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» » Board Resolution Format - AUTHORISATION FOR CAR FINANCE

EXTRACTS OF THE MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF THE _____________ (NAME OF COMPANY) HELD ON __________ (DATE). IN WHICH THE REQUISITE QUORUM WAS PRESENTED
“RESOLVED THAT the Company do take a loan of Rs. _____/- from ______________ Bank, Kolkata for the purchase of __________ which will be for the use of employees/Directors of the Company.
RESOLVED FURTHER THAT the said vehicle be hypothecated in favour of the said bank on the terms which are hereby accepted, namely that the loan so advanced by the ________ Bank shall be repayable in three years time along with interest in equal monthly installments of Rs. _______ /- and shall carry a rate of interest of ___ % on the outstanding amount.
RESOLVED FURTHER THAT Sh. ____________, Director of the Company be and is hereby authorised to execute the loan agreement, promissory note, power of attorney, hypothecation deed, post dated cheques and other necessary documents, wherever required in this connection.
RESOLVED FURTHER THAT the loan to be availed from ______ Bank is within the limits of the borrowing powers of Board as contained in the Memorandum and Articles of Association and all borrowings including the proposed loan from ____ bank are within the total limit of paid up capital and free reserves.
RESOLVED FURTHER THAT the loan to be availed from ____ bank is within the limits of the borrowing powers of the Company as authorised in the General Meeting of the Company held on ___________.”
Certified True Copy
For (Name of Company)
Name and Designation of Signatory

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