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Board Resolution For Borrowing Template for Singapore

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Key Requirements PROMPT example:

Board Resolution For Borrowing

"Need a Board Resolution For Borrowing to authorize our Singapore tech startup to secure a SGD 2 million working capital facility from DBS Bank, to be presented at our board meeting on March 15, 2025, with our CEO and CFO as authorized signatories."

Document background
A Board Resolution For Borrowing is a crucial corporate document required when a Singapore company seeks to obtain financing or enter into credit facilities. It demonstrates that the board has properly considered and approved the borrowing in accordance with the Companies Act and corporate governance requirements. The resolution typically specifies the amount, purpose, and terms of borrowing, designates authorized signatories, and includes any security arrangements. This document is essential for establishing the company's authority to borrow and is typically required by lenders as part of their due diligence process.
Suggested Sections

1. Title and Date: Identification of the company and date of resolution

2. Attendance: List of directors present and confirmation of quorum

3. Chairperson: Identification of meeting chair

4. Purpose: Statement of borrowing purpose and amount

5. Resolution Details: Specific terms of borrowing and authorization

6. Authorization: Powers granted to specific officers to execute documents

Optional Sections

1. Declaration of Interests: Required when directors have relevant interests in the borrowing arrangement

2. Security Details: Details of any security/collateral to be provided when borrowing requires security arrangements

3. Special Conditions: Any specific conditions or requirements imposed by the lender

Suggested Schedules

1. Term Sheet: Key terms of the proposed facility

2. Security Documents List: List of required security documents

3. Authorized Signatories: List of persons authorized to execute documents

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions

























Clauses



















Industries

Companies Act - Director Duties: Section 157 of Companies Act (Cap. 50) governing directors' duties and responsibilities in relation to corporate decisions

Companies Act - Borrowing Powers: Section 159 of Companies Act (Cap. 50) regarding directors' powers to borrow and provide security on behalf of the company

Companies Act - Interest Disclosure: Section 162 of Companies Act (Cap. 50) concerning disclosure requirements for directors' interests in the borrowing transaction

Companies Act - Board Meetings: Section 179 of Companies Act (Cap. 50) outlining requirements for board meetings and passing of resolutions

Banking Act: Banking Act (Cap. 19) provisions regarding corporate borrowing and requirements for corporate banking facilities

Securities and Futures Act: Securities and Futures Act (Cap. 289) requirements if borrowing involves securities or if company is listed, including disclosure obligations

Corporate Governance Code: Code of Corporate Governance requirements for listed companies regarding borrowing and corporate governance practices

MAS Guidelines: Monetary Authority of Singapore guidelines on corporate financing and specific requirements for financial facilities

Constitutional Documents: Company's Constitution/Articles of Association regarding borrowing powers, limitations on directors' authority, quorum requirements, and voting procedures

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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