Board Resolution – [Power to borrow money by Private Company ]Format in word

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 Board was informed that a request has to be made to (Name of the Company) for an unsecured loan not exceeding Rs.________ (Amount in words) in one or more tranches, for meeting the funds requirement of the Company. The Board discussed the matter and passed the following resolution: 

“RESOLVED THAT pursuant to Section 292 (1)(c) and other applicable provisions, if any, of the Companies Act, 1956 or subject to such modification and re-enactment thereof, consent of the Board of directors of the Company  be and is hereby accorded for obtaining unsecured loan not exceeding Rs._________(Amount in words) from (Name of the Company), in one or more tranches, and on such other terms and conditions as may be mutually agreed between the both parties”. 

“RESOLVED FURTHER THAT (Name of the person(s) authorized) be and is hereby authorized to do all such acts, deeds and things and to sign all such documents and writings as may be necessary, expedient and incidental thereto to give effect to this resolution and for matter connected therewith or incidental thereto.” 

“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.”

TYPE OF MEETING

BOARD MEETING

TYPE OF RESOLUTION

SIMPLE MAJORITY

TYPE OF MEETING

BOARD MEETING

TYPE OF RESOLUTION

SIMPLE MAJORITY