A Board Resolution For Bank Guarantee is a crucial corporate document required when a company needs to obtain a bank guarantee for various business purposes in Nigeria. This resolution is typically needed for participating in tenders, securing advance payments, or providing performance guarantees for contracts. The document must comply with the Companies and Allied Matters Act (CAMA) 2020, Banks and Other Financial Institutions Act (BOFIA) 2020, and other relevant Nigerian legislation. It serves as official evidence of the board's approval and designation of authorized persons to arrange and execute the bank guarantee. The resolution includes specific details about the guarantee amount, purpose, beneficiary, and terms, while also establishing the authority of designated individuals to act on behalf of the company in this matter.
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1. Meeting Details: Date, time, location of the board meeting, and confirmation of quorum
2. Attendance: List of directors present and absent, chairperson details
3. Notice and Quorum: Confirmation that proper notice was given and quorum requirements were met
4. Purpose of Resolution: Clear statement of the purpose for obtaining the bank guarantee
5. Bank Details: Name and details of the bank issuing the guarantee
6. Guarantee Amount: Specific amount of the bank guarantee being approved
7. Terms of Guarantee: Duration, conditions, and purpose of the bank guarantee
8. Authorization: Board's authorization for obtaining the bank guarantee and designation of authorized signatories
9. Authorized Signatories: Names and positions of persons authorized to execute documents
10. Implementation Authority: Authorization to take necessary actions to implement the resolution
11. Certification: Company Secretary's certification of the resolution
1. Recitals: Background information about the company's need for the bank guarantee, used when additional context is needed
2. Security Details: If specific collateral or security is being pledged against the guarantee
3. Beneficiary Details: When the guarantee is being issued in favor of a specific beneficiary
4. Related Resolutions: Reference to previous or related board resolutions, if applicable
5. Regulatory Compliance: Specific mentions of compliance with regulatory requirements, when dealing with regulated industries
6. Foreign Exchange Considerations: When the guarantee involves foreign currency or cross-border transactions
1. Schedule A - Bank Guarantee Terms: Detailed terms and conditions of the bank guarantee
2. Schedule B - Authorized Signatory Specimen Signatures: Specimen signatures of authorized signatories
3. Schedule C - Supporting Documents: List of supporting documents required by the bank
4. Appendix 1 - Board Meeting Attendance Register: Signed attendance register of the board meeting
5. Appendix 2 - Power of Attorney: If specific power of attorney is being granted for the guarantee
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Construction and Infrastructure
Oil and Gas
Manufacturing
Import and Export
Government Contracting
Real Estate Development
Telecommunications
Mining
Energy
Public Works
Defense Contracting
Relevant Teams
Legal
Finance
Corporate Secretariat
Treasury
Compliance
Risk Management
Corporate Governance
Executive Management
Board Secretariat
Procurement
Relevant Roles
Chief Executive Officer
Managing Director
Company Secretary
Chief Financial Officer
Finance Director
Legal Director
Board Chairman
Executive Director
Corporate Governance Officer
Treasury Manager
Legal Counsel
Compliance Officer
Risk Manager
Financial Controller
Board Member
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