21 December 2010
"RESOLVED THAT in addition to the existing signatories ,Mr............(Additional Director of the company) is hereby authorised to sign for and on behalf of the Company any and all cheques, drafts or other orders with respect to any time with the Bank whether any such account (s) be for the time being in credit or otherwise inclusive of any such cheques, drafts or other orders in favour of any of the above designated officer (s) and/or other person (s) and that the Bank be and is hereby further authorised to pay and debit the same to any account of the Company then maintained with it and that the Bank is hereby further authorised to receive for deposit to the credit of the Company and/or for collection for the account of the Company any and all cheques, drafts, notes or other instruments for the payment of money, whether or not endorsed by the Company each such item being deemed to have been unqualifiedly endorsed by the Company and also to receive as the act of the Company, reconcilement of account (s) and that the above designated officer (s) and/or other person (s) is/are authorised to transact any and all such business with or through the Bank at any time (s) as may be deemed by him/them to be advisable including without limiting the generality of the foregoing authority.
1. To discount and/or negotiate notes, drafts or other commercial paper.
2. Apply for letters or other forms of credit
3. Sign and settle exchange contracts.
4. Sign and/or endorse bills of lading and other documents of title to goods.
5. Sign and obtain delivery of merchandise against trust receipt
6. Borrow money with or without security from time to time provided that the monies so borrowed together with monies previously borrowed and remaining outstanding at any one time shall not exceed Rs. __________/- only.
7. Pledge mortgage or otherwise hypothecate any property to the Company.
8. Purchase exchange sell or otherwise deal in or with any stocks, bonds or other securities.
9. And in reference to any of the business or transactions of the Company to make/enter into, execute and deliver to the Bank such negotiable or non-negotiable instruments, indemnities, guarantees or other mortgages, pledges and/or other documents to any such officer (s) or other person(s) as may seem to be necessary or desirable or as may be required by the Bank.
That any withdrawals and borrowings of money and/or other transactions here-in-before had on behalf of the Company with the Bank are hereby ratified, confirmed and approved and that the Bank may rely upon the authority conferred by this entire resolution until the receipt by it of a certified copy of a resolution of this Board revoking or modifying the same”.
22 December 2010
Board Resolution For Bank Account Opening:
The Board was informed that a Current Account needed to be opened with Punjab National Bank. Hence the following resolution was passed unanimously:
“RESOLVED THAT a current bank account in the name of the Company be opened with Punjab National Bank, Large Corporate Branch, ...............Kanpur, and Mr. X Managing Director of the company be and is hereby authorised to sign the documents to open the said account and authorised to honour all cheques signed as per the following limits:
1. Cheques up to the amount of Rs. 5,00,000/- signed jointly by two of the following:
a.) Mr. Y, AVP Accounts & Finance Or b.) Mr. B, Authorised Signatory Or c) Mr. N, Authorised Signatory
2. Any cheque for any amount without any upper or lower limit signed by Mr. X, Managing Director.
RESOLVED FURTHER THAT the aforesaid bank be and is hereby instructed to honour all cheques, promissory notes and other orders drawn by and all bills accepted on behalf of the company whether such account be in credit or overdrawn and to accept and credit to the account of the company all moneys deposited with or owing by the bank or any account or accounts at any time or times kept or to be kept in the name of the company and the amount of all cheques, notes, bills, other negotiable instruments, orders or receipt provided they are endorsed/ signed by the said person on behalf of the company and such signature shall be sufficient authority to bind the company in all transactions between the bank and the company including those specifically referred to herein.”
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