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Board Resolution For Creation Of Charge
"Need a Board Resolution For Creation Of Charge to secure a S$5 million bank facility with DBS Bank, creating a fixed charge over our property at 123 Marina Bay Singapore and floating charge over inventory, to be executed by March 2025."
1. Title and Date: Details of the company and date of resolution
2. Preamble: States that this is a resolution of the Board of Directors
3. Attendance: List of directors present at the meeting
4. Quorum: Confirmation that quorum requirements are met
5. Background: Purpose and context for creating the charge
6. Resolution Details: Specific details of the charge being created
7. Authorization: Board's approval and authorization for creating the charge
8. Execution: Authorization for specific individuals to execute documents
1. Additional Authorizations: Special powers granted for specific circumstances - used when additional authority is needed beyond standard charge creation
2. Conditions Precedent: Specific conditions that must be met - used when charge creation is subject to certain conditions
3. Related Party Disclosures: Declaration of any interested directors - used when directors have interests in the charge arrangement
1. Property Schedule: Details of assets being charged
2. Form V1: ACRA registration form template
3. Security Documents: Draft of security documents to be executed
4. Board Meeting Notice: Copy of notice convening the board meeting
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