Escrow account

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sachin kumar (Querist)
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16 February 2015 Can Some one provide me the draft board resolution for opening escrow account for share application money.

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CS Mitesh Mehta

CS Mitesh Mehta (Expert)
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16 February 2015 “RESOLVED THAT an Escrow Account be opened with ………. Bank in the name and style ……… of_________________ for collection of application money for equity share in respect of proposed issue of equity shares by the company (Give the details of issue)

RESOLVED FURTHER THAT Mr. ……………,(Designation), be and is hereby
authorised to operate the above said account and the Bank be and is hereby authorised to act on the instructions given by Mr. …………., (Designation)in relation to operation of bank account.”

RESOLVED FURTHER THAT Mr. ………, Director of the company, be and is hereby authorised to collect and communicate the same to…………….Bank, the names and specimen signatures of the person authorised by Mr. ……….., (Designation)to operate the above said bank account.”