The Board Resolution For Loan To Director is a crucial corporate governance document used in the United Arab Emirates when a company intends to provide a loan to one of its directors. This document is essential for compliance with UAE Federal Law No. 32 of 2021 (Commercial Companies Law) and related corporate governance regulations. It must be prepared when a director requires a loan from the company, regardless of the loan's purpose. The resolution includes detailed information about the loan terms, declarations of interest, confirmation of regulatory compliance, and formal board approval. It serves as official evidence that proper corporate procedures were followed and that the transaction was conducted transparently and in accordance with UAE law. This document is particularly important for maintaining corporate governance standards and protecting both the company's and shareholders' interests.
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1. Meeting Details: Date, time, location of board meeting, and attendance details including quorum confirmation
2. Background: Context of the loan request, purpose, and relationship of the director to the company
3. Declarations: Confirmation of director's disclosure of interest and abstention from voting on the matter
4. Legal Compliance Statement: Statement confirming compliance with UAE Commercial Companies Law and other relevant regulations
5. Resolution Details: Specific terms of the approved loan including amount, interest rate, repayment terms
6. Board Authorization: Formal approval of the loan and authorization of specific officers to execute loan documents
7. Voting Results: Record of how the board voted on the resolution
8. Signature Block: Space for Chairman/Secretary signatures and company seal
1. Security Arrangements: Include when the loan is to be secured by specific assets or guarantees
2. Related Party Transaction Disclosure: Required for public companies or when the loan amount exceeds certain thresholds
3. Shareholder Approval Reference: Include when shareholder approval has been obtained or is required
4. Risk Assessment: Include when required by company policy or for significant loan amounts
5. Regulatory Notifications: Include when specific regulatory bodies need to be notified of the loan
1. Loan Terms Schedule: Detailed terms and conditions of the loan including repayment schedule
2. Director's Disclosure Form: Official form declaring the director's interest and loan purpose
3. Security Details: If applicable, details of any security or collateral for the loan
4. Company's Financial Position Statement: Current financial statement showing company's ability to provide the loan
5. Legal Compliance Checklist: Checklist confirming compliance with relevant UAE laws and regulations
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Real Estate & Construction
Technology & Communications
Manufacturing & Industrial
Retail & Consumer Goods
Healthcare & Pharmaceuticals
Energy & Resources
Professional Services
Transport & Logistics
Hospitality & Tourism
Relevant Teams
Legal
Corporate Governance
Board Secretariat
Finance
Compliance
Risk Management
Corporate Affairs
Executive Office
Relevant Roles
Chief Executive Officer
Company Director
Board Chairman
Company Secretary
Chief Financial Officer
Legal Counsel
Corporate Governance Officer
Compliance Manager
Board Member
Finance Director
Corporate Secretary
Risk Manager
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