{"id":2170,"date":"2019-10-12T14:55:50","date_gmt":"2019-10-12T09:25:50","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=2170"},"modified":"2019-10-12T16:34:48","modified_gmt":"2019-10-12T11:04:48","slug":"board-resolution-for-obtaining-loan-from-bank","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/board-resolution-for-obtaining-loan-from-bank\/","title":{"rendered":"Board Resolution For Obtaining Loan From Bank"},"content":{"rendered":"

As per section 179(3) of the Companies Act, 2013<\/a>,<\/span> A Board resolution <\/span>Would be required <\/span>to be passed by the Board of Directors of the company in order to borrow funds from the bank by executing such agreements as required. The following format of Board resolution can be used for obtaining loan from Bank.<\/span><\/p>\n

\"\u00a0Board<\/p>\n

Board Resolution For Obtaining Loan From Bank<\/b><\/h2>\n

RESOLVED THAT the company do hereby obtain and avail financial assistance\/Credit facility of an amount not exceeding (Loan or Credit\/Overdraft amount) from (Name, Branch and Address of the bank) in order to\u00a0 meet the (requirements of the company), and such loan shall be obtained on such terms and conditions as specified or contained in the sanction letter or Loan agreement dated (letter or agreement date) which is placed on the table before the board for approval.<\/span><\/p>\n

RESOLVED FURTHER THAT the consent and approval of the Board be and is hereby accorded to the company to borrow the aforesaid funds on such terms and conditions as mentioned in the sanction letter or loan agreement dated (letter or agreement date).<\/span><\/p>\n

RESOLVED FURTHER THAT the board of directors of the company<\/a> be and are hereby authorised to hypothecate the items which are purchased out of the loan funds and if required deposit the title deeds of the property of the company situated at (address of the property) admeasuring an area of (area of property) to create an equitable mortgage thereon as collateral security in favour of the bank for the loan amount so borrowed.<\/span><\/p>\n

RESOLVED FURTHER THAT the board of directors of the company be and are hereby borrowed the Loan funds on such terms that the funds so advanced from the bank shall be repaid <\/span>within<\/span> a period of (Loan repayment period) and which shall carry interest at the rate of (interest rate)per annum on the outstanding balance.<\/span><\/p>\n

RESOLVED FURTHER THAT Mr\/Ms. (Name of the Person),(DIN:XXXX), Director of the company be and is hereby severally authorized in relation to the said facility to act\u00a0 on behalf of the company to sign and execute the requisite documents, agreements, deeds, undertakings, indemnities etc.., under the common seal of the company, wherever required in terms of the Articles of Association of the company.<\/span><\/p>\n

FOR AND BEHALF OF BOARD OF DIRECTORS OF (COMPANY NAME)<\/span><\/p>\n

DIRECTOR<\/span><\/p>\n

(DIN: XXXXXXX)<\/span><\/p>\n

ADDRESS:<\/span><\/p>\n

CITY :<\/span><\/p>\n

STATE :<\/span><\/p>\n

Note:<\/strong> In the case of a public company, where<\/span><\/p>\n

\u00a0The amount already borrowed + the amount to be borrowed<\/span><\/p>\n

\"Project<\/a><\/p>\n

Exceeds<\/strong><\/p>\n

The aggregate of its Paid-up Share Capital and Free Reserves (Other than the temporary loan taken from the company\u2019s banker in the normal course of business),<\/span><\/p>\n

\u00a0Then, such a company would also require to pass a Special Resolution for taking the loan.<\/span><\/p>\n

\u00a0<\/span>Although, the said provision shall not be applicable for the banking company accepting the deposits from the public which is repayable on demand or otherwise, in the normal course of business.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

As per section 179(3) of the Companies Act, 2013, A Board resolution Would be required to be passed by the … <\/p>\n

Read moreBoard Resolution For Obtaining Loan From Bank<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":2180,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10],"tags":[],"acf":[],"yoast_head":"\n\u00a0Board Resolution For Obtaining Loan From Bank AKT Associates<\/title>\n<meta name=\"description\" content=\"As per section 179(3) of the Companies Act, 2013, A Board resolution Would be required to be passed by the Board of Directors of the company in order to borrow funds from the bank by executing such agreements as required.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/aktassociates.com\/blog\/board-resolution-for-obtaining-loan-from-bank\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" 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