Board Resolution For Borrowing Money


Board Resolution For Borrowing Money

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. ___________.

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.”   

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” 

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.” 

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.” 

RESOLVED FURTHER THAT a certified copy of the resolution be given to anyone concerned or interested in the matter.”

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