Board Resolution Format for Renewal of Od Limit

CERTIFIED EXTRACT: BOARD RESOLUTION FOR RENEWAL OF OVERDRAFT (OD) CREDIT FACILITY

Document ID: CORP-BR-OD-RENEW-2024-001
Effective Date: [Date]
Version: 1.0
Governing Jurisdiction: [Insert State/Country]

LEGAL DISCLAIMER

This document is a template provided for informational and drafting purposes. It does not constitute formal legal advice. Laws governing corporate governance, banking regulations, and credit facility renewals vary significantly by jurisdiction. Counsel must verify compliance with the relevant Companies Act, corporate bylaws, and the specific credit agreement requirements of the financial institution prior to execution.

CERTIFIED TRUE COPY OF THE RESOLUTION PASSED AT THE MEETING OF THE BOARD OF DIRECTORS OF [COMPANY FULL LEGAL NAME] HELD ON [DATE] AT [TIME] AT [PRINCIPAL ADDRESS]

WHEREAS, the Company currently maintains an Overdraft (OD) Credit Facility (the "Facility") with [Bank Name] (the "Lender") in the amount of [Amount in USD];

WHEREAS, the Board of Directors (the "Board") has reviewed the proposal for the renewal of said Facility and has determined that it is in the best interest of the Company to continue utilizing this liquidity mechanism for working capital requirements;

NOW, THEREFORE, BE IT RESOLVED:

1. APPROVAL OF RENEWAL: That the renewal of the Overdraft (OD) credit facility with [Bank Name] in the amount of [Amount in USD] (the "Limit") be and is hereby approved, subject to the terms and conditions stipulated in the renewed Facility Agreement.

2. AUTHORIZATION OF OFFICERS: That any of the following persons, namely: [Name of Director 1] or [Name of Director 2], be and are hereby severally authorized to sign, execute, and deliver for and on behalf of the Company, the Facility Agreement, promissory notes, security documents, and any other agreements, certificates, or instruments required by the Lender to effectuate the renewal of the Facility.

3. POWER TO AFFIX SEAL: That where applicable, the Common Seal of the Company be affixed to any documents associated with the Facility in the presence of the authorized signatories mentioned above, who shall sign the same in attestation thereof.

4. DELIVERY TO LENDER: That a certified copy of this resolution be delivered to [Bank Name] and that the Lender may rely upon this resolution until such time as it receives written notice of revocation or amendment from the Company.

CERTIFICATION

I, [Name of Company Secretary/Director], being a [Secretary/Director] of [Company Full Legal Name], do hereby certify that the above is a true and correct copy of the resolution passed by the Board of Directors at the meeting held on [Date], and that the said resolution has been duly entered into the Minute Book of the Company and remains in full force and effect.

FOR [COMPANY FULL LEGAL NAME]:

Signature: _____________________________________
Printed Name: [Authorized Signatory Name]
Title: [Title / Role]
Company: [Company Legal Name]
Date: [Date]

STEP-BY-STEP EXECUTION & FILING GUIDE

1. Preparation: Open this document in a word processor. Replace all bracketed information [ ] with the actual details. Do not leave any brackets empty.
2. Corporate Verification: Before execution, verify the "Authorized Signatory" against the Company’s Articles of Association or Bylaws to ensure they possess the requisite power to bind the corporation.
3. Board Meeting Minutes: Ensure the meeting where this was passed was properly convened with a quorum. Record the resolution in the official Minute Book of the Company.
4. Digital Execution:
   • Upload the finalized PDF to a compliant digital signature platform (e.g., DocuSign, Adobe Sign).
   • Ensure the "Audit Trail" feature is enabled to track the IP address, timestamp, and identity of the signer.
5. Bank Submission: Submit the signed, scanned original to the Lender’s relationship manager. Request a formal acknowledgment of receipt.
6. Record Retention: Retain the original signed copy in the Corporate Minute Book and a secondary digital backup in a secure, encrypted document repository for the duration of the Facility plus the applicable statute of limitations (typically 7–10 years).