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Directors Loan Agreement

Directors Loan Agreement Template for Singapore

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Key Requirements PROMPT example:

Directors Loan Agreement

"Need a Directors Loan Agreement for a loan of SGD 250,000 to our newly appointed technical director, with monthly repayments over 3 years starting from March 2025, including provisions for early repayment and security against company shares."

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Document background
A Directors Loan Agreement is essential when a company provides financial assistance to its director in Singapore. The agreement must comply with the Companies Act (Cap. 50) and other relevant Singapore regulations, particularly regarding disclosure requirements and shareholder approvals. This document sets out crucial terms including loan amount, interest rates, repayment schedule, and security arrangements. It protects both parties by clearly documenting the arrangement and helps ensure regulatory compliance in related-party transactions. The agreement is particularly important for corporate governance and audit purposes.
Suggested Sections

1. Parties: Identifies the company and director entering into the agreement

2. Background: Explains context and purpose of the loan agreement

3. Definitions: Defines key terms used throughout the agreement

4. Loan Amount and Purpose: Specifies loan amount and intended use

5. Interest Rate: Details interest rate terms and calculation method

6. Repayment Terms: Specifies repayment schedule and methods

7. Events of Default: Lists circumstances constituting default

8. Governing Law: Specifies Singapore law as governing law

Optional Sections

1. Security/Collateral: Used when loan is secured against assets - applicable for larger loans or higher risk situations

2. Guarantees: Personal guarantees from director - applicable when additional security is required

3. Early Repayment: Terms for early loan settlement - applicable when early repayment is permitted

4. Insurance Requirements: Insurance obligations of director - applicable for secured loans or larger amounts

Suggested Schedules

1. Repayment Schedule: Detailed breakdown of repayment dates and amounts

2. Security Details: Description of any security/collateral provided

3. Shareholders' Resolution: If shareholder approval is required

4. Board Resolution: Company approval for the loan

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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alex.den.21@genieai.co
Industries

Companies Act (Cap. 50): Primary legislation governing corporate matters including directors' duties, disclosure requirements, restrictions on loans to directors, and requirements for shareholders' approval in certain cases

Income Tax Act: Covers tax implications of director loans including treatment of deemed interest, potential tax deductions for interest paid, and tax treatment of non-recoverable loans

Moneylenders Act: Ensures compliance with moneylending regulations and applicable exemptions for company directors to avoid inadvertent breaches

Employment Act: Relevant when the loan is part of employment benefits and its relationship with director's service agreement

Corporate Governance Regulations: Includes Code of Corporate Governance requirements, SGX listing rules for listed companies, and related disclosure obligations

Banking Act: Applicable for companies in financial services and governs restrictions on related party transactions

Contract Law: Covers basic principles of contract formation under Singapore law, including consideration requirements and terms and conditions

Securities and Futures Act: Governs loans involving securities and disclosure requirements for listed companies

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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