Board Resolution - [Satisfaction of Charge] PDF Print Email
TYPE OF MEETINGBOARD MEETING
TYPE OF RESOLUTIONSIMPLE MAJORITY

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)


WHEREAS the Company had advanced a term loan of Rs.________________ (Amount in words) from the bank (Name of the Bank) with interest (Rate of interest) against mortgage of (detail of property where charge is created) :  

NOW IT IS RESOLVED THAT the said sum of Rs.________________ (Amount in words) with interest rate due thereon to be repaid by the company. 

“RESOLVED FURTHER THAT (Name of the authorized person(s)) be and are hereby authorized jointly / individually on behalf of the company to make repayment of Term loan of Rs.________________ (Amount in words) to the bank (Name of the Bank with address) with interest thereon.”   

“RESOLVED FURTHER THAT (Name of the authorized person(s) )be and are hereby authorized jointly / individually on behalf of the Company to take such steps as may be necessary for obtaining approvals, statutory, contractual or otherwise, in relation to the above if required and to settle all matters arising out of and incidental thereto, and to sign and execute all deeds, applications documents and writings that may be required, 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 (Name of the authorized person(s)) be and are hereby authorized jointly / individually on behalf of the Company to obtain a valid receipt / no dues certificate in token of the repayment and file satisfaction of charges created by the Bank (Name of the Bank) and registered with Registrar of Companies (concerned state) in the connection with the said term loan.” 

“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.”