A Board Resolution For Waiver of Loan is a critical corporate document used in the United Arab Emirates when a company's board of directors decides to forgive or waive a loan owed to the company. This document is particularly important in the UAE business environment, where both conventional and Islamic finance principles may apply. The resolution must comply with UAE Federal Law No. 32 of 2021 (Commercial Companies Law) and relevant banking regulations. It is typically used in situations where debt forgiveness serves a strategic business purpose, such as financial restructuring, group company arrangements, or settlement of long-standing debts. The document includes essential elements such as meeting details, director attendance, loan specifics, reasoning for the waiver, and necessary declarations regarding corporate authority and conflicts of interest. Additional regulatory approvals may be required depending on the loan amount and the company's status (public or private).
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1. Company Information: Full legal name of the company, registration number, and registered office address
2. Meeting Details: Date, time, location of the board meeting, and confirmation of quorum
3. Directors Present: List of directors attending the meeting, including chairman identification
4. Background: Details of the existing loan, including original amount, date of creation, current outstanding amount, and reason for waiver consideration
5. Declarations: Directors' declarations regarding any conflicts of interest and confirmation of acting in company's best interest
6. Resolution: The formal resolution text waiving the loan, including specific amounts and terms
7. Authority: Authorization for specific officers to execute necessary documents and take required actions
8. Certification: Statement certifying that the resolution was duly passed and recorded
1. Related Party Disclosure: Required when the loan involves related parties as defined under UAE Companies Law
2. Shariah Compliance Statement: Required when the loan involves Islamic finance principles or the company operates under Islamic banking framework
3. Creditor Protection Measures: Required when the loan waiver might affect company solvency or creditor interests
4. Regulatory Notifications: Required when the loan waiver needs to be reported to regulatory authorities like SCA or Central Bank
5. Tax Implications: Required when the loan waiver has significant tax implications that need board acknowledgment
1. Loan Agreement Details: Copy or summary of the original loan agreement being waived
2. Financial Impact Statement: Analysis of the financial impact of the loan waiver on the company
3. Board Meeting Minutes: Detailed minutes of the board meeting where the resolution was passed
4. Legal Opinion: If obtained, legal opinion confirming the validity and effects of the loan waiver
5. Shareholder Approval: If required, documentation of shareholder approval for the loan waiver
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Corporate Services
Legal Services
Manufacturing
Real Estate
Trading & Commerce
Construction
Healthcare
Technology
Retail
Relevant Teams
Legal
Finance
Corporate Governance
Compliance
Treasury
Risk Management
Board Secretariat
Corporate Affairs
Internal Audit
Relevant Roles
Board Director
Chief Executive Officer
Chief Financial Officer
Company Secretary
Legal Counsel
Corporate Governance Officer
Finance Director
Compliance Officer
Risk Manager
Treasury Manager
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