Draft Board Resolution for Hypothecation of Movable
Assets
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“RESOLVED THAT the company
do create a charge, by way of hypothecation, over all its movable properties
including movable plant and machinery in favour of _______________ in
consideration of financial assistance, sanctioned in terms of the Agreement,
dated the ……….. day of …………. between the Company and ________ by
executing a Deed of Hypothecation received from _______ along with its letter
No. ………….., dated ………, a copy of which draft Deed of
Hypothecation, duly signed by the __________ for the purpose of identification
has been circulated to the Board/placed on the table of the meeting.”
do create a charge, by way of hypothecation, over all its movable properties
including movable plant and machinery in favour of _______________ in
consideration of financial assistance, sanctioned in terms of the Agreement,
dated the ……….. day of …………. between the Company and ________ by
executing a Deed of Hypothecation received from _______ along with its letter
No. ………….., dated ………, a copy of which draft Deed of
Hypothecation, duly signed by the __________ for the purpose of identification
has been circulated to the Board/placed on the table of the meeting.”
“RESOLVED FURTHER THAT the
said draft Deed of Hypothecation be and is hereby approved and the following
Directors, (1) Shri ………………., (2) Shri ………………., and (3)
Shri ……………… be and are hereby authorised severally to accept on
behalf of the Company such modification therein as may be suggested by and are
acceptable to __________.”
said draft Deed of Hypothecation be and is hereby approved and the following
Directors, (1) Shri ………………., (2) Shri ………………., and (3)
Shri ……………… be and are hereby authorised severally to accept on
behalf of the Company such modification therein as may be suggested by and are
acceptable to __________.”
“RESOLVED FURTHER THAT the
Common Seal, if any, of the Company be affixed to a fair stamped engrossment of
the Deed of Hypothecation on the lines of the said draft (with such
modifications as may be agreed to between ______ and on behalf of the Company)
in the presence of any two of the following Directors, namely, Shri
………………, Shri ……………, and Shri ………. who shall sign the
same and Shri …………… who shall countersign the same.”
Common Seal, if any, of the Company be affixed to a fair stamped engrossment of
the Deed of Hypothecation on the lines of the said draft (with such
modifications as may be agreed to between ______ and on behalf of the Company)
in the presence of any two of the following Directors, namely, Shri
………………, Shri ……………, and Shri ………. who shall sign the
same and Shri …………… who shall countersign the same.”
“RESOLVED FURTHER THAT after
execution of the said Deed of Hypothecation, Shri ………….., be and is
hereby severally authorized to do all such acts, deeds, matter and things as
may be proper, necessary and expedient for giving effect to this resolution.
execution of the said Deed of Hypothecation, Shri ………….., be and is
hereby severally authorized to do all such acts, deeds, matter and things as
may be proper, necessary and expedient for giving effect to this resolution.
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