The Directors Loan Agreement is a crucial document used when a company in South Africa extends financial assistance to its director. This arrangement must comply with Section 45 of the Companies Act 71 of 2008, which requires specific corporate approvals and solvency/liquidity tests. The agreement details the loan's commercial terms, including amount, interest, and repayment schedule, while addressing tax implications under South African revenue laws. It's particularly important for corporate governance as it documents a related-party transaction and helps demonstrate compliance with directors' fiduciary duties. The agreement typically includes provisions for security, default scenarios, and early repayment options, and may require shareholder approval depending on the company's constitutional documents.
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1. Parties: Identification of the company and the director receiving the loan
2. Background: Context of the agreement, including director's relationship with company and purpose of loan
3. Definitions: Definitions of key terms used throughout the agreement
4. Loan Amount: Specification of the principal amount being loaned
5. Interest: Interest rate, calculation method and payment terms
6. Repayment Terms: Details of how and when the loan will be repaid
7. Conditions Precedent: Conditions that must be met before the loan becomes effective
8. Representations and Warranties: Standard declarations by the director about their financial status and authority
9. Events of Default: Circumstances that would constitute a breach and trigger early repayment
10. Company's Rights and Remedies: Actions company can take in case of default
11. General Provisions: Standard clauses including notices, amendments, governing law
1. Security: Details of any security or collateral provided for the loan - used when loan is secured
2. Guarantee: Terms of any personal guarantee - used when a third party guarantees the loan
3. Tax Provisions: Specific tax-related terms - used when loan has particular tax implications
4. Set-off Rights: Company's right to set off loan against other payments - used when director receives regular payments from company
5. Early Repayment: Terms for early loan repayment - used when early repayment is allowed
6. Insurance: Requirements for life or other insurance - used for larger loans or when company requires additional security
1. Repayment Schedule: Detailed schedule of repayment dates and amounts
2. Security Details: Description of assets provided as security (if applicable)
3. Loan Drawdown Schedule: Schedule of staged loan payments (if not paid as lump sum)
4. Director's Existing Loans: Details of any other loans between director and company
5. Company Resolution: Copy of board resolution approving the loan
6. Shareholder Resolution: Copy of shareholder resolution if required under Section 45 of Companies Act
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Professional Services
Manufacturing
Mining
Technology
Retail
Healthcare
Construction
Agriculture
Energy
Telecommunications
Transportation
Real Estate
Education
Relevant Teams
Legal
Finance
Corporate Governance
Compliance
Tax
Risk Management
Board Secretariat
Treasury
Executive Management
Internal Audit
Relevant Roles
Chief Executive Officer
Managing Director
Executive Director
Non-Executive Director
Chief Financial Officer
Financial Director
Company Secretary
Legal Counsel
Corporate Lawyer
Finance Manager
Compliance Officer
Tax Manager
Board Member
Chairman
Risk Officer
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