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Format of Board Resolutions for Satisfaction of Charge

Written By Admin on Sunday, 20 January 2013 | Sunday, January 20, 2013




- Submitted by Pooja Rai









CERTIFIED TRUE COPY OF THE RESOLUTION PASSED AT THE MEETING OF THE BOARD OF DIRECTORS OF ___________________________(NAME OF THE COMPANY) HELD AT THE REGISTERED OFFICE OF THE COMPANY AT ________________________(ADDRESS) ON _____________(DATE) AT_____________ (TIME)



WHEREAS the Company had advanced a term loan of Rs.________________ (Amount in words) from the bank (Name of the Bank) with interest (Rate of interest) against mortgage of (detail of property where charge is created) :  

NOW IT IS RESOLVED THAT the said sum of Rs.________________ (Amount in words) with interest rate due thereon to be repaid by the company. 

“RESOLVED FURTHER THAT ____________________ be and are hereby authorized jointly / individually on behalf of the company to make repayment of Term loan of Rs.________________ (Amount in words) to the bank ______________________(Name of the bank) with interest thereon.”   

“RESOLVED FURTHER THAT _____________________ be and are hereby authorized jointly / individually on behalf of the Company to obtain a valid receipt / no dues certificate in token of the repayment and file satisfaction of charges created by the Bank (Name of the Bank) and registered with Registrar of Companies in the connection with the said term loan.” 

“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 ____________________________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 any one concerned or interested in the matter.”



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