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Board Resolution for Loan Authorization

The Board of Directors of [Organization Name] held a meeting to authorize a loan of PHP 300,000 from [Bank Name] to fund projects in the 2017 Development Plan. The Board resolved to authorize the Chairman to enter into a loan contract with [Bank Name] for PHP 300,000, the lowest interest rate offered. A copy of the resolution will be provided to the General Assembly for ratification and for information. The resolution was approved en masse.

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Neil Adonis Usaraga
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336 views2 pages

Board Resolution for Loan Authorization

The Board of Directors of [Organization Name] held a meeting to authorize a loan of PHP 300,000 from [Bank Name] to fund projects in the 2017 Development Plan. The Board resolved to authorize the Chairman to enter into a loan contract with [Bank Name] for PHP 300,000, the lowest interest rate offered. A copy of the resolution will be provided to the General Assembly for ratification and for information. The resolution was approved en masse.

Uploaded by

Neil Adonis Usaraga
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
  • Resolution No. 03-2017
  • Approvals and Signatures

---------------------------------------------------------

EXCERPTS FROM THE MINUTES OF THE MEETING OF THE BOARD OF


DIRECTORS OF ------------------------------- HELD LAST ----------------------- AT
----------------------------.

RESOLUTION NO. 03-2017


A RESOLUTION AUTHORIZING THE CHAIRMAN, ----------------- OF
------------------TO ENTER INTO A CONTRACT OF LOAN WITH -------------- IN THE
AMOUNT OF THREE HUNDRED THOUSAND PESOS (Php 300,000.00)

WHEREAS; in line with the formulation of the Development Plan 2017,


a Board Meeting was held for the purpose of determining the financial
requirement to carry out the various projects and programs for fiscal year
2017;

WHEREAS; it has been agreed that the Chairman shall be authorized to


enter into a Contract of Loan with _____________________ in the amount of
Three Hundred Thousand Pesos (Php 300,000.00) which shall be utilize for
funding source as reflected in the development plan;

WHEREAS; several banking institutions had offered to grant loan to the


cooperative however ___________________ has the least interest rate;

WHEREAS, finding the said loan to be in order and necessary for the
development of the cooperative and of its members in general, the Board
has authorize the Chairman to enter into a Contract of Loan;

NOW, THEREFORE, in motion by Director ____________ duly seconded by


________________, the Chairman, ________________, is hereby authorized to
enter into a contract of loan with __________________ in the amount of Three
Hundred Thousand Pesos (Php 300,000.00);

BE IT RESOLVED, as it is hereby resolved by the Board of Directors to


authorize the Chairman to enter into a contract of loan with
_________________________ in the amount of Three Hundred Thousand Pesos
(Php 300,000.00), let copy of this resolution be duly furnished for the General
Assembly to ratify this resolution and for information and guidance.

APPROVED EN MASSE.

I hereby certify to the correctness of the foregoing resolution.

_________________________
Board Secretary

Noted:

__________________
Chairman
________________________
Credit Committee Chairman

____________________________
Treasurer

--------------------------------------------------------- EXCERPTS FROM THE MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS
________________________ Credit Committee Chairman ____________________________ Treasurer

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