A Board Resolution For Applying Loan From Bank is a crucial corporate document required by Philippine banking institutions before processing any corporate loan application. This document is necessary whenever a corporation seeks to obtain financing from a bank, as it demonstrates proper corporate authorization under Philippine law. The resolution must comply with requirements set forth in the Revised Corporation Code of the Philippines and various banking regulations, including BSP circulars. It typically contains specific details about the loan being sought, designates authorized signatories, outlines the extent of their authority, and includes necessary certifications from the Corporate Secretary. The document serves as protection for both the lending bank and the corporation, ensuring that the loan transaction is properly authorized and within corporate powers.
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1. Title and Corporate Details: Formal title of the resolution, corporation name, address, and registration details
2. Meeting Details: Date, time, venue, and quorum information for the board meeting
3. Attendance: List of board members present and absent
4. Certification of Quorum: Statement confirming that a quorum is present for valid corporate action
5. Loan Purpose and Amount: Clear statement of the loan amount being sought and its intended purpose
6. Bank Details: Name and details of the bank from which the loan is being sought
7. Authorization to Borrow: Specific resolution authorizing the corporation to obtain the loan
8. Designation of Authorized Signatories: Names and positions of persons authorized to execute loan documents
9. Powers Granted: Detailed enumeration of powers granted to authorized signatories
10. Secretary's Certification: Certification by the Corporate Secretary regarding the accuracy and validity of the resolution
1. Collateral Authorization: Additional section when the loan requires pledging of corporate assets as collateral
2. Special Conditions: Any special conditions or requirements specific to the loan arrangement
3. Related Party Disclosure: Required when any directors have interests to declare related to the loan transaction
4. Prior Resolution Revocation: Needed when replacing or superseding previous board resolutions
5. Corporate Seal Authorization: Optional section authorizing the use of corporate seal on loan documents
1. List of Authorized Signatories: Detailed list of authorized signatories with specimen signatures and specific powers
2. Board Members' Information: Complete details of board members including government IDs and contact information
3. Corporate Documents: List of attached corporate documents (Articles of Incorporation, BY-laws, etc.)
4. Specimen Resolution Format: Bank-specific format of resolutions if required by the lending institution
Relevant legal definitions
Clauses
Relevant Industries
Banking and Finance
Manufacturing
Real Estate
Retail
Technology
Construction
Agriculture
Transportation
Healthcare
Education
Hospitality
Mining
Energy
Telecommunications
Import/Export
Relevant Teams
Legal
Finance
Treasury
Corporate Secretariat
Compliance
Risk Management
Corporate Governance
Executive Office
Banking Relations
Administrative
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Corporate Secretary
Legal Counsel
Finance Director
Treasury Manager
Board Director
Managing Director
Company President
Vice President for Finance
Compliance Officer
Risk Management Officer
Financial Controller
Banking Relations Manager
Corporate Governance Officer
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