A Board Resolution For Loan From Shareholder is a crucial document required under Malaysian corporate law when a company seeks to borrow funds from its shareholders. This document, governed by the Companies Act 2016, demonstrates proper corporate governance and protects both the company and its stakeholders. It is typically used when a company needs additional funding and chooses to obtain it from shareholders rather than external financial institutions. The resolution must include specific details about the loan terms, declarations of any conflicts of interest, confirmation that the transaction serves the company's best interests, and proper authorizations for execution. This document is particularly important in the Malaysian context where related-party transactions require careful documentation and transparency to ensure compliance with corporate governance requirements.
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1. Title and Date: Formal title of the resolution and date of the board meeting
2. Present Directors: List of directors present at the meeting, confirming quorum requirements are met
3. Chairperson: Identification of the chairperson of the meeting
4. Background: Brief context explaining the company's need for the loan and identification of the lending shareholder
5. Declaration of Interest: Directors' declarations of any interests in the proposed loan transaction
6. Loan Terms: Key terms of the proposed shareholder loan including amount, interest rate, and repayment terms
7. Board's Consideration: Statement confirming the board's consideration of the loan terms and determination that they are fair and in the company's best interests
8. Resolution: The formal resolution text approving the loan and authorizing specific actions
9. Authorization: Specific authorization for designated officers to execute loan documentation
10. Certification: Secretary's certification of the resolution's validity
1. Prior Resolutions: Reference to any previous relevant board resolutions, used when this resolution amends or relates to earlier decisions
2. Security Arrangements: Details of any security or collateral for the loan, included when the loan is secured
3. Related Party Transaction Disclosure: Detailed disclosure of the relationship between the company and lending shareholder, required for significant related party transactions
4. Regulatory Compliance: Specific statements regarding compliance with relevant regulations, included when dealing with regulated industries or large loan amounts
5. Conditions Precedent: Any conditions that must be met before the loan can be drawn down, included for complex loan arrangements
1. Loan Agreement: Draft or final version of the detailed loan agreement to be executed
2. Term Sheet: Summary of key commercial terms of the loan
3. Directors' Attendance List: Signed attendance list confirming presence at the meeting
4. Supporting Financial Information: Relevant financial statements or projections supporting the loan requirement
5. Security Documents: If applicable, list and copies of security documents to be executed
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