Basic Board Resolution
Basic Board Resolution
[Your Company Name]
Date: [Today's Date]
Resolution Number: [Unique Resolution Number]
Description: This resolution authorizes [Your Company Name] to obtain a $5 million loan from FinanceNow Bank for constructing a new manufacturing facility, with terms of five years and 4% interest.
WHEREAS, the board of directors of [Your Company Name] recognizes the need for the construction of a new manufacturing facility to enhance the company's production capabilities and future growth;
WHEREAS, the board acknowledges the financial requirements necessary for such a project and concludes that a loan in the amount of $5 million from FinanceNow Bank to be a fitting solution;
NOW, THEREFOR, BE IT RESOLVED, that this board authorizes the company to obtain a loan in the amount of $5 million from FinanceNow Bank for the purpose of funding the construction of a new manufacturing facility.
BE IT FURTHER RESOLVED, that the loan shall have a term of five years with an interest rate not to exceed 4% per annum and shall be utilized solely for the construction costs, including but not limited to purchasing equipment, hiring contractors, and obtaining necessary permits and licenses;
BE IT FURTHER RESOLVED, that the Chief Financial Officer of [Your Company Name] is hereby authorized to negotiate and execute all loan documents on behalf of the company, and the President is authorized to take any further actions necessary to implement this resolution, including providing any required corporate guarantees or collateral to secure the loan;
BE IT FURTHER RESOLVED, that this resolution shall be effective immediately upon adoption.
Certification
I, [Your Name], the undersigned, hereby certify that I am the duly elected and acting [Your Position] of [Your Company Name], and that the foregoing resolution was duly adopted by the Board of Directors of the company at a meeting held on [Date of Meeting], and that said resolution is now in full force and effect as of the date hereof.
[Name of Board Director]
[Your Name]
[Your Position]
[Your Company Name]
