"RESOLVED THAT consent of the Board be and is hereby given for availing Bank Loan/Credit Facility/Overdraft Facility for meeting the ____________ (requirements of the Company) from ___________ BANK on such terms and conditions, as contained in the Draft Loan Agreement/Loan Sanction Letter/Security Document which is placed before the board and initialed by the Chairman for the purpose of identification.
RESOLVED FURTHER THAT the Draft Loan Agreement/Loan Sanction Letter/Security Document as placed before the Board be and is hereby approved and confirmed.
RESOLVED FURTHER THAT the consent of the Board be and is hereby given to borrow such sums, in a lump sum / from time to time under the aforesaid Facility, provided that the aggregate amount of outstanding under the Facility at any time shall not exceed Rs. _______/- (Rupees _________ Only).
"RESOLVED FURTHER THAT as per terms and conditions accepted, as aforesaid, mortgage deed for a consideration not exceeding Rs _________ (Rupees _________ only) in respect of the asssets of the company be executed under the Common Seal, if any, of the Company in favour of the said bank by Shri ______ who shall execute and sign the said mortgage deed in the name and on behalf of the company. The Common Seal, if any, of the company shall be affixed to the said mortgage deed in the presence of the above named person(s) who shall sign the said mortgage deed, present the same for registration before the registering authority and admit execution thereof and receive consideration thereafter, and do all other acts in relation or incidental to the transaction including the signing of all relevant papers and documents."
RESOLVED FURTHER THAT Shri _________, of the company be and is hereby authorised to deliver to and deposit with the said bank, the title deeds of the aforesaid property with an intent to create an equitable mortgage thereon in favour of the bank as security for the due repayment of aforesaid Bank Loan/Credit Facility/Overdraft Facility.
RESOLVED FURTHER THAT Shri _________, of the company be and is hereby authorised to give on behalf of the Company, all such declarations or confirmations as may be required by the bank in this behalf.
RESOLVED FURTHER THAT Shri _________, of the company is hereby requested to furnish a personal guarantee in capacity as Director of the Company against the above-said credit facility.
RESOLVED FURTHER THAT Shri _________, of the company be and is hereby authorised to take such further steps and to do all acts, deeds and things as may be required in order to give effect to the above resolutions”.
