Promissory Note for corporate clubs and charities with no interest payable
Promissory Note (no interest) - Company limited by guarantee (club/charity) or CIO (charity)
This Promissory Note (no interest) - Company limited by guarantee (club/charity) or CIO (charity) is suitable for borrowing small amounts from one or more lenders where no interest on the loan is to be payable. Since no interest is payable, the lender might only accept a short loan period.
This template can be used by:
• a charity borrowing from any of its board of trustees/directors;
• a club borrowing from any of its directors; or
• a charity or a club borrowing from any members or supporters, or from private individuals (but banks or other organisations are unlikely to agree to use it since it does not provide for interest to be paid).
This template can only be used by a charity or club which is a corporate body. If a charity or club which is an unincorporated association wishes to raise finance, it should use one of the forms of Promissory Note for an unincorporated association included in this Subfolder.
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