and date of the resolution
2. Attendance and Quorum: List of directors present and confirmation that a quorum was present for the meeting
3. Resolution Declaration: Standard opening text declaring that this is a resolution of the board of directors
4. Company Details: Full legal name of the company, registration number, and registered address
5. Loan Purpose: Clear statement of the purpose for which the loan is being sought
6. Loan Amount: Specification of the maximum amount of loan being authorized
7. Authorization: Specific authorization for designated officials to execute loan documents and related agreements
8. Bank Details: Name and details of the bank from which the loan is being sought
9. Certification: Certification by the company secretary or authorized director that the resolution was duly passed
1. Collateral Authorization: Required when the loan will be secured by company assets, authorizing the creation of security interests
2. Special Conditions: Include when there are specific conditions or requirements from the bank that need board approval
3. Related Resolutions: Reference to other relevant board resolutions when this resolution is part of a larger transaction
4. Delegation of Powers: Additional section when specific powers need to be delegated beyond standard loan document execution
5. Risk Assessment: Include when company policy or governance requirements mandate board acknowledgment of loan risks
1. Schedule A - Authorized Signatories: List of names, positions, and specimen signatures of authorized persons
2. Schedule B - Loan Terms Summary: Summary of key loan terms approved by the board
3. Appendix 1 - Meeting Minutes Extract: Relevant extract from the board meeting minutes where the resolution was passed
4. Appendix 2 - Supporting Documents: List of supporting documents referenced in the resolution
Relevant legal definitions
Company
Board
Directors
Bank
Loan Agreement
Loan Amount
Loan Purpose
Authorized Signatories
Security
Facility
Interest Rate
Repayment Terms
Financial Year
Companies Act
Resolution
Meeting
Quorum
Company Secretary
Chairperson
Governing Law
Material Terms
Security Documents
Related Agreements
Business Day
Notice
Board
Directors
Bank
Loan Agreement
Loan Amount
Loan Purpose
Authorized Signatories
Security
Facility
Interest Rate
Repayment Terms
Financial Year
Companies Act
Resolution
Meeting
Quorum
Company Secretary
Chairperson
Governing Law
Material Terms
Security Documents
Related Agreements
Business Day
Notice
Clauses
Relevant Industries
Banking and Financial Services
Corporate Services
Manufacturing
Retail
Technology
Mining
Agriculture
Construction
Real Estate
Healthcare
Transportation and Logistics
Energy and Utilities
Telecommunications
Professional Services
Relevant Teams
Legal
Finance
Corporate Secretariat
Treasury
Risk Management
Compliance
Corporate Governance
Executive Management
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Company Secretary
Financial Director
Managing Director
Board Chairman
Executive Director
Non-Executive Director
Legal Counsel
Finance Manager
Treasury Manager
Corporate Governance Officer
Risk Manager
Compliance Officer
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