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BR for loan from director
do we need pass BR everytime whenever loan received from director or declaration from director is sufficient for the same.
Replies (1)
refer 179(3). Company is required to pass BR where funds are to be borrowed.
Regarding BR, you can pass a BR once that loans upto so and so amount shall be obtained from Director over a period and that is sufficient instead of passing each time.
Declaration that Director himself hasnt borrowed it, is mandatory to be got everytime so that it comes under exempted deposit.
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