Execute mortgage- delagation of authority
This query is : Resolved
04 January 2012
Hi All,
My company Directors by resolution passed in Board Meeting delagated authority to the Finance officer of the company to execute mortgage( to deposit title deeds ) on behalf of Directors of the company.
Now the questions is whether company directors can do so....whether any officer of the company by a specified authority of resolution can do so?
Plz reply as soon as possible.
My company Directors by resolution passed in Board Meeting delagated authority to the Finance officer of the company to execute mortgage( to deposit title deeds ) on behalf of Directors of the company.
Now the questions is whether company directors can do so....whether any officer of the company by a specified authority of resolution can do so?
Plz reply as soon as possible.
04 January 2012
As per my view this can be done.
but check your AOA with regard to Common Seal application because Common Seal of the Company is Applied in presence of at least one Director who should be authorised from Board Resolution..
but check your AOA with regard to Common Seal application because Common Seal of the Company is Applied in presence of at least one Director who should be authorised from Board Resolution..
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04 January 2012
Yes company can authorise any officer for any work..
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06 January 2012
CERTAIN POWERS TO BE EXERCISED BY BOARD ONLY AT MEETING.
(1) The Board of directors of a company shall exercise the following powers on behalf of the
company, and it shall do so only by means of resolutions passed at meetings of the Board :-
(a) the power to make calls on shareholders in respect of money unpaid on their shares;
(b) the power to issue debentures;
(c) the power to borrow moneys otherwise than on debentures;
(d) the power to invest the funds of the company; and
(e) the power to make loans : Provided that the Board may, by a resolution passed at a meeting,
delegate to any committee of directors, the managing director, [the managing agent, secretaries
and treasurers], the manager or any other principal officer of the company or in the case of a
branch office of the company, a principal officer of the branch office, the powers specified in
clauses (c), (d) and (e) to the extent specified in sub-sections (2), (3) and (4) respectively, on
such conditions as the Board may prescribe
(1) The Board of directors of a company shall exercise the following powers on behalf of the
company, and it shall do so only by means of resolutions passed at meetings of the Board :-
(a) the power to make calls on shareholders in respect of money unpaid on their shares;
(b) the power to issue debentures;
(c) the power to borrow moneys otherwise than on debentures;
(d) the power to invest the funds of the company; and
(e) the power to make loans : Provided that the Board may, by a resolution passed at a meeting,
delegate to any committee of directors, the managing director, [the managing agent, secretaries
and treasurers], the manager or any other principal officer of the company or in the case of a
branch office of the company, a principal officer of the branch office, the powers specified in
clauses (c), (d) and (e) to the extent specified in sub-sections (2), (3) and (4) respectively, on
such conditions as the Board may prescribe
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