Written resolutions of the members of a private company approving a guarantee for a loan
Published by a LexisNexis Banking & Finance expert
PrecedentsWritten resolutions of the members of a private company approving a guarantee for a loan
Published by a LexisNexis Banking & Finance expert
Precedents
Company number: [insert number]
The companies act 2006
Private company limited by Shares
Written Resolution[s] OF
[insert company name] Limited
(the Company)
Circulated on [insert circulation date]
Pursuant to Chapter 2 of Part 13 of the Companies Act 2006, the directors of the Company propose that the following resolutions be passed as ordinary resolutions:
ORDINARY RESOLUTIONS
1
[that the terms of, and transactions contemplated by, a guarantee of all present and future obligations now or in the future owing to [insert name of beneficiary] by [insert name of borrower] (the Guarantee) be approved.
OR
that the directors of the Company be authorised to execute and deliver a guarantee of all present and future obligations now or in the future owing to [insert name of beneficiary] by [insert name of borrower]
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Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
Written Resolution definition
What does Written Resolution mean?
The CA 2006 prescribes that a private company limited by shares can pass resolutions at a general meeting of its shareholders, or as written resolutions in accordance with the procedure prescribed (CA 2006, s 281). Public companies limited by shares cannot pass written resolutions at all, even if their articles of association purport to authorise them to do so. A written resolution is passed when the required majority of eligible members have signified their agreement to it. Any provisions in a company’s articles of association attempting to prevent a resolution being passed as a written resolution is void.
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