A Board Resolution For Taking Loan From Bank is a crucial corporate governance document required by U.S. banks before extending credit to companies. The resolution demonstrates that the company's board has properly authorized the borrowing and complies with both state corporate laws and the company's bylaws. It specifies the approved loan amount, designates authorized signatories, and outlines the purpose of the borrowing. This document protects both the lender and the company by ensuring proper corporate authority for the transaction.
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1. Title and Date: Official name of the corporation and date of resolution
2. Preamble: States the meeting details including date, time, location, and confirmation of quorum
3. Recitals: Background information explaining the purpose and need for the loan
4. Resolution Statements: The formal decisions being made by the board, including loan amount, purpose, and terms
5. Authorization: Specific powers granted to officers regarding the loan execution and documentation
6. Certification: Secretary's certification of the resolution's validity and board approval
1. Security Details: Details of any collateral or security being offered for the loan
2. Covenant Compliance: Statement confirming compliance with existing debt covenants and agreements
3. Special Conditions: Any special conditions or requirements specific to the loan arrangement
1. Board Meeting Minutes: Complete minutes of the board meeting where the resolution was passed
2. Specimen Signatures: Sample signatures of all authorized signatories for bank verification
3. Bank Requirements Checklist: Comprehensive list of bank-specific requirements and compliance items
4. Corporate Documents: Copies of relevant corporate documents including certificate of incorporation and bylaws
Relevant legal definitions
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