The Authorization Letter For Coop Loan is a crucial document in the United Arab Emirates' cooperative banking system, designed to facilitate loan processing between cooperative societies and their members. This document becomes necessary when a member wishes to obtain a loan from their cooperative society, requiring formal authorization for the society to proceed with loan-related actions. The letter must comply with UAE Federal Law No. 5 of 1985 (Civil Code) and relevant Central Bank regulations, containing specific details about the loan amount, purpose, and authorization scope. It serves as a legal protection mechanism for both the cooperative society and the member, ensuring clear documentation of the member's consent and the authorized actions. The document is particularly important in the UAE context where cooperative societies play a significant role in providing financial services to their members.
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1. Letter Date and Address Block: Current date and complete contact details of the cooperative society
2. Authorizer Information: Full legal name, Emirates ID number, and contact details of the person giving authorization
3. Authorization Statement: Clear and unambiguous statement of authorization for the cooperative loan, including the specific amount being authorized
4. Loan Details: Specific details of the loan including amount, purpose, and basic terms
5. Duration of Authorization: Validity period of the authorization
6. Signature Block: Space for authorizer's signature, witnessed signature, and date
1. Special Conditions: Any specific conditions or limitations on the authorization, used when there are particular restrictions
2. Third Party Authorization: Additional authorization for specific third parties to act on behalf of the authorizer, used when involving agents or representatives
3. Revocation Clause: Specific terms under which the authorization can be revoked, used when additional flexibility is needed
4. Communication Preferences: Specific instructions about how communications should be handled, used when special communication arrangements are needed
1. Copy of Emirates ID: Attached copy of the authorizer's Emirates ID for verification purposes
2. Loan Terms Summary: Summary of the main terms and conditions of the cooperative loan being authorized
3. Witness Declaration: Separate witness declaration form if required by the cooperative society
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Public Sector
Government Services
Education
Healthcare
Real Estate
Construction
Retail
Manufacturing
Transportation
Relevant Teams
Legal
Compliance
Finance
Credit Administration
Member Services
Operations
Documentation
Risk Management
Customer Service
Administrative Services
Relevant Roles
Cooperative Society Manager
Loan Officer
Financial Services Manager
Legal Compliance Officer
Member Services Representative
Administrative Officer
Documentation Specialist
Credit Analyst
Branch Manager
Customer Service Manager
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