Board Resolution – [Creation of Charge]
CERTIFIED TRUE COPY OF THE RESOLUTION PASSED AT THE MEETING OF THE BOARD OF DIRECTORS OF (NAME OF THE COMPANY) HELD AT THE REGISTERED OFFICE OF THE COMPANY AT (ADDRESS) ON (DATE) AT (TIME)
The Chairman informed the Board that in order to secure the Term Loan of Rs__________________ (Amount in words) as sanctioned by (Name of the Bank with Address) it is proposed to create a First Charge over its property situated at(detail of the property secured) on pari passu basis. The Board considered the same and passed the following resolution:
“RESOLVED FURTHER THAT (Name of the authorized person(s)) be and are hereby authorized jointly / individually to create a first pari passu charge over the property of the company situated at(Detail of the property) in favour of the bank (Name of the Bank with address) to secure the amount of term loan of Rs__________________ (Amount in words) as sanctioned by above said bank.”
“RESOLVED FURTHER THAT (Name of the authorized person(s) )be and are hereby authorized jointly / individually on behalf of the Company to sign and execute the necessary documents, papers, writing, agreement on behalf of the company as required to create a valid charge over the property of the company in favour of the bank and to take such steps as may be necessary for filing of the said documents with the respective authority and to obtain approvals, statutory, contractual or otherwise, in relation to the above if required and to settle all matters arising out of and incidental thereto, on behalf of the Company and generally to do all acts, deeds and things that may be necessary, proper, expedient or incidental for the purpose of giving effect to the aforesaid Resolution.”
“RESOLVED FURTHER THAT the common seal of the company if required to be affixed to the stamped engrossment (s) on the agreements / documents for the above as may be finalized between the company and the Bank (Name of the Bank) in the presence of any of the above said authorized person who shall counter sign the same in the token thereof”
“RESOLVED FURTHER THAT the aforesaid power entrusted to the said official shall be valid and effective unless revoked earlier by the Board or shall be exercisable by him so long as he is in the concerned to the Company.”
“RESOLVED FURTHER THAT all acts, deeds, things, matters, etc. as aforestated shall be deemed to be valid and enforceable only if they are consistent with the instant resolution as may be relevant in this case and that the Board shall not be responsible for any acts beyond the scope of the aforestated powers done by (Name of the authorized person(s) and such invalid, illegal acts, and acts done beyond the scope of powers granted in this Resolution shall not bind the Company against any third parties or before any authorities in any manner and that the Board shall not be answerable in that behalf.” “RESOLVED FURTHER THAT a certified copy of the resolution be given to any one concerned or interested in the matter.”
Pro-Formats 