Board resolution

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raja (Querist)
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22 June 2013 How to prepare Board Resolution for purchase of backhoe loader (caterpillar 424b - construction equipment) on behalf of Pvt ltd company against loan?

CS Ankur Srivastava

CS Ankur Srivastava (Expert)
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22 June 2013 Draft Resolution: 1

“RESOLVED THAT the Company do purchase…………….. equipment amounting to Rs…………. From ………………. to supplement its construction activity.”

“RESOLVED FURTHER THAT the said ……….equipment be financed from …………………. Bank on the terms & conditions as may be stipulated by ………………………….. Bank in this regard.”

“RESOLVED FURTHER THAT Shri …………………. and Shri ………………., Directors of the Company be and are hereby severally authorised to make, enter, into, execute, sign, seal and deliver to ……………… Bank All documents including the agreement, promissory notes and power of attorney, as may be required and to do all such acts deeds and things as may be necessary, expedient and desirable to give effect to the above resolution.”

Draft Resolution: 2

“RESOLVED THAT the Company do enter into a financial agreement with ………………. Bank to purchase a …………………………… equipment amounting to Rs. ………………………. on the following terms and conditions:

(a) The amount shall be used for the purpose to purchase the ……………………………. Equipment which is to be used to supplement the activity of the company.

(b) The amount will be repayable in periodical installments for tenure not exceeding 35 months.

(c) The financed equipment be given as security to the Bank until the payment in full.”

“RESOLVED FURTHER THAT Shri …………………. and Shri ………………., Directors of the Company be and are hereby severally authorised to make, enter, into, execute, sign, seal and deliver to ……………… Bank All documents including the agreement, promissory notes and power of attorney, as may be required and to do all such acts deeds and things as may be necessary, expedient and desirable to give effect to the above resolution.”