Board Resolution Approving Loan Agreement

by admin on December 4, 2020

The aggregation of freed-up capital and free reserves (with the exception of the temporary loan granted to the banker of the company in normal activity), RESOLVED FURTHER that the agreement and agreement of the board of directors are given to the company and is indicated in the letter of sanction or the credit contract of the date (letter or date of the contract). RESOLVED that the Board of Directors of the Company is and is entitled to place the acquired assets on the loan funds and, if necessary, to deposit the deeds of ownership of the company which is located at (the address of the property) and which measures an area of (domain of ownership) in order to create a mortgage just as collateral for the benefit of the bank for the amount borrowed from the loan. RESOLVED THAT Mr/Woman (name of person), (DIN:XXXX), be director of the company and is repeatedly authorized to act on behalf of the company to sign and execute documents, agreements, deeds, obligations, compensation, etc., under the common seal of the company, whenever necessary with regard to the statutes of the company. Such a company should then adopt a special solution for borrowing. RESOLVED that the Company`s Board of Directors accepts and borrows the funds on terms such as the funds advanced by the Bank are repaid within a period of (loan repayment period) and that the interest on (interest rate) per year supports the outstanding balance. In accordance with Section 179 (3) of the Corporations Act, 2013, a board decision should be adopted by the company`s board of directors to borrow funds from the bank by applying these agreements as required. The following format of board management can be used to obtain credit from the bank. RESOLVED THAT the company do hierby obtain and in avail financial assistance/Credit facility of a amount not exceeding (Loan or Credit/Overdraft) amount from (Name, Branch and Address of the bank) in order to meet the (requirements of the company), and such loan shall be obtained for the terms terms terms terms terms and contained in the sanction letter or loan agreement dated (letter or date) is placed at the table for approval. However, this provision does not apply to the banking company that accepts deposits from the public which, on request or by other means, can be repaid in the course of normal transactions.

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