A Board Resolution For Settlement Of Loan is a crucial corporate governance document used when a company decides to settle or restructure its loan obligations. This document is particularly important in the United States where corporate actions require proper board authorization and documentation. It typically includes details about the original loan, settlement terms, authorized signatories, and compliance with relevant banking regulations. The resolution protects both the company and its officers by providing clear evidence of proper corporate authorization for the settlement action.
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1. Title and Date: Formal identification of the resolution and meeting date
2. Preamble: Company identification and meeting details
3. Recitals: Background information about the loan and reason for settlement
4. Resolution Statement: Formal declaration of board's decision regarding loan settlement
5. Authorization: Specific powers granted to officers to execute settlement
1. Quorum Certification: Confirmation of required attendance, used when specifically required by bylaws
2. Special Conditions: Any specific terms or conditions of settlement, used when settlement has unique requirements
3. Regulatory Compliance: Specific mentions of regulatory requirements, used for regulated industries
1. Loan Agreement Details: Original loan agreement reference and key terms
2. Settlement Terms: Detailed breakdown of settlement amount and payment terms
3. Officer Authorization List: List of authorized officers and their settlement execution powers
Relevant legal definitions
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