Your World of Legal Intelligence
 India | 1-800-335-6202

Draft format of the Board Resolution to be passed by the Board of the Borrowing Scheduled Bank for the Execution of Agreement

Document Cited in Related
Vincent
Updated atMarch 2010

DRAFT FORMAT OF RESOLUTION TO BE PASSED BY THE BOARD OF THE BORROWING SCHEDULED BANK FOR EXECUTION OF AGREEMENT

(applicable to banks which have not taken refinance earlier)

Resolved;

That the ........................... (name of bank) do borrow from the National Housing Bank (hereinafter referred to as "the Housing Bank") under its refinance scheme applicable to Scheduled Banks by way of refinance for the purpose of promoting housing in the country on the terms and conditions set out in the draft Memorandum of Agreement forwarded by the Housing Bank with its letter No. ................... dated .................., a copy whereof duly authenticaed by the Chairman has been circulated to the Members of the Board.

That the draft Memorandum of Agreement forwarded by the Housing Bank with its letter no. .............. dated .............. be and is hereby approved and Shri..................................... and Shri ...................... (name and designation) be and is hereby authorised to execute the Memorandum of Agreement under their signature duly witnessed.

That Shri .............................., director / official and Shri ......................... director / official be and are hereby authorised severally to borrow an amount up to Rs.............. with or without security from the Housing Bank by way of refinance for the aforesaid purposes from...

To continue reading

Request your trial

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT