Document background
A Board Resolution For Credit Facility is a crucial corporate document required under Pakistani law whenever a company seeks to obtain financing from a bank or financial institution. This document demonstrates that the company's board of directors has properly authorized the borrowing and designated specific individuals to execute the necessary documentation. The resolution must comply with the Companies Act 2017, Banking Companies Ordinance 1962, and the State Bank of Pakistan's prudential regulations. It typically includes details about the type and amount of facility, purpose of borrowing, security arrangements if any, and the specific powers granted to authorized signatories. This document is essential for establishing the company's authority to borrow and is a standard requirement of all banks and financial institutions in Pakistan before disbursing any credit facility.
