Neeta (Finance) (345 Points)
21 April 2010Hello Members
Plz provide a draft resolution of creation of equitable mortgage.
the matter is the bank requires creation of a fresh equitable mortgage to cede the second charge to another bank , on the request of the company. ( the company already has a charge created with the first bank). I ain't much clear on the concept.
Please clarify and forward a draft resolution for the same.
Thanks
Neeta
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 21 April 2010
Find below a resolution and modify the same according to your need:
RESOLVED THAT the company (A Ltd.) do stand as guarantor to ___________ in its obtaining loan facilities of Rs. _____ crores from ______ Bank Limited, Delhi.
RESOLVED FURTHER THAT this corporate guarantee of (A Ltd.) to remain irrevocable and be in force till the entire amount be repaid in full by ________________.
RESOLVED FURTHER THAT, the Board of Directors be and is hereby authorized to provide second equitable mortgage on the land situated at __________________.
RESOLVED FURTHER THAT Mr. A, Managing Director of the Company be and is hereby authorized to execute, sign and issue for and on behalf of the company, the Loan Agreement, Demand Promissory Note, Letter of Continuity, Request Letters and any other agreements, deeds, documents and writings as may be required by the Bank in relation to the availing of the loan facility and creation of mortgage thereof in favor of the Bank and to do all such acts, deeds and things necessary for giving effect to this resolution.
RESOLVED FURTHER THAT the common seal of the Company be affixed to the engrossment of all the above documents, deeds, writings and instruments and all the renewals/ amendments thereof wherever required in conformity and in accordance with the relevant provisions of the Memorandum and Articles of Association of the Company.
Neeta
(Finance)
(345 Points)
Replied 21 April 2010
thanks for the same sir , but i think its for standing as gurantor .
but i want the resolution for creation of an equitable mortgage.
plz reply asap.
thanks and regards
CS GK Murty
(Company Secretary)
(225 Points)
Replied 21 April 2010
BOARD RESOLUTION TO CREATION OF EQUITABLE MORTGAGE
“RESOLVED THAT the Board has agreed to secure the Term Loan of
Rs. (Rupees only) under first charge on Equitable Mortgage by depositing deposit of Tile Deeds with the lender ………………………….., ……………
RESOLVED THAT Mr. A, Director of the Company be and is hereby authorized to execute, sign and issue for and on behalf of the company, the Loan Agreement, Demand Promissory Note, Letter of Continuity, Request Letters and any other agreements, deeds, documents and writings as may be required by the Bank in relation to the availing of the loan facility and creation of mortgage thereof in favor of the Bank and to do all such acts, deeds and things necessary for giving effect to this resolution by affixing common seal of the Company to the engrossment of all the above documents wherever required in conformity and in accordance with the relevant provisions of the Memorandum and Articles of Association of the Company.
RESOLVED FURTHER THAT Mr. B, Director of the company be and is hereby authorized to get necessary e-form filed with ROC within the stipulated time to comply with sec. 125 of the Companies Act, 1956.
FURTHER RESOLVED THAT the Certified copy of the Resolution be furnished to the lender……………… with request to act thereon.
I guess this will serve the purpose.
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