A Board Resolution For Creation Of Charge is a crucial corporate document required under Singapore law whenever a company intends to create security interests over its assets. This document demonstrates proper corporate authorization and compliance with the Companies Act (Cap. 50), protecting both the company and the charge holder. It's typically used when securing business loans, mortgages, or other financial facilities, and must be filed with ACRA within 30 days. The resolution includes specific details about the charge, authorized signatories, and the extent of the security being created.
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1. Title and Date: Details of the company and date of resolution
2. Preamble: States that this is a resolution of the Board of Directors
3. Attendance: List of directors present at the meeting
4. Quorum: Confirmation that quorum requirements are met
5. Background: Purpose and context for creating the charge
6. Resolution Details: Specific details of the charge being created
7. Authorization: Board's approval and authorization for creating the charge
8. Execution: Authorization for specific individuals to execute documents
1. Additional Authorizations: Special powers granted for specific circumstances - used when additional authority is needed beyond standard charge creation
2. Conditions Precedent: Specific conditions that must be met - used when charge creation is subject to certain conditions
3. Related Party Disclosures: Declaration of any interested directors - used when directors have interests in the charge arrangement
1. Property Schedule: Details of assets being charged
2. Form V1: ACRA registration form template
3. Security Documents: Draft of security documents to be executed
4. Board Meeting Notice: Copy of notice convening the board meeting
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