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Board Resolution For Borrowing Loan From Bank for Nigeria

Board Resolution For Borrowing Loan From Bank Template for Nigeria

A formal corporate document drafted under Nigerian law that records the board of directors' decision and authorization to obtain a loan facility from a banking institution. The resolution complies with the Companies and Allied Matters Act (CAMA) 2020 and includes specific details about the approved borrowing, authorized signatories, and terms of the facility. It serves as official evidence of corporate approval for the borrowing and typically includes meeting details, attendance records, specific resolutions passed, and authorization for executing loan documentation.

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Board Resolution For Borrowing Loan From Bank

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What is a Board Resolution For Borrowing Loan From Bank?

A Board Resolution For Borrowing Loan From Bank is a crucial corporate document required in Nigeria whenever a company seeks to obtain financing from a banking institution. This document, governed by the Companies and Allied Matters Act (CAMA) 2020 and other relevant Nigerian banking regulations, formally records the board's approval of the borrowing and delegates authority to specific officers to execute the loan documentation. It typically becomes necessary when a company needs to expand operations, fund major projects, or manage working capital needs. The resolution must demonstrate compliance with corporate governance requirements, including proper meeting procedures, quorum requirements, and clear authorization parameters. Banks in Nigeria require this resolution as part of their due diligence process before disbursing any loan facility.

What sections should be included in a Board Resolution For Borrowing Loan From Bank?

1. Title and Company Details: Full legal name of the company, registration number, and registered address

2. Meeting Details: Date, time, location of the board meeting, and confirmation of proper notice

3. Attendance and Quorum: List of directors present and confirmation that quorum requirements were met

4. Chairman: Identification of the meeting's chairman

5. Purpose of Meeting: Statement that the meeting was convened to consider and approve borrowing from the specified bank

6. Loan Facility Details: Specific details of the proposed loan including amount, purpose, and lending bank

7. Board Deliberation: Record that the board considered the terms and conditions of the facility

8. Resolution Statements: The actual resolutions passed, including borrowing approval and authorization of specific officers

9. Execution Authority: Authorization of specific officers to execute loan documents

10. Certification: Statement certifying that the resolution is true and accurate

What sections are optional to include in a Board Resolution For Borrowing Loan From Bank?

1. Previous Minutes: Reference to previous meeting minutes if this is a continuation of earlier discussions

2. Security Details: Include when the loan facility requires specific security or collateral arrangements

3. Corporate Seal Authorization: Required when company seal must be affixed to loan documents

4. Related Party Disclosure: Include when any directors have interests to declare in relation to the loan

5. Specific Conditions: Any specific conditions or restrictions on the borrowing authority

What schedules should be included in a Board Resolution For Borrowing Loan From Bank?

1. List of Authorized Signatories: Details of officers authorized to sign loan documents, including specimen signatures

2. Facility Terms Summary: Summary of key terms of the proposed loan facility

3. Board Members' Attendance Record: Detailed record of attendance including those present in person or by proxy

4. Corporate Information: Copy of certificate of incorporation, memorandum and articles of association, and other relevant corporate documents

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Nigeria

Publisher

Ƶ

Document Type

Board Resolution

Cost

Free to use
Relevant legal definitions




















Clauses
















Relevant Industries

Banking and Finance

Manufacturing

Real Estate

Technology

Energy

Telecommunications

Agriculture

Healthcare

Construction

Retail

Transportation

Mining

Education

Hospitality

Relevant Teams

Legal

Finance

Corporate Secretariat

Treasury

Compliance

Risk Management

Corporate Governance

Board Secretariat

Relevant Roles

Chief Executive Officer

Managing Director

Company Secretary

Chief Financial Officer

Finance Director

Legal Director

Corporate Secretary

Board Chairman

Executive Director

Non-Executive Director

Treasury Manager

Corporate Finance Manager

Legal Counsel

Compliance Officer

Risk 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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