Minutes are a permanent, formal, and detailed (although not verbatim) record of business transacted, and resolutions adopted, at a firm's official meetings such as board of directors of a corporation or members of a limited liability company. Once written up (or typed) in a minute book and approved at the next meeting, the minutes are accepted as a true representation of the proceedings they record and can be used as prima facie evidence in legal matters.
Georgia Minutes and Resolutions of the Board of Trustees of a Non-Profit Corporation Authorizing to the Refinancing of a Loan
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How to fill out Minutes And Resolutions Of The Board Of Trustees Of A Non-Profit Corporation Authorizing To The Refinancing Of A Loan?
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FAQ
In a contract, a condition precedent is an event that must occur before the parties are obligated to perform. For example, an insurance contract may require the insurer to pay to rebuild the customer's home if it is destroyed by fire during the policy period.
The document should include the proposed resolution, clear instructions on how to signify agreement to the motion, and the deadline for casting votes.
Board minutes reflect the discussions held, authorizations granted and actions taken by the board of directors of an entity. The minutes and any resolutions adopted must refer to any documents presented to the board for approval.
A condition precedent is an event that must occur before a contract can be fulfilled. Lenders will often require that borrowers provide certain documents and/or information (such as the company's constitutional documents or current financial information) before they will make funds available.
A condition precedent is one the fulfillment of which completes an inchoate title. A condition subsequent is one of the fulfillments which extinguishes a title already completed.
The minutes should include the title of the group that is meeting; the date, time, and venue; the names of those in attendance (including staff) and the person recording the minutes; and the agenda.
Most of the terms and conditions are standard fare amount of money borrowed, interest charged, repayment plan, collateral, late fees, penalties for default but there are other reasons that loan agreements are useful. A loan agreement is proof that the money involved was a loan, not a gift.
A meeting minutes resolution is an action or plan of action reached during a meeting and recorded in the minutes.
Appropriate board minutes should contain the following:The names of those members who are present and who are absent.The time the board meeting begins and ends.The existence or absence of a quorum.A concise summary of the action taken by the board.The names of the persons making and seconding motions.More items...
Resolutions begin with "Whereas" statements, which provides the basic facts and reasons for the resolution, and conclude with "Resolved" statements which, identifies the specific proposal for the requestor's course of action.