Signing Authorities for Getting LOANS

Hi,

Please help to solve the position I am facing for my company. (family business).

The company has 5 directors (all related to each other and all are shareholders). (2 directors only when established 12 years ago. 3 more added 2 years ago).

We are in process of taking LOAN from our existing bank as packing credit against mortgage of MIDC property.

The loan is approved by the BANK. All paperworks from their side are ready.

The BANKERS insist that all documents franked and unfranked related to processing of this loan should be signed by all 5 directors.

Now, 1 director is out of town, and we do not know how much time it will take him to return back.

We want to avail the loan immediately now that its sanctioned. Is there any provisions / act by which we can pass a resolution or do something by which the 5th director is not required to sign any document and we can still avail the loan?

If so, please advise what are my options. After signing of the bank documents, a triparty agreement will be made for LEIN of property between the company, bank and midc. In that case also we don't proceedings to be hindered because the 5th director is not here.

Please can anyone guide me?

Thanks very much in advance.

Abhinav