do we need pass BR everytime whenever loan received from director or declaration from director is sufficient for the same.
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Guest
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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