By-Law Approving Borrowing of Money

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By-Law Approving Borrowing of Money

By-Law Approving Borrowing of Money

{{company_name}} {{company_address}} Phone: {{phone}} Email: {{email}} Website: {{website}}

BY-LAW NO. {{by_law_number}} A BY-LAW RELATING GENERALLY TO THE BORROWING OF MONEY

BE IT ENACTED as a by-law of {{company_name}} (the “Corporation”):

1. Power to Borrow

The Board of Directors of the Corporation is hereby authorized to borrow money on the credit of the Corporation, as and when it deems appropriate, for the purpose of carrying out the business of the Corporation.

2. Extent of Borrowing

The amount to be borrowed shall not exceed {{maximum_borrowing_amount_currency}} {{maximum_borrowing_amount_value}} at any given time, unless further authorized by a resolution passed by the shareholders of the Corporation.

3. Modes of Borrowing

Such borrowing may be by way of overdraft, loan, promissory note, bill of exchange, or any other method deemed appropriate by the Board of Directors, from any bank, trust company, or other financial institution or lender.

4. Security for Borrowing

To secure any such borrowing, the Corporation may mortgage, hypothecate, pledge, or otherwise charge all or any of its property, undertaking, and assets, both present and future, including its uncalled capital, as the Board of Directors may determine.

5. Execution of Documents

The President, or any two directors of the Corporation, are hereby authorized to execute and deliver all such instruments, agreements, and other documents as may be necessary or desirable to effectuate any such borrowing and to provide security therefor, including but not limited to loan agreements, promissory notes, guarantees, and security agreements.

6. Interest Rate and Repayment

The terms concerning interest rates, repayment schedules, and other conditions of borrowing shall be determined by the Board of Directors at the time of each borrowing transaction, subject to prevailing market conditions and the best interests of the Corporation.

7. Effective Date

This By-Law shall come into force and take effect immediately upon its enactment.

ENACTED by the Board of Directors this {{day}} day of {{month}}, {{year}}.

P.O. BOX {{po_box}} WITNESS the corporate seal of the Corporation.

____________________________ {{director_name_1}}, Director ____________________________ {{director_name_2}}, Director