The Minutes of Meeting of Directors is the Board Resolution for approving a loan from a Director to the Company pursuant to the articles of association of the company (Director Loan).
It states who were present at the meeting and that the directors declared their interests and agreed to lend the stated amount to the Company to fund its working capital and will be repayable on the stated repayment date. A specific currency regarding the amount shall also be provided in the Minutes for clear reference.
In addition to the loan being approved, the Director's authority to sign any relevant documents, to affix the seal of the Company to any documents related to the loan and that any action taken by any Director prior to these resolutions which fall within the conferred authority is ratified and confirmed.
It shall be noted that the loan is for the long-term commercial benefit, best interest and purpose of its business. This is to ensure that no Director is contemplating to, knowingly, use the Company as a disguise and approve the loan for his or her own personal use or interest.
After the Board approves a loan from a Director to the Company, this document records the minutes of the meeting.
This document should be carefully read by all relevant parties, especially the Director, who is responsible for signing the document in order to approve the loan.
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