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Board Resolution For Working Capital Loan Template for Singapore

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Key Requirements PROMPT example:

Board Resolution For Working Capital Loan

"Need a Board Resolution For Working Capital Loan to secure a S$2 million facility from DBS Bank for our manufacturing business expansion, with two directors as authorized signatories and pledge of company equipment as security."

Document background
The Board Resolution For Working Capital Loan is a crucial corporate document required by Singapore financial institutions before extending working capital facilities. This resolution demonstrates that the company's board has properly authorized the borrowing in accordance with the Companies Act and the company's constitution. It typically details the loan amount, purpose, authorized signatories, and any security arrangements. The document is particularly important for maintaining proper corporate governance and creating a clear audit trail of board decisions regarding corporate borrowing.
Suggested Sections

1. Title and Date: Formal identification of the resolution and meeting date

2. Attendance Details: List of present directors and confirmation of quorum

3. Preamble: Company details and meeting context

4. Purpose: Statement of the need for working capital loan

5. Resolution Details: Specific terms of the loan approval including amount, lender, and key terms

6. Authorization: Designation of authorized signatories

Optional Sections

1. Security Details: Additional section required when specific collateral is being pledged for the loan

2. Related Party Declarations: Section for disclosure of any interested directors or potential conflicts of interest

3. Special Conditions: Section for documenting any specific conditions or covenants imposed by the lender

Suggested Schedules

1. Loan Term Sheet: Summary of key loan terms and conditions

2. Bank Facility Letter: Original offer letter from the bank

3. Security Documents: Details of any collateral or security arrangements

4. Financial Statements: Recent financial statements supporting the loan application

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions

























Clauses

























Industries

Companies Act (Chapter 50): Primary legislation governing corporate matters including board meetings, resolutions, directors' duties and powers, corporate borrowing powers, and company secretary documentation requirements

Banking Act (Chapter 19): Legislation governing corporate borrowing, banking facilities, lending requirements, and regulations concerning security and collateral requirements

MAS Guidelines: Regulatory framework from Monetary Authority of Singapore covering banking regulations, corporate lending guidelines, and risk management requirements

Securities and Futures Act (Chapter 289): Legislation governing securities as collateral and related disclosure requirements for corporate financing

Corporate Governance Code: Guidelines covering corporate governance requirements, directors' fiduciary duties, and conflict of interest provisions

Company Constitution: Company's foundational document specifying borrowing powers, board approval requirements, quorum requirements for board meetings, and signing authorities

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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