A Board Resolution For Funding is a crucial corporate governance document used in South Africa when a company's board of directors needs to formally approve any form of funding arrangement, whether it's debt financing, equity funding, or other financial facilities. The document must comply with the Companies Act 71 of 2008, King IV governance principles, and other relevant financial regulations. It's typically required by financial institutions, investors, and regulatory bodies as evidence of proper corporate authorization and decision-making. The resolution includes essential details such as the funding amount, purpose, key terms, risk considerations, and designated signatories. It serves as a legal record of the board's exercise of its fiduciary duties and decision-making authority in relation to the company's funding activities.
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1. Meeting Details: Date, time, venue, and form of meeting (physical/virtual/hybrid)
2. Attendance and Quorum: List of directors present, confirmation of quorum as per company's MOI
3. Chairperson: Confirmation of the meeting's chairperson
4. Notice and Quorum: Confirmation that proper notice was given and quorum requirements were met
5. Background: Context of the funding requirement, purpose, and business rationale
6. Declarations of Interest: Directors' declarations of personal financial interests as required by Section 75 of Companies Act
7. Funding Details: Specific details of the funding arrangement including amount, source, and key terms
8. Board Considerations: Key factors considered by the board including risks, benefits, and financial impact
9. Resolutions: Formal decisions made by the board regarding the funding
10. Authority to Execute: Designation of authorized persons to implement the resolutions
11. Closure: Confirmation of completion of business and meeting closure
1. Shareholder Approval: Required when the funding transaction exceeds thresholds requiring shareholder approval
2. Regulatory Compliance: Specific section addressing compliance with relevant regulations when dealing with regulated funding sources
3. Security Arrangements: Details of any security or collateral arrangements if the funding involves secured financing
4. Related Party Provisions: Additional provisions required when funding involves related parties
5. Foreign Exchange Considerations: Required when funding involves foreign currency or cross-border elements
6. Special Conditions: Any special conditions or requirements specific to the funding arrangement
1. Term Sheet: Summary of key terms and conditions of the funding arrangement
2. Financial Information: Relevant financial statements or projections supporting the funding decision
3. Legal Opinion: External legal opinion if required for the funding arrangement
4. Director Attendance Register: Detailed record of directors' attendance and voting
5. Supporting Documents: Any additional documentation referenced in the resolution
6. Regulatory Approvals: Copies of any required regulatory approvals or permits
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