Business Glossary

legal document adopted by a corporation's board of directors and signed by the corporate secretary, specifying who may sign checks, borrow money, and otherwise do business with a bank. Many banks have adopted standard corporate resolution forms to facilitate the loan documentation in commercial credit. The corporate resolution, and often a copy of a corporation's charter and bylaws, are kept in the loan files at the various lending institutions where it does business. Also calledcorporate borrowing resolution.