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Board Resolution For Creation Of Charge for Singapore

Board Resolution For Creation Of Charge Template for Singapore

A Board Resolution for Creation of Charge is a formal document under Singapore law that records the board of directors' decision to create a security interest over the company's assets. It must comply with the Companies Act (Cap. 50) and ACRA requirements, including mandatory registration within 30 days. The resolution authorizes specific individuals to execute necessary documents and details the assets being charged, the secured obligations, and the charge holder's rights.

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Board Resolution For Creation Of Charge

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What is a Board Resolution For Creation Of Charge?

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.

What sections should be included in a Board Resolution For Creation Of Charge?

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

What sections are optional to include in a Board Resolution For Creation Of Charge?

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

What schedules should be included in a Board Resolution For Creation Of Charge?

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

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

Singapore

Publisher

Ƶ

Document Type

Board Resolution

Cost

Free to use
Relevant legal definitions
























Clauses





















Industries

Companies Act (Cap. 50) - Section 131: Primary legislation governing the creation and registration of charges in Singapore companies

Companies Act (Cap. 50) - Section 132: Statutory duty to register charges with ACRA within prescribed timeframe

Companies Act (Cap. 50) - Section 144: Requirements for maintaining the company's register of charges

Companies Act (Cap. 50) - Section 157: Requirements for board resolutions and directors' duties

ACRA Filing Requirements: Regulatory requirements for filing charges with ACRA, including 30-day deadline and Form V1 submission

Banking Act (Cap. 19): Regulatory framework applicable when the charge involves a banking institution

Securities and Futures Act (Cap. 289): Regulatory requirements when the charge involves securities or financial instruments

Company Constitution: Company's constitutional documents defining board powers and procedures for creating charges

Corporate Governance Requirements: General corporate governance principles and best practices applicable to board decisions

Directors' Fiduciary Duties: Legal obligations of directors when approving the creation of a charge

Disclosure Requirements: Obligations to disclose the creation of charge to relevant stakeholders

Stamp Duties Act: Tax implications and stamp duty requirements for charge instruments

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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