Draft Board Resolution for Hypothecation of Movable Assets

Board-Resolution-Hypothecation-Movable-Assets

Draft Board Resolution for Hypothecation of Movable Assets

"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."

"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 __________."

"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."

"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.
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