A Board Resolution For Taking Loan From Shareholder is commonly used when a company needs additional funding and opts to obtain it from existing shareholders rather than external lenders. This document, governed by U.S. corporate law, serves as official evidence that the board has approved the loan transaction and its terms. It's particularly important for maintaining proper corporate governance, ensuring transparency, and protecting both the company and the lending shareholder. The resolution typically includes loan amount, interest rate, repayment terms, and specific authorizations for executing the loan documents.
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1. Header: Company name, date, meeting details, and type of resolution
2. Title: Specific title indicating this is a board resolution for taking a loan from shareholder
3. Recitals: Background information including company details, reason for loan, and previous board discussions
4. Resolution Statement: Formal declaration of the board's approval of the shareholder loan
5. Loan Terms: Specific details of the loan including amount, interest rate, repayment schedule, and other material terms
6. Authorization: Names and titles of officers authorized to execute loan documents and take necessary actions
7. Certification: Secretary's certification of the resolution's authenticity and board approval
1. Security Provisions: Details of any collateral or security arrangements for the loan, to be included when loan is secured by company assets
2. Regulatory Compliance Statement: Specific statements regarding compliance with securities laws and regulations, required for public companies
3. Related Party Transaction Disclosure: Detailed disclosure of the shareholder relationship and conflict of interest considerations
4. Tax Compliance Statement: Statements regarding compliance with IRS regulations on below-market loans and interest payments
1. Loan Agreement: Detailed agreement containing all terms and conditions of the shareholder loan
2. Promissory Note: Legal document containing the company's written promise to repay the loan
3. Security Agreement: Document detailing security arrangements if the loan is secured by company assets
4. Officer's Certificate: Certificate confirming the authority of officers to execute loan documents
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