Board Resolution For Borrowing Money
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RESOLVED THAT consent
of the Board be and is hereby accorded for borrowing any sum or sums of monies
from time to time for the purpose of the Company’s business from ………..
BANK LTD on such terms and conditions, as contained in the draft Agreement
which is placed before the board and initialed by the Chairman for the purpose
of identification, provided that the total amount so borrowed by the Board
shall not at any time exceed the aggregate amount of Rs. ___________.
of the Board be and is hereby accorded for borrowing any sum or sums of monies
from time to time for the purpose of the Company’s business from ………..
BANK LTD on such terms and conditions, as contained in the draft Agreement
which is placed before the board and initialed by the Chairman for the purpose
of identification, provided that the total amount so borrowed by the Board
shall not at any time exceed the aggregate amount of Rs. ___________.
“RESOLVED
FURTHER THAT (Name of the authorized person(s) ) be and are
hereby authorized jointly / individually on behalf of the Company to sign and
execute the necessary documents, papers, writing, agreement on
behalf of the company and to take such steps as may be necessary for
filing of the said documents with the respective authority and to obtain
approvals, statutory, contractual or otherwise, in relation to the above if
required and to settle all matters arising out of and incidental thereto, on
behalf of the Company and generally to do all acts, deeds and things that may
be necessary, proper, expedient or incidental for the purpose of giving effect
to the aforesaid Resolution.”
FURTHER THAT (Name of the authorized person(s) ) be and are
hereby authorized jointly / individually on behalf of the Company to sign and
execute the necessary documents, papers, writing, agreement on
behalf of the company and to take such steps as may be necessary for
filing of the said documents with the respective authority and to obtain
approvals, statutory, contractual or otherwise, in relation to the above if
required and to settle all matters arising out of and incidental thereto, on
behalf of the Company and generally to do all acts, deeds and things that may
be necessary, proper, expedient or incidental for the purpose of giving effect
to the aforesaid Resolution.”
“RESOLVED FURTHER THAT the
common seal of the company if required to be affixed to the stamped engrossment
(s) on the agreements/documents for the above as may be finalized between the
company and the Bank (Name of the Bank) in the presence of any of the above
said authorized person who shall countersign the same in the token
thereof”
common seal of the company if required to be affixed to the stamped engrossment
(s) on the agreements/documents for the above as may be finalized between the
company and the Bank (Name of the Bank) in the presence of any of the above
said authorized person who shall countersign the same in the token
thereof”
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“RESOLVED FURTHER THAT the
aforesaid power entrusted to the said official shall be valid and effective
unless revoked earlier by the Board or shall be exercisable by him so long as
he is in the concerned to the Company.”
aforesaid power entrusted to the said official shall be valid and effective
unless revoked earlier by the Board or shall be exercisable by him so long as
he is in the concerned to the Company.”
“RESOLVED FURTHER THAT all
acts, deeds, things, matters, etc. as aforestated shall be deemed to be valid
and enforceable only if they are consistent with the instant resolution as may
be relevant in this case and that the Board shall not be responsible for any
acts beyond the scope of the aforestated powers done by (Name of the
authorized person(s) and such invalid, illegal acts, and acts done beyond
the scope of powers granted in this Resolution shall not bind the
Company against any third parties or before any authorities in any
manner and that the Board shall not be answerable in that behalf.”
acts, deeds, things, matters, etc. as aforestated shall be deemed to be valid
and enforceable only if they are consistent with the instant resolution as may
be relevant in this case and that the Board shall not be responsible for any
acts beyond the scope of the aforestated powers done by (Name of the
authorized person(s) and such invalid, illegal acts, and acts done beyond
the scope of powers granted in this Resolution shall not bind the
Company against any third parties or before any authorities in any
manner and that the Board shall not be answerable in that behalf.”
“RESOLVED FURTHER THAT a
certified copy of the resolution be given to anyone concerned or interested in
the matter.”
certified copy of the resolution be given to anyone concerned or interested in
the matter.”
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