A Special Resolution For Taking Loan is a critical corporate document required in South Africa when companies seek to undertake significant financing that necessitates shareholder approval. This document is mandated by the Companies Act 71 of 2008 for certain categories of loans or when required by a company's Memorandum of Incorporation. It serves as formal evidence of shareholder authorization for the loan transaction, typically requiring a 75% majority vote. The resolution includes essential details such as the loan amount, purpose, key terms, and designated signatories. This document is particularly important for corporate governance compliance and is often required by lenders as part of their due diligence process. It protects both the company and its stakeholders by ensuring transparent decision-making and proper authorization for significant financial commitments.
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1. Company Details: Full registered name, registration number, and registered address of the company
2. Meeting Details: Date, time, location/method of meeting, and confirmation of proper notice given
3. Attendance and Quorum: Record of shareholders present/represented and confirmation of meeting quorum requirements being met
4. Purpose of Resolution: Clear statement of the resolution's purpose regarding the proposed loan
5. Resolution Details: Specific details of the loan approval, including amount, lender, and basic terms
6. Authority Grant: Authorization for specific directors/officers to execute loan documents and related agreements
7. Certification: Official certification of the resolution's passing with required majority
8. Signature Section: Space for authorized signatories, typically the chairperson of the meeting
1. Loan Security Details: Required when the loan involves specific collateral or security arrangements
2. Financial Covenants: Include when the loan agreement contains specific financial requirements or ratios to be maintained
3. Related Party Disclosure: Necessary when the loan involves related parties or directors
4. Special Conditions: Include when there are specific conditions precedent or subsequent to the loan
5. Cross-Reference to Facility Agreement: Required when referencing a separate detailed loan facility agreement
1. Loan Term Sheet: Detailed terms and conditions of the proposed loan
2. Supporting Financial Information: Relevant financial statements or projections supporting the loan application
3. Security Details: Specific details of any assets or collateral being offered as security
4. Shareholder Register: Current shareholder information confirming voting rights and interests
5. Board Resolution: Copy of related board resolution recommending the loan approval
Relevant legal definitions
Act
Board
Company
Companies Act
Directors
Effective Date
Facility Agreement
Financial Year
Lender
Loan Amount
Loan Purpose
Meeting
MOI
Ordinary Resolution
Registered Office
Resolution Date
Security
Shareholders
Special Resolution
Signature Date
Terms and Conditions
Voting Rights
Record Date
Register
Quorum
Prescribed Officer
Related Party
Securities
Share Capital
Authorised Representatives
Board
Company
Companies Act
Directors
Effective Date
Facility Agreement
Financial Year
Lender
Loan Amount
Loan Purpose
Meeting
MOI
Ordinary Resolution
Registered Office
Resolution Date
Security
Shareholders
Special Resolution
Signature Date
Terms and Conditions
Voting Rights
Record Date
Register
Quorum
Prescribed Officer
Related Party
Securities
Share Capital
Authorised Representatives
Clauses
Company Information
Meeting Details
Quorum Confirmation
Resolution Purpose
Loan Authorization
Loan Terms
Security Arrangements
Director Authority
Execution Powers
Financial Limits
Conditions Precedent
Documentation Authority
Certification
Implementation Authority
Related Party Provisions
Regulatory Compliance
Notice Requirements
Voting Results
Secretary Confirmation
Registration Requirements
Meeting Details
Quorum Confirmation
Resolution Purpose
Loan Authorization
Loan Terms
Security Arrangements
Director Authority
Execution Powers
Financial Limits
Conditions Precedent
Documentation Authority
Certification
Implementation Authority
Related Party Provisions
Regulatory Compliance
Notice Requirements
Voting Results
Secretary Confirmation
Registration Requirements
Relevant Industries
Banking and Financial Services
Real Estate and Property Development
Manufacturing and Industrial
Mining and Resources
Retail and Commercial
Construction and Infrastructure
Technology and Communications
Agriculture and Agribusiness
Healthcare and Medical Facilities
Transportation and Logistics
Energy and Utilities
Hospitality and Tourism
Relevant Teams
Legal
Finance
Corporate Governance
Treasury
Risk Management
Compliance
Corporate Secretariat
Board Administration
Executive Management
Corporate Finance
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Company Secretary
Legal Counsel
Financial Director
Corporate Governance Officer
Board Secretary
Risk Manager
Compliance Officer
Treasury Manager
Corporate Finance Manager
Director of Operations
Financial Controller
Board Member
Managing Director
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