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Board Resolution For Giving Loan To Other Company

Board Resolution For Giving Loan To Other Company Template for South Africa

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Key Requirements PROMPT example:

Board Resolution For Giving Loan To Other Company

"I need a Board Resolution for Giving Loan to Other Company for my South African mining company to provide a R5 million unsecured loan to our local subsidiary, with the board meeting scheduled for March 15, 2025."

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Document background
A Board Resolution For Giving Loan To Other Company is a crucial corporate governance document required under South African law when one company intends to provide financial assistance to another company. This type of resolution is mandatory under the Companies Act 71 of 2008 and must be properly documented to ensure legal compliance and protect director liability. The document is typically used when companies within a group structure, or independent companies with business relationships, engage in lending transactions. It must include specific elements such as confirmation of the solvency and liquidity test, detailed loan terms, and proper authorizations. The resolution serves as evidence that the board has properly considered and approved the loan in accordance with South African legal requirements, making it essential for corporate record-keeping and regulatory compliance.
Suggested Sections

1. Header Information: Company name, registration number, and date of resolution

2. Meeting Details: Date, time, location/mode of meeting, and confirmation of quorum

3. Attendance Record: List of directors present and absent, including whether attendance was in person or virtual

4. Background: Context of the proposed loan, including business rationale and relationship with borrowing company

5. Declarations of Interest: Directors' declarations of any personal interest in the transaction as required by Companies Act

6. Financial Assessment: Confirmation that the company has conducted solvency and liquidity tests as required by Section 45 of Companies Act

7. Resolution Details: Specific terms of the approved loan including amount, interest rate, and repayment terms

8. Compliance Statement: Confirmation of compliance with relevant sections of Companies Act and company's MOI

9. Authorization: Specific authorization of designated officers to execute loan documentation

10. Certification: Certification by chairperson or company secretary that resolution was duly passed

Optional Sections

1. Special Conditions: Any special conditions or restrictions on the loan, used when there are specific requirements or risk mitigation measures

2. Security Arrangements: Details of any security or collateral required, included when loan is secured

3. Related Party Provisions: Additional provisions required for related party transactions, used when borrower is a related entity

4. Shareholder Approval: Reference to shareholder approval if required under Companies Act or MOI, included for certain large transactions

5. Foreign Exchange Considerations: Special provisions for cross-border loans, included when borrower is foreign entity

Suggested Schedules

1. Loan Terms Schedule: Detailed terms and conditions of the loan including payment schedule

2. Security Details: Comprehensive list and description of any security or collateral provided

3. Financial Statements: Relevant financial statements supporting solvency and liquidity test

4. Corporate Information: Details of borrowing company including registration documents and directors

5. Required Approvals: Copies of any required regulatory or third-party approvals

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

alex.den.21@genieai.co
Relevant legal definitions

























Clauses




















Relevant Industries

Financial Services

Manufacturing

Mining

Retail

Technology

Real Estate

Agriculture

Healthcare

Energy

Telecommunications

Construction

Professional Services

Transport and Logistics

Hospitality

Relevant Teams

Legal

Finance

Corporate Governance

Treasury

Compliance

Risk Management

Company Secretariat

Corporate Finance

Board Support

Executive Management

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Company Secretary

Legal Counsel

Corporate Governance Officer

Finance Director

Board Chairman

Non-Executive Director

Treasury Manager

Compliance Officer

Risk Manager

Financial Controller

Corporate Finance Manager

Legal Director

Group Financial Manager

Industries





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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