Board resolution for Bank loan & documentation

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CA. SUNIL KR. KHANNA (Querist)
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16 November 2009 can any one provide me format of board resolution of a private limited company for cash credit ( against hypothication of Debts & stock) as well as Land & building / Plant & machinery as security

CS Vandana Kacholia

CS Vandana Kacholia (Expert)
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17 November 2009 format of BR:

â€œLetter No. ............... received from ...........(name of Bank) in connection with grant of various credit facilities to the Company was placed before the meeting and after consideration thereof IT WAS RESOLVED that the Company do obtain various credit facilities either in Indian or Foreign currencies of Rs.................(Total of all advance limits) by way of overdrafts, cash credits, term loan, pre-shipment and post-shipment credit, opening of letter of credit, issuing of guarantees including deferred payment guarantees and indemnities, negotiation and discounting of demand and or usance bills and cheques inland as well as foreign and such other facilities as may be agreed upon from time to time, between the Bank and Company secured by hypothecation/pledge of the Company entire goods, moveable and other assets such as book-debts, outstanding moneys, receivable, claims, bills, invoices, documents, contracts, engagements, securities, investments and right and all machinery, present and future, and further secured by deposit of all title deeds of the existing immoveable properties of the Company and guarantees of ............................... on such terms and conditions as may be specified by the Bank.â€

â€œFURTHER RESOLVED THAT to request.................(name of Guarantor if) to furnish the required guarantees to the Bank for the various credit facilities granted to the Company and offer their personal immovable properties as a collateral security against borrowing by the Company.â€

â€œFURTHER RESOLVED THAT ...........of the Company is hereby authorized to appear at the Bank and deposit all the title deeds of the Companyâ€™s immoveable properties and to make a declaration on behalf of the Company that the said deposit has been made with intent to create security by way of mortgage thereon in favour of the Bank.â€

â€œFURTHER RESOLVED THAT the enclosed security documents, received under cover of the Bankâ€™s aforementioned letter and which have been placed before the meeting be and are hereby approved for execution by the Company in accordance with the Articles of Association of the Company/Bye-laws of the society.â€

â€œFURTHER RESOLVED THAT ................of the Company is hereby authorized to execute the necessary security documents required by the Bank in this connection and that the common seal of the Company be affixed wherever necessary in the presence of .......................of the Company in terms of Articles of Association of the Company in terms of the Bye-laws of the Company.â€

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Regards

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