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A board resolution to borrow a loan is a formal document that outlines the decision made by a company's board of directors to secure financing. This resolution is essential as it provides legal authorization for the company to take out a loan, ensuring that all members are in agreement. The Guam Minutes of Meeting of the Directors regarding Bank Loan serve as a record of this decision, detailing the terms and conditions of the loan. Utilizing a platform like USLegalForms can simplify the process of drafting these minutes, ensuring compliance and clarity.