Board Minutes – Approval of Loan Agreement

Document Summary

This board resolution records the approval to enter into a loan agreement where the company is the borrowing party, granting the securities stated in the draft loan agreement to the lender, and authorizing a director of the board to execute the loan agreement on the company’s behalf.

Description

According to article 154 of Federal Decree-Law No. 32 of 2021 on Commercial Companies, the board of directors may not conclude loans for periods in excess of three years, , nor sell or mortgage the property of the Company or the store, mortgage the Company’s movable and immovable properties, unless such acts are authorised under the Statute of the Company or are within the object of the Company by nature. In other than these two cases, the conclusion of such transactions require the issuance of a Special Decision by the general assembly.

Jurisdiction

This document is intended for use in the United Arab Emirates.

Disclaimer

This document is provided for reference only and is not intended to be, and should not be considered, legal advice. Determinations about whether this document will be appropriate in your particular situation or jurisdiction should be made after consultation with a legal counsel. Kanoony will not assume any legal liability that may arise from the use of this document.

Before Execution

• The information on this front page or contained in the headers and footers of this instrument are for guidance purposes only.
• Please delete this front page together with the information contained in the headers, footers and the endnotes prior to circulating this letter. Where square brackets […] and highlights are used in the document, it indicates that there is missing or incomplete information which will need to be incorporated prior to signature.
• Please remove the square brackets and all highlighting prior to signature.