A Special Resolution For Taking Loan is a critical corporate document required in South Africa when companies seek to undertake significant financing that necessitates shareholder approval. This document is mandated by the Companies Act 71 of 2008 for certain categories of loans or when required by a company's Memorandum of Incorporation. It serves as formal evidence of shareholder authorization for the loan transaction, typically requiring a 75% majority vote. The resolution includes essential details such as the loan amount, purpose, key terms, and designated signatories. This document is particularly important for corporate governance compliance and is often required by lenders as part of their due diligence process. It protects both the company and its stakeholders by ensuring transparent decision-making and proper authorization for significant financial commitments.
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1. Company Details: Full registered name, registration number, and registered address of the company
2. Meeting Details: Date, time, location/method of meeting, and confirmation of proper notice given
3. Attendance and Quorum: Record of shareholders present/represented and confirmation of meeting quorum requirements being met
4. Purpose of Resolution: Clear statement of the resolution's purpose regarding the proposed loan
5. Resolution Details: Specific details of the loan approval, including amount, lender, and basic terms
6. Authority Grant: Authorization for specific directors/officers to execute loan documents and related agreements
7. Certification: Official certification of the resolution's passing with required majority
8. Signature Section: Space for authorized signatories, typically the chairperson of the meeting
1. Loan Security Details: Required when the loan involves specific collateral or security arrangements
2. Financial Covenants: Include when the loan agreement contains specific financial requirements or ratios to be maintained
3. Related Party Disclosure: Necessary when the loan involves related parties or directors
4. Special Conditions: Include when there are specific conditions precedent or subsequent to the loan
5. Cross-Reference to Facility Agreement: Required when referencing a separate detailed loan facility agreement
1. Loan Term Sheet: Detailed terms and conditions of the proposed loan
2. Supporting Financial Information: Relevant financial statements or projections supporting the loan application
3. Security Details: Specific details of any assets or collateral being offered as security
4. Shareholder Register: Current shareholder information confirming voting rights and interests
5. Board Resolution: Copy of related board resolution recommending the loan approval
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